Cross-Asset Spotlight | Global Volatility Picks Up

Research evidence excerpt

Cross-Asset Spotlight | Global Volatility Picks Up

Update

June 29, 2026 03:53 PM GMT

Morgan Stanley & Co. LLCMCross-Asset Spotlight | Global Serena W Tang

Strategist

Volatility Picks Up Serena.Tang@morganstanley.comMorgan Stanley India Company Private Limited+ +1 212 761-3380

Soham Sen

Signals, Flows, & Key Data: A weekly summary of key cross-asset StrategistSoham.Sen1@morganstanley.com +91 22 6995-2014

monitors, data, moves, and models tracking sentiment, fund

Morgan Stanley & Co. International plc+

flows, and positioning. Last week, S&P 500 fell, KOSPI volatility Erika J Singh-Cundy

reached record highs and UST 2Y yields fell 9 bp. StrategistErika.Singh-Cundy@morganstanley.com +44 20 7425-0960

Key highlights from last week: Yimin Huang

• The S&P 500 fell 2.0%. Our US equity strategists note that strong earnings Yimin.Huang@morganstanley.com +44 20 7677-2870

for the median stock, falling crude prices and underperformance of the Recent Research:

hyperscalars and semis are driving a broadening in a weaker tape. Cross-Asset Conversations: Buy FX Vol, Not the

• UST 2Y yields fell 9 bp. Our US rates strategists think a return to a short Dollar | Ep. 146 (24 Jun 2026)

statement, little forward guidance, and a small balance sheet would bring Cross-Asset Playbook: Half-Time, Full Speed (19

back the noisiest front end in a generation. Jun 2026)

• Copper fell 1.4%. Our commodities strategists see copper as the most Cross-Asset Brief: MSI Turns Positive (16 Jun

exposed to supply risks with El Niño. 2026)

• KOSPI volatility reached record highs. Our South Korea equity analysts note Cross-Asset Strategy: Global In the Flow – May

that while broadening out of product and investor breadth boosts liquidity, it Recap (1 Jun 2026)

increases volatility.