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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## **Fast food** for thought Insights and research on global events shaping the markets - [All](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thought/tag/flash) - [Global Markets Outlook](https://blog.syzgroup.com/fast-food-for-thought/tag/global-markets-outlook) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Central Banks Deliver on a Well-Flagged Hawkish Pivot](https://blog.syzgroup.com/fast-food-for-thought/central-banks-deliver-on-a-well-flagged-hawkish-pivot) Fed and BoJ hikes, an oil-driven inflation scare, and an AI-safety debate drove sector rotation across global equities over the past week. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 21/09/2026 [Food for Thoughts](https://blog.syzgroup.com/fast-food-for-thought/tag/food-for-thoughts) #### [AI: the capex cycle survives the weekend's safety debate](https://blog.syzgroup.com/fast-food-for-thought/ai-the-capex-cycle-survives-the-weekends-safety-debate) A weekend debate over “recursive self-improvement,” the risk that AI could accelerate its own development to the point where humans struggle to stay meaningfully in control, prompted some in the industry to call for a more cautious pace of development. We think the correction in AI stocks on Monday was overdone. Investors may be conflating two separate questions: how fast frontier AI capability should advance, and how fast the world adopts the AI that already exists. The first is genuinely more uncertain. The second isn’t, and it’s the second that drives datacentre capex cycle. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 15/09/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Oil, Inflation and Trade Tensions Rattle Equities as Memory Chips Hold the Line](https://blog.syzgroup.com/fast-food-for-thought/oil-inflation-and-trade-tensions-rattle-equities-as-memory-chips-hold-the-line) Global equities fell on oil, inflation and trade risk, while a Korea-led memory-chip rally offset losses in EM and rotated tech away from Nvidia. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 14/09/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Payrolls Surprise and Middle East Tensions Revive the Rate Hike Debate](https://blog.syzgroup.com/fast-food-for-thought/payrolls-surprise-and-middle-east-tensions-revive-the-rate-hike-debate) Global equities were roughly flat over the week to 4 September 2026, as a much stronger than expected US August jobs report and renewed US-Iran tensions pushed oil prices and bond yields higher, reviving the case for a September Fed rate hike. The repricing hit European equities harder than the US, with German and French markets underperforming on rate- and energy-sensitive exposure, while banks and energy stocks outperformed globally. Within US tech, a sharp divergence emerged inside the Magnificent Seven, driven by company-specific news at Meta and Nvidia rather than a shared theme. Brazil was the standout market of the week, rallying on rate-cut expectations and firmer oil prices. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 07/09/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Nvidia Delivers, Warsh Doesn't: A Split-Screen Week for Global Equities](https://blog.syzgroup.com/fast-food-for-thought/nvidia-delivers-warsh-doesnt-a-split-screen-week-for-global-equities) Global equities edged modestly higher over the past week, as a blowout Nvidia earnings beat and a sharp pullback in oil prices lifted risk appetite, only for a hawkish Jackson Hole debut from Federal Reserve Chair Kevin Warsh to reverse much of the optimism by Friday. This report examines the drivers behind the week's gains and reversals across the US, Europe, and emerging markets, including the rotation out of health care and small caps, the AI-driven strength in software and cybersecurity, and the easing of the oil risk premium following new US sanctions on Iran. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 31/08/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Cloud Beats, Capex Doubts and a Korean Rollercoaster](https://blog.syzgroup.com/fast-food-for-thought/cloud-beats-capex-doubts-and-a-korean-rollercoaster) Global equities advanced despite the week between 24-31 July despite some by sharp divergences. Big Tech earnings split investors between AI capex winners and losers, the Federal Reserve held rates amid its first multi-member dissent in decades, and oil extended its climb on escalating Middle East tensions. Korean and Taiwanese equities were rocked by extreme volatility as leveraged AI-related positioning unwound and then violently reversed, while resilient eurozone growth data and broad emerging-market strength helped underpin the wider advance. This report examines the key drivers behind the past week's market moves, with a focus on US mega-cap earnings dispersion, the Fed's policy signals, and the forces behind Asia's dramatic swings. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 03/08/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [AI Capex Fears Outweigh Q2 Earnings Strength](https://blog.syzgroup.com/fast-food-for-thought/ai-capex-fears-outweigh-q2-earnings-strength) Global equity markets for the period 17–24 July 2026, covering the sell-off in AI-exposed growth stocks amid capex and cash-flow concerns, a renewed spike in oil prices following Middle East escalation, and continued strength in Q2 corporate earnings across the US, Europe, and Asia. Covers performance across major indices including the S&P 500, Nasdaq 100, STOXX 600, and MSCI Emerging Markets, with sector-level detail on energy, defence, technology, and financials. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 27/07/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Chip Jitters Meet A Broadening Tape](https://blog.syzgroup.com/fast-food-for-thought/chip-jitters-meet-a-broadening-tape) Global equity markets performance between 26 June–3 July 2026 was marked by a partial unwind of an unprecedented Q2 chip rally, a softer US jobs report that eased near-term Fed tightening expectations, a European defence-and-industrials rally ahead of the NATO Ankara summit, and extreme volatility in South Korean chipmakers that dragged emerging markets sharply lower. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 06/07/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [AI Valuation Reckoning Rattles Global Tech; Defensives and Small-Caps Find Shelter](https://blog.syzgroup.com/fast-food-for-thought/ai-valuation-reckoning-rattles-global-tech-defensives-and-small-caps-find-shelter) Global equity markets sold off sharply in the week to Friday 26 June 2026, as investors reassessed AI-related valuations against a backdrop of hawkish Federal Reserve signalling and sticky inflation. The MSCI ACWI fell 2.2%, with technology and semiconductors bearing the brunt of the decline — the Nasdaq 100 lost 4.2% and the iShares Semiconductor ETF shed 7.7%. The sell-off was sharpest in AI-exposed markets across North Asia, with the KOSPI and TAIEX both falling over 5%. Defensives and small-caps outperformed globally, with healthcare, insurance, and consumer staples all posting gains. Micron's record quarterly earnings provided a late-week counterpoint, but were insufficient to reverse the broader de-rating of growth assets. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 29/06/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Geopolitics, Central Banks, and SpaceX IPO](https://blog.syzgroup.com/fast-food-for-thought/geopolitics-central-banks-and-spacex-ipo) A weekly review of global equity markets for the period ending 12 June 2026, covering the impact of renewed US-Iran tensions and the ECB's first rate hike since 2023 on regional equity performance, the rotation away from mega-cap technology into financials and cyclicals, and the significance of the SpaceX IPO as a landmark moment for the AI infrastructure investment cycle. **[Jakub Dubaniewicz](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz)** | 15/06/2026 [1](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz/page/1) [2](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz/page/2) [3](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz/page/3) [❯](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz/page/2) ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)