Capital Markets, Fed, Wealth, Nomura, Standard Chartered, Singapore Banks, Asia Insurance Leverage

研报英文原文证据摘录

Capital Markets, Fed, Wealth, Nomura, Standard Chartered, Singapore Banks, Asia Insurance Leverage

Specialist Sales

APAC Specialist Sales J P M O R G A N

30 July 2026

Capital Markets, Fed, Wealth, Nomura, Standard Chartered,

Singapore Banks, Asia Insurance Leverage

Ayano Tsunoda

+81 3 6736 7628

ayano.tsunoda@jpmorgan.com

Key topics in today’s daily:

• Nomura: Many inquiries on weakness today after a strong beat

• Standard Chartered: Katherine’s top pick among CH/HK banks, also beneficiary of higher US rates

• Asia Insurance Leverage 101

Today - Earnings: Mizuho, SMTG, Bajaj, Nihon M&A Macro: Japan July Consumer

Good morning,

The rise in real rates since the last FOMC has been noted by the market. And that was the first major development the Chair

Warsh pointed out, i.e. material tightening not just in nominal rates but also in real rates. Most interestingly (at least to me), the

reaction of financial markets seems to be the policy reaction function. (Transcript: Link) Our Fed watcher Michael Feroli is now

pulling forward his next rate hike from 2H27 to Dec this year, with policy rates on hold at 3.75-4% thereafter, considering

increased credibility risk around the inflation mandate. (Link)

In this context, Capital Market underperformed overnight, likely as the Fed was seen to have brought not only uncertainty but

also a higher cost-of-risk environment. AI names’ correction is also likely contributing to the sentiment. Nomura (8604 JT) was -

6% this morning (GS -5% overnight) despite their monster 1Q beat (31% above 1Q JPMe, FY26 JPMe 6% above cons) yesterday

post-close. Nomura has been a crowded long by HF and there have been many inquiries on weakness this morning as investors try

to figure out how much is market driven vs co-specific.