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The week in Global Markets
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Threads
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Uncertainty over Federal Reserve guidance and the prospect of renewed hikes pushed investors to hedge policy risk as US and Japanese long-term yields climbed. Dealers’ record bond short added a liquidity concern to the repricing.
Renewed Iran attacks pushed oil above prewar levels and spread losses across equities, emerging-market assets, and credit. The energy shock also lowered the global growth outlook and revived inflation concerns.
Extreme dollar-yen positioning, India’s large short-dollar forward book, and a yuan fixing below 6.80 exposed growing currency vulnerability. Traders responded by increasing options protection after a long period of subdued volatility.
SK Hynix’s large, strongly received listing gave investors a new vehicle for AI exposure and raised the stakes for technology earnings. At the same time, stretched valuations and doubts about profit durability made results and guidance more decisive.
Indonesia and Turkey both entered reviews for possible frontier-market treatment after warnings from index providers. The prospect of mechanical capital outflows added pressure to Indonesia’s selloff and could worsen financing conditions.
Gold gained a stronger foothold in China as a spot ETF overtook a major equity fund and the central bank made its largest purchase since 2023. Yet bearish views and a weekly loss showed that bullion remained caught between demand support and changing rate expectations.
Investor interest in private credit persisted despite market turmoil and expensive credit conditions. The week also brought sharper questions about whether revolving credit is cooling and whether private assets can be offered to retail investors at the right price.
Day’s Recap