GS Morning Market Update

This report provides a morning outlook on AI-driven equity strategy, RBNZ rate expectations, and recommended FX hedges against tech-sector volatility. It also evaluates the positive impact of SK Hynix ADR-related capital flows on the Korean Won.

Key Takeaways

• 1.AI Capex spending remains the most significant market theme; fears of hyperscaler cuts are considered unlikely given capital raising patterns.
• 2.The RBNZ is expected to hike the OCR by 25bp to 2.50% in July, supported by hawkish policy bias.
• 3.FX is proposed as an attractive hedge for equity risk, specifically highlighting USDCAD and USDILS positions.

Table of Contents

• Adam Crook's Weekend Mail – Equity Views
• Asia Economics – RBNZ Preview
• GS MarketStrats – Best X-Asset Hedges in FX
• EM Market Strats – SK Hynix ADR Listing - KRW Implications

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