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.
-
Japan Macro Chart Pack
June 12, 2025
The BoJ is expected to maintain current rates through year-end, with the next hike anticipated in January 2026. While tourism remains strong, growth faces downside risks from global factors and Trump's tariffs. Inflation risks falling below 2%, with Governor Ueda expressing concerns about missing targets.
-
Inflation Isn’t Dead, It’s in Hiding
June 12, 2025
Inflation is cooling — or so the numbers say. Markets cheered. Commentators called it a turning point. Bond yields dropped. Risk assets caught a bid. The narrative snapped back into familiar territory: the Fed has done its job, price pressures are fading, and rate cuts are finally on the table. But beneath the surface, something’s brewing that no one’s pricing in.
-
US Macro Chart Pack
June 09, 2025
The US economic outlook faces mounting challenges as trade policy uncertainty persists. While the labor market gradually cools, inflation concerns remain prominent with core PCE expected to surge above 3% later this year, prompting the Fed to maintain a cautious stance with limited rate cuts. Adding to these pressures, impending tax cuts and substantial fiscal deficits could push the economy toward stagflation while keeping long-term yields elevated.
-
China’s Commodity Overhaul: Big Play, Bigger Questions
June 04, 2025
China doesn’t want to play by other people’s pricing rules anymore. And when you’re the largest buyer of oil, copper, and steel on the planet, that ambition starts to matter. The Shanghai Futures Exchange just laid out a plan that—if followed through—could reshape how global commodities are traded, settled, and benchmarked. But here’s the friction: markets don’t move because of announcements. They move because of trust. And trust isn’t something China’s markets have earned easily.
-
The Euro’s Next Move
June 02, 2025
Christine Lagarde’s recent speech in Berlin made one thing clear: the world is fragmenting—and the euro has a shot at becoming more than just the junior currency to the dollar. But not by accident. As she said, “the euro will not gain influence by default – it will have to earn it.” This article lays out the case as both an investor and a realist: the strengths the euro brings to a fractured global system, and the hard truths that still hold it back. I see real merit in the euro’s direction. And I'm not alone.
-
Balancing Risks (Monthly Opportunity Compass - June 2025)
June 02, 2025
Markets wrapped their strongest month since late 2023, but the tone heading into June has changed dramatically. Optimism is being replaced by hesitation. Trade tensions are rising after Trump’s announcement to double tariffs on steel and aluminum. Oil is climbing—not on demand strength, but on renewed geopolitical instability. At the same time, the US economy is losing momentum, with revised data showing weaker consumer spending and a larger-than-expected drag from trade. This is not a breakdown. It’s a recalibration.
-
Why Momentum Investing Has Dominated the Past Decade, and Why Your Portfolio Needs It
May 27, 2025
Momentum investing is a strategy that focuses on buying recent winners and selling recent losers, under the premise that assets which have performed well (or poorly) in the recent past tend to continue that trend. Over the past decade, momentum has emerged as a key success factor in investing, consistently delivering strong results and enhancing portfolio resilience. This report builds a comprehensive case for incorporating momentum strategies into a modern, diversified portfolio.
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.