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CIO Corner
Daily Macro Lens
Get your daily round-up of markets, macroeconomic trends, and global shifts through the Daily Macro Lens.
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Chase or Rotate? Asia’s H2 2026 Question
June 17, 2026
North Asia is running the table while the rest of the region stalls — and the only thing that matters is who sells AI silicon. Korea and Taiwan have detached from China, India and ASEAN entirely, turning “Asia ex-Japan” into a meaningless average. The 2H call is binary: keep chasing the chipmakers, or finally rotate.
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Peace Cleared the Runway But Only Semis Took Off
June 16, 2026
Semiconductors have run away from everyone. SOXX went vertical this spring while software and the broad market barely moved — a melt-up powered by AI datacenter capex, not by the US–Iran de-escalation, which merely cleared the runway. The risk now is the narrowness itself: one capex cycle carrying the whole index. Breadth, or bust.
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Fragile Peace meets Monetary Policy Barrage
June 15, 2026
Five banks, one shock, five answers. The Fed holds but drops the easing tilt; the BoJ hikes anyway; the RBA and BoE stand pat. The ECB has already hiked. Yet the real trade is Sunday’s fragile US–Iran deal — announced, not signed. Reopen Hormuz and oil falls; relapse and it doesn’t. Bonds trade the ceasefire.
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Short-Ends on the Rise as Central Banks Confront Inflation
June 10, 2026
Short-end yields are surging across the US, Eurozone, and UK as sticky inflation push the Fed, ECB, and BoE back toward a tightening bias. Yet Brent has shed over 12% in a month on Iran-Israel ceasefire hopes. Two markets, one macro story—and the tension between them defines the trade.
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BoJ Rate Hike to Yen’s Rescue?
June 09, 2026
USD/JPY above 160 is the market’s verdict on a policy divergence that refuses to close. The BoJ is tightening, but the Fed is tightening faster — and the carry trade wins until that math changes. Two BoJ hikes priced for 2026 narrow the gap at the margin. A structural yen recovery requires the 2027 tightening path to come into view first.
Contributor
Julia Wang
CIO North Asia
Disclaimer
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IWM CIO Corner Disclaimer
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