July 17: Semis Slide, Crude Rises: Global Macro Commentary | North America

Research evidence excerpt

July 17: Semis Slide, Crude Rises: Global Macro Commentary | North America

Update

July 17, 2026 09:29 PM GMT

Morgan Stanley & Co. LLCMGlobal Macro Commentary | North America Molly Nickolin

Strategist

July 17: Semis Slide, Crude Rises Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

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

Chinese AI breakthrough sparks global chip selloff; US-Iran Sofia Palacios

hostilities intensify, driving oil higher; Andy Burnham named UK StrategistSofia.Palacios@morganstanley.com +1 212 761-0428

Labour leader; Takaichi flags GPIF Japan-asset push; DXY at Morgan Stanley Asia Limited+

100.76 (-0.0%); US 10y at 4.55 (-0.6bp). Gek Teng Khoo

A surprise AI model reignited concerns over the durability of AI-linked capital Gek.Teng.Khoo@morganstanley.com +852 3963-0303

spending, driving a global chip selloff, while intensifying US-Iran hostilities Morgan Stanley MUFG Securities Co., Ltd.+

pushed oil, gold, and volatility higher. Hiromu Uezato

Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

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Developed Markets

• US Treasuries twist-flattened, with the front end cheapening (2y: +3.6bp)