Global Macro Commentary: Correction: June 9: AI Rotation, Oil Relief

Research evidence excerpt

Global Macro Commentary: Correction: June 9: AI Rotation, Oil Relief

Update

June 10, 2026 06:38 PM GMT

Morgan Stanley & Co. LLCMGlobal Macro Commentary | Global Molly Nickolin

Strategist

Correction: June 9: AI Rotation, Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

Lingdi.Xu@morganstanley.com +1 212 761-2957

Oil Relief Sofia Palacios

Sofia.Palacios@morganstanley.com +1 212 761-0428

AI unwind continues ahead of CPI; oil falls on de-escalation

Morgan Stanley Asia Limited+

hopes; US home sales beat; BI hikes off-cycle; KRW rallies; DXY Gek Teng Khoo

at 99.91 (-0.1%); US 10y at 4.52 (-4.6bp). StrategistGek.Teng.Khoo@morganstanley.com +852 3963-0303

Lower oil was not enough to stabilize crowded AI positioning, leaving risk Morgan Stanley MUFG Securities Co., Ltd.+

sentiment mixed and FX driven by local policy signals. Hiromu Uezato

We have made corrections to data referenced in the Developed Markets and Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

Emerging Markets sections. This note was originally published on June 9, 2026 at Morgan Stanley India Company Private Limited+

09:55 PM GMT, and is being republished on June 10, 2026. To receive an electronic Nimish M Prabhune

copy of the original version of this publication, please send an e-mail to Nimish.Prabhune@morganstanley.com +91 22 6996-1862

Equity_Research_Publishing@morganstanley.com with the publication title and date.

Morgan Stanley & Co. International plc+

Maria Chiara RussoDeveloped Markets

Maria.Chiara.Russo@morganstanley.com +44 20 7677-3499

• US rates rallied across the curve as lower oil prices, easing geopolitical

tensions, and positioning ahead of CPI supported duration (2y: -4.4bp;

30y: -3.9bp). Existing home sales surprised higher at a 4.17mn annualized