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Stable indecisionOn Friday, the dollar weakened after the Supreme Court struck down Trump’s “reciprocal tariffs”. Initially, US stocks rose and bond prices fell but both have reversed those moves during Monday’s Asian market sessions. China’s extended new year period ending today (Monday)...

Anxiety under the surfaceAt a global index level, equities look calm but the AI winners and losers theme is raging below the surface. Last week, realized index-level volatility dropped, but single stock-level volatility stayed high. Leveraged traders are targeting companies vulnerable to...

Flipping the narrativeGlobal stocks marked time overall last week but US equities were a notable underperformer again despite a late Friday rally. AI is at the centre of the narrative but, this time, it’s not a positive. Other regions held up better:...

End of euphoria, back to normal? Equities hit all time highs early last week, but US stocks sold off after Microsoft’s earnings. A ‘normal’ sell-off based on earnings would be mildly comforting, after recent political risk sell-offs. However, there are liquidity risk signals...