The Federal Reserve raised rates by 25 basis points in 9 to 3.75%-4.00%, and multiple institutions expect another hike in 12; the terminal rate range could rise to 4.25%-4.50% and be maintained through the end of 2027, as major global central banks enter a phase of synchronized tightening.

Persistent energy disruptions have pushed up oil prices. Morgan Stanley has abandoned its mild disinflation assumption, raising its core PCE forecast to 3.2% for Q2026 and 2.7% for Q2027, while lowering its 2027 US real GDP growth forecast to 2.3%, creating stagflationary pressure.

BofA believes US front-end rates still have room to rise, raising its year-end 2026 forecasts for both the 2-year and 10-year US Treasury yields to 5.0%, favoring curve flattener trades, as restrictive policy repricing should be concentrated mainly at the short end.

The Bank of Japan raised rates by 25 basis points in 9 to 1.25%, but the vote was split and no clear timeline was given for the next hike. Deutsche Bank expects it to raise rates by 25 basis points each in 1 and 4 of 2027 to 1.75%, rather than the 12 hike heavily priced in by the market.

Goldman Sachs expects overall FX volatility to remain low, favors gradual CNY appreciation, and forecasts 12-month USD/CNY at 6.40; BofA maintains its year-end USD/CNY forecast of 6.6, with a solid trade surplus and a managed midpoint path supporting the RMB.

BofA makes the JPY its top G10 long currency pick, forecasting year-end USD/JPY at 149; Goldman Sachs, however, believes the case for shorting USD/JPY in the near term has weakened, preferring to go long JPY against EUR.

The KRW has appreciated 13.3% against the USD since the end of 7, supported by semiconductor exports, record corporate FX selling, and a current account surplus; BofA is constructive on its outlook.

BofA believes hyperscaler bond issuance is unlikely to cause sustained crowding out of emerging market credit, EM sovereign spreads remain near cyclical lows, and it favors Brazilian duration and Nigerian local-currency government bonds.

Citi believes early evidence of recursive self-improvement (RSI), falling inference costs, and better application orchestration are expanding the AI intelligence flywheel, maintaining its forecasts of USD 1 trillion in global AI-demand-related CapEx for 2026 and USD 1.6 trillion for 2027.

J.P. Morgan believes Samsung Electronics' HBM value share will increase from 20% in 2025 to 39% in 2027, raising its FY27E blended HBM ASP YoY growth forecast to 64%, and maintaining an Overweight rating and a W400,000 target price.

Deutsche Bank raised ServiceNow's target price from USD 135 to USD 155, believing it can achieve enterprise AI monetization through workflow, data context, and governance capabilities while maintaining a gross margin above 80%.

Barclays notes that CoreWeave and WhiteFiber have net debt/adjusted EBITDA ratios as high as 6.0x and 14.9x respectively due to AI data center construction, with leverage temporarily distorted; compute pricing and contract economics will be key to execution.

BofA believes the Vera Rubin and Rubin Ultra AI server cycles will significantly increase PCB value content (Rubin is about 3 times that of GB200/GB300), initiating coverage on Dtech with a Buy rating and reiterating a Buy rating on Han's Laser.

Nomura initiated coverage on Allwinner Technology with a Buy rating and a target price of CNY 39.30, believing edge AI SoCs will expand growth through robotics, AI glasses, industrial control, and automotive electronics.

Bernstein finds that Asian earnings upward revisions have expanded from technology to industries such as industrials and financials, but revisions in Japan, South Korea, Taiwan, and Thailand are at record highs, increasing the risk of a cyclical peak; India and China are showing early signs of recovery.

J.P. Morgan maintains an overweight on Chinese stocks within its emerging market and Asia portfolios, with a year-end 2026 target of 100 for MXCN and a target of 5,200 for CSI-300, believing AI-driven innovation can offset weakness in the old economy.

Goldman Sachs set a 12-month target of 1,120 for MXAPJ (implying 27% upside), emphasizing that 42 Indian AI-enabling companies spanning power, data centers, and semiconductors have risen about 60% year-to-date, driven by earnings growth.

BofA believes AI and globalization will extend South Korea's supercycle through 2030, expecting full-year Korean exports to reach USD 1 trillion in 2026 and the memory chip TAM to approach USD 2 trillion in 2030.

J.P. Morgan believes that as long as the rate-hiking cycle is mild and earnings are strong, rising interest rates need not damage risk assets, favoring large caps, quality growth, and tech stocks, with communication services and information technology exhibiting positive rate beta.

Goldman Sachs Prime Services data show US equities recorded their largest net buying in five weeks, with information technology and communication services leading for a third consecutive week, while healthcare saw a fifth straight week of net selling by hedge funds.

BofA lowered its luxury goods forecasts due to still-weak Chinese demand, expecting Chinese luxury demand to grow only 1% constant FX in 2027, with industry revenue growth slowing to about 4% in 3Q26.

Barclays' high-frequency data show that the three major luxury demand engines—the US, China, and South Korea—are losing momentum, forecasting industry organic growth of 4.0% in 3Q26, below consensus of 4.5%, with Gucci's price cuts creating about 3% same-store pricing headwinds.

J.P. Morgan believes demand in China's beauty industry is resilient but highly differentiated at the company level, favoring Mao Geping for its enduring brand strength and Botanee for improving operational efficiency, while remaining cautious on names like Chicmax.

Due to weak peak-season demand and renewed cost pressure from raw materials such as PET, BofA lowered average 2026E/2027E EPS for China's beverage sector by 2%/4% and cut average target prices by 11%, but maintained Nongfu Spring as its top pick.

Nomura initiated coverage on Chow Tai Seng with a Neutral rating, noting that franchise system restructuring led to a YoY revenue decline, but the shift to a licensing fee model will improve gross margins, with recovery dependent on gold price stabilization and consumer demand.

China's Announcement No. 21 imposes full-lifecycle look-through taxation on offshore trusts at a 20% rate, significantly weakening tax deferral advantages and, in the near term, creating highly stock-specific tax pressure on Hong Kong-listed shares held by certain founders and major shareholders.

The J.P. Morgan expert seminar believes that port congestion, weather and route disruptions will support container freight rates over the next 3-6 months, but as new vessels are deployed and routes return to normal, the medium-term outlook turns cautious.

J.P. Morgan believes Middle East tensions have pushed Brent up to 100-110 USD/barrel; if disruptions persist, oil prices at the end of 2026 could be 7-8 USD higher than the forecast of 78 USD/barrel, but a sustained level above 100 USD is unlikely.

Barclays expects Tesla's 3Q26 deliveries to be about 475,000 units, above market consensus, with North American FSD penetration exceeding 55% and exports from the Shanghai plant as the main drivers, but automotive business margins face offsetting pressure.