Last week, major global indices in the U.S. and Europe lost some ground, but Asian stocks mainly remained uninterrupted. We like to highlight a couple of changes in 2H from 1H so far:
• The 10-year yield hit the lowest level, i.e., below the pre-pandemic level.
• Central banks started debating policy changes.
• The rally in cyclicals, small caps, and value stocks are losing stream with big techs in focus….
