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United States
AI-related investment has become a key engine of US growth, with its contribution to real GDP growth reaching the highest level this century.
Euro Area
France’s 10-year yield spread over German Bunds has widened to roughly 100 bps amid mounting concerns about the country’s fiscal outlook.
Japan
Hedge funds flipped to a net-long yen position for the first time since mid-2025, catching traders wrong-footed just as the BOJ’s rate hike disappointed those hoping for a hawkish signal.
Asia-Pacific
Korean export growth surged in early September, …
… led by a semiconductor boom.
Equities
Earnings are expected to remain a solid support for equities in aggregate.
Rates
CTAs are very short Treasury futures.
Energy
The backwardation in the Brent forward curve has reintensified.
BCA expects Brent backwardation to ease, as Middle Eastern crude oil exports have rebounded sharply from their spring lows, supported by rising dark transits through the Strait of Hormuz.
