Financial Service

Australian credit market Kangaroo AT1 bonds Australia; 6x oversubscribed CDC Data Centres debut SAHYCF Commentary: Hopping along The market shrugged off a myriad of headlines to see higher beta bonds compress significantly, with Kangaroo AT1 paper leading the way in July. A seasonally slower pace of issuance and less available stock of higher yielding opportunities saw a grab for wider trading bonds. Last month we wrote about markets moving between acute concern and complete indifference to geopolitical headlines. July proved to be more of the same as the re-escalation of the US-Iran conflict brought oil prices back into focus after we started with Brent Crude Oil near pre-war lows. While prices did not reach the ~US$120 ...

Investors monitor AI-related stocks in US and South Korea amid leverage concerns; Debt funding for AI tops $250B in 2026. Spotlight on technology: why have AI-related stocks been so volatile? Spotlight on technology: why have AI-related stocks been so volatile? Ongoing concerns about infrastructure spending, competition from low-cost models and speculative trading have all played a role. Yet periods of volatility are an inevitable part of the technology cycle and do not undermine the long-term investment case for AI. ...

Korean retail investors margin calls in Korea; 1.2 million affected SRRF Commentary: When the chips are down SRRF Commentary: When the chips are down Higher oil prices and higher rate uncertainty led to high anxiety as equity market darlings started crashing lower. Is this just a technical wash out or the signs of something more sinister? The leveraged play on the AI buildout took a brutal hit in July, with the NYSE Semiconductor index down over 21% in US dollar terms, pushing AI heavy indices like Korea down 22%, the Nikkei down over 8% and Taiwan and the Nasdaq down over 6.5% over the month in local currency terms. Investors who had recently invested in levered ETFs, or even took out margin debt to participate in the parabolic rally, felt the brunt once this trend reversed sharply. According to Goldman Sachs, over 1.2 million retail investors in Korea, or roughly 3.5% of the adult population, received a margin call. But perhaps most publicly, the 25-year-old founder of hedge fund Situational Awareness, Leopold Aschenbrenner, was forced to sell the entirety of his public book to Ken Griffin’s Citadel (approximately US$16bn worth) to meet a margin call after his fund lost 78% in July. Given the selloff was predominantly isolated to the chips trade, emerging markets suffered the most, down over 3% for the month. Global equities and the overall US S&P 500 were mostly unchanged, thanks to a 2% rally in the Magnificent Seven, driven by strong earnings from Microsoft, Amazon and Apple, which stemmed the rout by the end of the month. ...

Ashok Varadhan, US stocks grind higher on AI momentum, Goldman Sachs Equities trading floor; High single-stock dispersion likely to persist Why US Stocks May Grind Higher 1 Goldman Sachs The Markets Why US Stocks May ‘Grind Higher' Ashok Varadhan, Co-Head of Global Banking & Markets Mike Washington, Host, Co-Head of New York & International High Touch Sales Trading, Global Banking & Markets Date of recording: August 5, 2026 Mike Washington: This is The Markets. I’m Mike Washington. Today is Wednesday, August 5th, and I’m on the Goldman Sachs Equities trading floor, joined by Ashok Varadhan. Ashok is the co-head of Global Banking and Markets at Goldman Sachs. Ashok, it’s great to have you. Ashok Varadhan: Yeah, it’s good to be here again. Mike Washington: I got to tell you, there’s a ton going on right now. I feel like there’s a bunch of different ways that we could take this conversation, but I want to start on AI and momentum. You were on this podcast back in Q4 of 2025. You said that stocks are going higher and AI specifically was going higher. We just had one of the most violent momentum drawdowns in history last week to a V-shaped recovery in tech, and S&P sits at all-time highs. Do you feel like this is the setup that markets could continue to grind higher on the go forward, or is there a wall of worry that we still have to get over? Ashok Varadhan: I think we probably grind higher. I’d say obviously July was a difficult month for markets across a bunch of variety of different things. I’d say first, obviously, the war re-escalated, and that obviously created some, some trepidation in the market. There was obviously nervousness that the Fed could potentially hike rates, and that created an item on the wall of worry. And then, of ...

Steven Tananbaum, CIO of GoldenTree Asset Management, discusses AI opportunities in credit markets on Goldman Sachs Exchanges; Could alter growth expectations. 1 Goldman Sachs Exchanges: Great Investors Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities Steven Tananbaum, CIO, GoldenTree Asset Management John Waldron, President and Chief Operating Officer, Goldman Sachs Date of recording: July 23rd, 2026 Steven Tananbaum: So, when I think of AI and the credit markets, I think of it two ways. First is economically, because it’s such a driver of our economy. It’s hard to see how it’s going to actually accelerate from here. So, the issue if it deaccelerates, what’s going to be the impact? That’s probably, to me, the biggest issue. And if it deaccelerates, will people be taking down their economic growth assumptions? ...

Global equities edged higher in July 2026; Energy leads as oil rises amid Iran conflict Monthly markets review - July 2026 Monthly markets review - July 2026 A review of markets in July when commodities gained amid higher oil prices and value stocks performed well. Global equities, as measured by the MSCI World index, edged marginally higher in July. The month was marked by a rotation away from some high growth parts of the market that have previously performed well, and towards some lower valued sectors. Global bond markets were largely driven by expectations for higher inflation. Commodities gained amid higher oil prices as the Iran conflict escalated. ...

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Renta variable global subió 0.5% en julio 2026; energía lidera por alza del petróleo Revisión mensual de los mercados - Julio 2026 Revisión mensual de los mercados - Julio 2026 Un análisis de los mercados en julio, cuando las materias primas se revalorizaron ante el aumento de los precios del petróleo y las acciones de valor obtuvieron buenos resultados. La renta variable global, según el índice MSCI World, subió ligeramente en julio. El mes estuvo marcado por una rotación alejándose de algunas partes de alto crecimiento del mercado que anteriormente habían tenido un buen desempeño, y hacia sectores de menor valor. Los mercados globales de bonos estuvieron impulsados en gran medida por las expectativas de una mayor inflación. Las materias primas ganaron en medio de precios más altos del petróleo a medida que el conflicto iraní se intensificaba. ...

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Ashok Varadhan says US stocks grind higher on Goldman Sachs Equities trading floor; Fed not expected to hike rates in 2026 Why US Stocks May Grind Higher | Goldman Sachs We harness every resource, insight, relationship, and competitive advantage to drive superior results for our clients. Goldman Sachs’ weekly newsletter, offering economic and markets analysis from across the firm. Subscribe now. We help entrepreneurs create jobs and economic opportunity through rigorous business education programs, access to capital, and networking. ...