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

研报英文原文证据摘录

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

The 2026 Extel Global Fixed Income Poll is now open and your participation

matters a great deal to us. If you have found our research helpful, we would greatly Morgan Stanley India Company Private Limited+

Nimish M Prabhuneappreciate your support in the following categories (please click here to request

your ballot): Nimish.Prabhune@morganstanley.com +91 22 6996-1862

• Global > Macro Strategy Morgan Stanley & Co. International plc+

Jasper Knyphausen

• Global > Economics

• USA > Cross-Asset Strategy Jasper.Knyphausen@morganstanley.com +44 20 7425-2185

• Developed Europe > Cross-Asset Strategy

• Asia > Cross-Asset Strategy

Developed Markets

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