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    Get your daily round-up of markets, macroeconomic trends, and global shifts through the Daily Macro Lens.

    • Widening Equity Market Breadth

      November 12, 2026

      Since the start of October, US tech has undergone a sharp but uneven reset, with semiconductors down roughly 16% as AI-return doubts, rising rates and the midterm result fuelled the sell-off. Equal-weight US equities rose about 7%, signalling a broadening of market leadership. Diversification has paid off, fundamentals remain supportive, and Nvidia's November results on November 17 and Anthropic's IPO on November 18 are the next key tests.

    • A Correlation Break from Political Winds?

      November 05, 2026

      The Democratic midterm sweep triggered a 5%+ KOSPI decline as regulatory fears over AI data-center permitting and grid costs rippled through the semiconductor supply chain. Samsung and SK Hynix—which drive 90%+ of KOSPI correlation—face demand headwinds if hyperscaler capex slows. Analysts debate whether regulatory impact is temporary friction or structural headwind. Watch actual hyperscaler order books, not headlines.

    • Likely Implications from a (Projected) Democratic Sweep

      November 04, 2026

      Exit polls suggest a Democratic Congress sweep would trigger lower Treasury yields (10-year near 4.9%) and modest dollar weakness (DXY index ~101.3) as markets price reduced fiscal expansion and legislative gridlock. Tech stocks face heightened regulatory scrutiny. Markets now expect two rate hikes versus three previously, though Middle East escalation could reverse these trends.

    • Gold's Sell-Off Likely due to Tech-Driven Margin Calls

      November 03, 2026

      Gold's 10% decline in October likely reflects forced margin-call liquidations, rather than broken fundamentals. Tech deleveraging — with AI capex bleeding cash — triggered cross-asset selling. In mechanical unwinds, traders sell the most liquid first; gold became their ATM. Key to watch will be for signs of stabilization once liquidations abate — this is positioning stress, not a broader thesis failure.

    • SPX Sector Dispersion

      November 02, 2026

      October saw concentrated tech weakness as AI infrastructure financing concerns emerged: major players reported negative free cash flow and record-high CDS spreads. With the Fed maintaining higher-for-longer rates, positioning shifts favor sector diversification toward defensives and quality names with stronger cash generation capabilities, better equipped to navigate tightening financial conditions.

    Contributors

    CIO Office

     

    Ray Sharma-OngCIO and Head Discretionary Portfolio Management

     

    Julia Wang CIO North Asia


    Tathagata Bhar
    NSFSPL
    Anuragh Balajee
    NSFSPL

    Disclaimer

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