CIO Market Pulse – Into the Unknown
CIO Market Pulse – Into the Unknown Absence of clear crisis endgame to underpin elevated oil price; Equity volatility remained subdued despite rising stagflation concerns from oil shock and s...
Chief Investment Office - Hong Kong16 Mar 2026
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CIO Market Pulse –  Into the Unknown

  • Absence of clear crisis endgame to underpin elevated oil price; Equity volatility remained subdued despite rising stagflation concerns from oil shock and softening US labour market
  • Iran crisis has reframed Big Tech as a relative defensive play, supported by strong balance sheets and limited oil exposure; Stay selective with dominant tech players
  • Amazon’s record USD37bn IG deal pushed issuance past prior highs, underscoring Big Tech’s push to fund AI build‑outs and sharpening focus on credit quality as capex reshapes balance sheets
  • Sustained disruption to keep Brent oil price above USD100/bbI in the near term while USD200/bbI requires more severe deterioration; Upstream producers and integrated oil majors to benefit with meaningful earnings upgrades
  • While China remains exposed to oil price volatility, its lower reliance on fossil fuels, sizeable petroleum reserves, and long-term LNG contracts from Gulf producers provide relative insulation

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