Please select your default language.
Select Language
CIO Corner
CIO Office Perspectives
Unlock exclusive insights into the latest market drivers and economic trends with CIO Office Perspectives.
-
Eurozone Macro Chart Pack: A Light at the End of the Tunnel
November 11, 2025
Tracking the latest macroeconomic developments across the Eurozone.
-
MOC November 2025: Making Our Way Through the Fog
November 05, 2025
AI is currently driving market gains, but the breadth is narrowing with more than 300 S&P 500 stocks declining. Fed officials are sending mixed signals on policy direction as inflation remains elevated and labor markets continue to weaken. Late-cycle indicators emerge: eight months of U.S. factory contraction, patchy global growth. In Europe, all eyes are on BoE which may surprise with a dovish twist, while in China, there is increased speculation on more stimulus measures. Quality earnings, pricing power, and real capital expenditure are now being rewarded more than passive exposure to beta. With market sentiment driven as much by headlines as by fundamentals, patience and positioning matter more than ever.
-
AI: A Rational Bubble?
October 27, 2025
AI as an investment theme in late 2025 sits at an inflection point — inflated by extraordinary capital flows and ambition yet underpinned by genuine technological transformation. While there is no doubt on the reality and durability of the long-term potential remains, there are hints of bubble-like characteristics in certain parts of the market. Here, we explore this debate as we head into mega cap earnings this week, and how to position going ahead.
-
When the Golden Relationship Breaks: Rethinking Diversification in a Changing Stock–Bond World
October 14, 2025
For most of the past two decades, investors enjoyed a gift. Stocks and bonds, the twin pillars of traditional portfolios, moved in opposite directions. When equity markets sold off, Treasuries usually rallied. That negative correlation—the “golden parameter” of asset allocation—allowed portfolios to compound with less stress. It gave clients confidence that even in the darkest moments, bonds would cushion the blow. But history warns us this was an anomaly. For much of the 20th century, stocks and bonds often fell together.
-
The Anatomy of Treasury Yields
October 13, 2025
Few signals matter more than U.S. Treasury yields. The 10-year Treasury, often called the world’s most important asset, anchors everything from mortgage rates to equity valuations to the discounting of private market cash flows. Yet too often, yields are spoken about as a single number, when in fact they are the sum of moving parts. In this article, we break down those parts, share the lessons of history, and explain why today’s yield environment demands attention.
-
Exceptional Expectations: Rethinking U.S. vs. Non-U.S. Equities
October 10, 2025
The U.S. markets have dominated investments for 15 years through tech innovation and corporate growth, making diversification seem unnecessary. However, this success was driven more by valuation increases than structural advantages. With valuations now at historic highs, wealth managers must communicate to clients that past performance may not predict future returns.
-
October's Monthly Opportunity Compass: An Uneasy Calm
October 08, 2025
The market's narrative is crystallizing. This isn't about recession risk. It's about the accelerating erosion of fiat money's purchasing power amidst fiscal irresponsibility, playing out against a backdrop of historically compressed volatility despite extraordinary policy turbulence.
Contributor
Gareth Nicholson
CIO and Head Discretionary Portfolio Management
Disclaimer
-
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.
Nothing herein should be construed as investment advice, and the Nomura Group is not in any way providing any investment advice. You should refrain from entering into, or purchasing any investment product unless you fully understand all the risks involved and you have independently determined that the investment is suitable for you. If you are in doubt to any aspect of this material, you should consult your own counsel, stockbroker or other professional advisers as to the legal, tax, financial and related aspects of any investment with specific reference to your particular circumstances.