Noise vs Trend - Our weekly cross-asset views

The markets were nervous again this week with US macro and AI the key themes at the forefront. US macro news flow is not crystal clear at this stage with surprising low retail sales pointing to deceleration vs strong headline NFP (although job creation is mainly concentrated in 2 service sectors). No big news on the AI theme but renewed fears that the “free cash flow” edge of the tech sector is fading, leading to another “AI fear trade Thursday” (NDX -2%) and flight to quality on bonds.Week-to-date and before today’s CPI, US risk assets underperform non-US risk assets, govies bull flatten, UST...

亞洲新興市場的K型復蘇：2026年科技出口將引領區域經濟分化（繁）

もう一度そのレンジへ、親愛なる友よ、もう一度 …