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CIO Corner
CIO Office Perspectives
Unlock exclusive insights into the latest market drivers and economic trends with CIO Office Perspectives.
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Eurozone Macro Chart Pack
April 29, 2025
Latest developments from the Euro Area.
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Triffin Dilemma: Why It Matters Again
April 29, 2025
The Triffin Dilemma describes a fundamental problem faced by the country that issues the global reserve currency (historically, the United States with the US dollar). In 2025, the dilemma is still alive but in new forms.
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Japan Macro & Markets Chart Pack
April 28, 2025
Recent updated on Japan's economic outlook and market developments.
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US Macro Chart Pack
April 23, 2025
Tracking the dynamic macro environment in the US.
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No Fed Put? No Panic – But Don’t Get Comfortable
April 17, 2025
What if the Fed stopped trying to save the market—and no one believed them? That’s exactly where we are right now. Bond yields are sliding, gold is rallying, the dollar is falling, and equity investors are nervously scanning Jerome Powell’s every word for signs of comfort. But there’s no comfort coming. Powell just told us, calmly and deliberately, that the Fed sees no need to intervene. No panic. No pivot. No Fed put. And yet, markets are still clinging to hope. It’s a dangerous kind of disconnect—the kind that creeps in quietly, just before a repricing.
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What to Expect from the Unexpected
April 14, 2025
US President Trump's tariff announcements on April 2, and the following volatility that has whipsawed economies have been nothing short of dramatic. Against this backdrop and a high risk of daily significant policy changes, we undertake a simple exercise of analysing key US assets' performance under various growth-inflation scenarios. This is pertinent given increased the likelihood of recession and a likely stagflationary scenario for the US going forward.
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Trump 1.0 vs 2.0 and the Fallout So Far
April 08, 2025
Donald Trump's return to the White House in 2025 has already rattled the world, and this is a significant evolution from his first term. He faces a transformed economic and political landscape, including higher inflation and geopolitical tensions. With a stronger mandate after a decisive election victory, Trump maintains his "America First" policy while adpating to new fiscal and global challenges. Consequently, it looks like volatility is here to stay.
Contributor
Gareth Nicholson
CIO and Head Discretionary Portfolio Management
Disclaimer
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IWM CIO Corner Disclaimer
This material has been prepared by the International Wealth Management business line of Nomura International (Hong Kong) Limited (“NIHK”) and/or Nomura Singapore Limited (“NSL”), and if applicable, with the contribution of one or more of its affiliates (collectively, “Nomura Group”). This is not a research report and the contents herein are strictly general and macro in nature and should not be considered research. This material is: (i) for your information only, and we are not soliciting any action based upon it; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security or investments or accept any services in any jurisdiction where it may be illegal; and (iii) provided on the basis that it must not be relied upon for any purpose.
While all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation, warranty or undertaking, expressed or implied, is made and no responsibility or liability is accepted by the Nomura Group and/or its directors, officers and employees as to the accuracy, completeness, merchantability or fitness for a particular purpose of the information contained herein or any other information provided by any other person in connection with the information described herein or their distribution or for the results obtained from the use of this information. Nomura Group and/or its directors, officers and employees do not accept any liability whatsoever for any loss or damage (including, without limitation, direct, indirect or consequential loss or loss of profits or loss of opportunity) suffered by you or any third party in connection with the use of this material or its contents.
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