Cross-Asset Spotlight | Global Tensions Continue

Research evidence excerpt

Cross-Asset Spotlight | Global Tensions Continue

Update

July 27, 2026 04:14 PM GMT

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

Strategist

Tensions Continue 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, Brent gained 9.9%, German Erika J Singh-Cundy

10-year yields reached 3.2% and GBPUSD fell 0.9%. StrategistErika.Singh-Cundy@morganstanley.com +44 20 7425-0960

Key highlights from last week: Yimin Huang

• MSCI Europe rose 0.6%. Our European equity strategists observe a mixed Yimin.Huang@morganstanley.com +44 20 7677-2870

price reaction to earnings, with a negative skew to modest surprises. Recent Research:

• GBP/USD fell 0.9%. Our G10 FX strategists think that GBP-negative risk Cross-Asset Dispatches: Weathering El Niño (27

premium has reduced, not increased, despite the recent rise in fiscal Jul 2026)

uncertainty. Cross-Asset Conversations: Why AI Spending Is

• German 10-year yields reached 3.2%, its highest since 2011. Our European Reshaping Corporate Credit | Ep. 151 (24 Jul

rates strategists continue to think the focus remains on short-end pricing 2026)

rather than term premia. Cross-Asset Brief: MSI Turns Negative (22 Jul

• Brent gained 9.9%. Our oil strategists note that inventories continue to be 2026)

depleted, where crude stocks drew by 1.9 mln bbls driven by the US, and Cross-Asset Playbook: Climbing the Wall of

refined product stocks drew by 2.6 mln bbls, driven by Europe and Asia. Worry (16 Jul 2026)