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    Unlock exclusive insights into the latest market drivers and economic trends with CIO Office Perspectives.

    • When the Long End Talks, We Should Listen

      May 21, 2025

      In recent weeks, both U.S. 30-year Treasuries and Japanese 30-year government bonds have sold off sharply. Yields are rising fast—U.S. long bonds are brushing against 5%, and Japan’s 30-year JGB just crossed 3.1% for the first time since 1999. We think these are signals that financial conditions are shifting under the surface.

    • US' Fiscal Woes from the Lens of Economics 101

      May 20, 2025

      Much of the news this year has been dominated by Trump’s tariffs and the consequent reshaping of global supply chains, and changing growth-inflation dynamics across economies. Consequently, fiscals have gone under the radar. The spotlight is now back on US' debt and fiscal deficit against the backdrop of Trump tariffs and the likely extension of the 2017 Tax Cuts and Jobs Act.

    • Rise and Shine? - The TWD Episode

      May 13, 2025

      The Taiwanese Dollar (TWD) surged in early-May amid waning US exceptionalism and the consequent rotation into Asian and European equities. Capital inflow into Taiwanese stocks caused a surge in TWD strength while the US Dollar was already week. In this note, we explore the reasons behind these moves and the consequences on the FX space.

    • Legacy, Leadership, and a Look Ahead: 2025 Berkshire Hathaway Annual Shareholder Meeting

      May 06, 2025

      The 2025 Berkshire Hathaway Annual Shareholder Meeting, held on May 3 at the CHI Health Center in Omaha, was anything but routine. It marked Warren Buffett’s 60th year at the helm—and the announcement that he would step down as CEO by year-end, handing the reins to Vice Chairman Greg Abel. Beyond the milestone, the meeting offered shareholders a treasure trove of insight, humour, and candid reflections on global markets, AI, trade policy, and more.

    • Opportunity Compass (May 2025): Navigating the Uncertain Times

      May 06, 2025

      Markets have hit pause after a historic U.S. equity rally. Renewed tariff risks and mixed signals from policymakers remind us that 2025 remains a year defined by volatility, not conviction. Portfolio positioning now hinges on quality income, regional resilience, and selective offense.

    • Eurozone Macro Chart Pack

      April 29, 2025

      Latest developments from the Euro Area.

    • 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.

    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.

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