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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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Monthly Opportunity Compass: Finding the Right Balance
July 10, 2025
Markets face multiple challenges including tariffs, tax policies, and Fed decisions. While economic growth is slowing globally, it's not a synchronized recession. Political factors, especially Trump's actions, create volatility. Investors are rotating towards AI stocks, hard assets, and selective emerging markets while maintaining caution.
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Rich Gain, Immigrants Pain
July 04, 2025
President Donald Trump’s newly passed tax bill — dubbed by supporters as a “middle-class miracle” — is anything but neutral in its impact. With a massive $4.5 trillion in tax cuts over the next decade, it creates sharp divides between who benefits and who foots the bill. Wealthy individuals, business owners, and defense-linked sectors come out smiling. Meanwhile, immigrants, low-income families, and clean energy industries are left picking up the pieces.
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The Fiscal Gamble: Understanding Trump's "One Big Beautiful Bill"
July 01, 2025
The most audacious fiscal expansion since the wartime economies of the 1940s stands before Congress in the form of President Trump's "One Big Beautiful Bill" - a 940-page legislative behemoth that recently cleared its first Senate hurdle with a razor-thin 51-49 vote. This legislation represents not merely another policy adjustment, but a fundamental rewiring of America's fiscal architecture that could reshape global capital flows for the next decade.
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The Big What Next
June 23, 2025
The Middle East is rattled. After more than a week of Israeli air strikes on Iran, the U.S. followed up by bombing Iranian nuclear facilities. Headlines now ask: What next? But there’s no simple answer—each twist could upend oil markets, military alliances, and global balance.
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Middle East on Edge
June 20, 2025
That’s been my recurring thought as I’ve spoken with clients and reviewed our positioning over the past week. Israel and Iran are exchanging blows. But markets aren’t reacting just to what’s happened. They’re bracing for what might. The geopolitical shock is real. But the bigger shock might be what it does to inflation, oil supply, and rate expectations.
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5 Key Macro Questions to Ask of US Economy
June 18, 2025
As we head into a critical Fed meeting this week, the narrative around the US economy is anything but clear. Markets remain buoyant, inflation seems temporarily tamed, and GDP appears to rebound. But under the surface, structural fractures are forming.
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What History of Middle East Conflicts Teach Us About Oil Volatility
June 17, 2025
Israel and Iran are trading blows with an intensity we haven’t seen before. Oil has spiked. The financial media is in full panic mode. But before we start repositioning our energy allocations based on fear, let’s look at what five decades of data actually tells us.
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.
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