Cross-Asset Playbook: Half-Time, Full Speed

研报英文原文证据摘录

Cross-Asset Playbook: Half-Time, Full Speed

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CROSS-ASSETCROSS-ASSET PLAYBOOKPLAYBOOK || JUNEJUNE 21,21, 20262026

June 19, 2026 09:44 PM GMT

GLOBAL CROSS-ASSET STRATEGY M O R G A N S T A N L E Y R E S E A R C H Cross-Asset Playbook – June 2026 Global

Morgan Stanley & Co. LLC Half-Time, Full Speed

Serena Tang

Strategist

Time for a Break! Refocus on Fundamentals! Multi-Asset Allocation Recommendations serena.tang@morganstanley.com +1 212 761 3380

As energy prices subside with geopolitical

risks, we think market narrative will once again

Morgan Stanley India Company Private Limited+ turn to how macro and micro fundamentals are

Soham Sen strong. Positive global growth, robust earnings Strategist

and a powerful capex cycle underpin a soham.sen1@morganstanley.com

supportive backdrop for risk assets, even as +91 22 6880-1207

energy prices add complexity to the outlook.

Morgan Stanley & Co. International plc+

AI Capex the Key Assist.

Erika Singh-Cundy

AI capex is the common theme transforming Strategist

erika.singh-cundy@morganstanley.com

markets and macro, albeit in very different +44 (0)207 425 0960

ways. It’s the factor driving strong investment

spending in the economy, a potential source of Morgan Stanley & Co. International plc+

inflationary pressure for rate, tailwind to Yimin Huang

earnings and margins expansion for equities, Strategist

and a huge headwind to corporate credit in yimin.huang@morganstanley.com

+44 (0)207 677 2870

terms of higher issuance.

Risk On. Rally On. Game On. Sign up here: If you didn’t receive this directly, but

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We recommend equities over fixed income.

OW global stocks, with a preference for US

stocks over RoW on the region’s strong AI