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Morgan Stanley

June 23, 2026

A Day of De-Risking

Daily UpdateEquitiesRates Govt BondsFXInformation TechnologyIndustrials

Global markets experienced a risk-off shift on June 23, 2026, driven by an unwind of leveraged positions in AI-linked equities. This led to a strengthening of the US dollar and a rally in US front-end Treasuries.

Key Takeaways

  • 1.A leveraged unwind in AI-linked equities drove a risk-off rotation into the dollar and front-end Treasuries.
  • 2.US Treasuries saw demand as investors rotated into duration, supported by weaker oil prices and lower inflation compensation.

Table of Contents

  • Developed Markets
  • Emerging Markets
  • Central Bank Monitor
  • Economic Releases
  • The Day Ahead

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Authors

Molly NickolinLingdi XuSofia Palacios

Securities

S&P 500Brent Crude

Themes

De-riskingAI Equity Unwind

Regions

GlobalNorth AmericaEuropeUnited StatesKoreaJapan

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Morgan StanleyDaily UpdateEquitiesRates Govt Bonds

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