Closelook Newsletter · Global Markets
Global Markets
Non-US equity, FX, Euro-AI Sovereign 50, cross-asset cointegration. Where the dollar and the regional regimes meet.
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"Two Shocks, One Map"
The week threw everything at the two-country thesis: a Tokyo leverage unwind, a Beijing model that designs chips and an options expiry. The map held, the three stocks to carry it ended the week intact
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"Where the AI Dollar Actually Lands"
Of every $100 the hyperscalers spend, about $35 reaches Asia — and inside the AI rack, memory and compute split three-quarters of the bill. This week the market listed direct access to the memory side
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An International Rally in Name Only
Six of twenty-six regions beat the benchmark — the ex-US bull is a concentrated AI-chip bet, not broad health
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Why The Global Spring Bull May Be Over
And A New One May Return in Autumn
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Risk-On Broadens — Asia Leads, Software Joins
Asian tech tops the world, US software and cyber surge to the front, and volatility fades across both stocks and bonds.
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Global Risk-On Broadens — Bond Vol Declined +5%
Europe joins the rally, Asia tech extends, and equity vol collapses — while the 20-Year Treasury Bond VIX ($VTLT) declined nearly 6 % week to date.
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Bull Out of Nowhere?
Earnings revisions, sentiment, technicals, and seasonality point to more upside ahead.
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The global bull market in stocks may extend into late Summer 2026
Risk on assets may continue to lead with Europe lagging, Asia leading, and the Nasdaq to rule them all.
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Broadening, Not Rotation — Power Semi Joins, Agentics Recovers
Power Semiconductors just took the one-week lead inside Rubin. Six of seven AW25 sub-sectors completed a synchronized V-shape. Hyperscalers never participated in the crash. Nothing handed over — every