CIO Market Pulse – Tug-of-War
CIO Market Pulse – Tug-of-War Ongoing tug-of-war in risk assets as negative impact from rising bond yields is offset by strong corporate earnings momentum; UST 10Y yield hitting the 5% mark c...
Chief Investment Office - Hong Kong7 Sep 2026
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CIO Market Pulse – Tug-of-War

  • Ongoing tug-of-war in risk assets as negative impact from rising bond yields is offset by strong corporate earnings momentum; UST 10Y yield hitting the 5% mark could trigger pullback in equities market
  • Financials remain key beneficiary of broadening rally; Rising yields to support NIM expansion and asset yields across US, Singapore, and Hong Kong banks
  • Fed Chair Warsh’s hawkish comments and strong jobs data lifted the DXY Index above its 200-DMA, but the USD outlook remains neutral pending upcoming inflation data and September FOMC decision
  • China’s state-owned banks delivered a resilient set of first half results with net interest margins showing signs of stabilisation and dividend payout hike proving a pleasant surprise
  • Political resistance may slow but not derail the US AI infrastructure buildout, supporting continued demand for semiconductors while favouring the case for quality hyperscalers and energy-related beneficiaries of the AI expansion

CIO Focus Charts



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