European and Asia/Asia-Pacific Markets, January 22, 2026

(1) Europe’s Risk-On Surge: Financials & Cyclicals Lead, Defensives Lag. (2) Asia’s Broad Rally: From Indian Banks to Korean Semis, Where Risk Is Flowing

Jan 22, 2026

Executive Summary:

European Markets: Cyclicals, Financials, and Energy Transition Lead
European capital flows reflect a moderately risk-on tone, led by Germany, Italy, Spain, the Netherlands, the Nordics, and Poland. Financials, cyclicals, and select industrials show strong momentum, with names like Siemens Energy, UniCredit, ASML, and PKN Orlen printing INSTAT readings near 100 and posting double-digit 1-month gains. France, Switzerland, and the UK appear more mixed, with sharp divergence between extended leaders (Orange, BNP Paribas) and deep laggards (Worldline, Nestlé). Defensive and quality compounders remain under distribution pressure.

Asia-Pacific Markets: Broad Risk-On with Strong Domestic Leadership
Asian and Asia-Pacific markets exhibit clear risk-on breadth, led by Indian financials/industrials, Singapore banks, Hong Kong/China energy and value proxies, Taiwan semis, Korean autos/semis, Japanese trading houses, and ASEAN bank/infra plays. Key laggards include Chinese A-share financials and telecoms, select Indian and Chinese platform/e-commerce names, and certain defensives undergoing de-rating. Leaders such as State Bank of India, HSBC, TSMC, Hyundai, and Mitsui show high INSTAT scores and robust trends.

Notable Themes:

· Extended Leadership: Multiple sectors and regions show crowded long positioning (e.g., European banks/energy, Indian financials, Korean autos/semis), warranting monitoring for mean reversion.

· Deep Laggards: Structural de-rating persists in Chinese platforms, telecoms, and staples, as well as European defensives (e.g., Adidas, Siemens Healthineers, Richemont).

· Contrarian Watch: Select names in Europe (Danone, Rolls-Royce) and Asia (Tencent, HDFC Bank, Australian growth/tech) show negative short-term momentum but retain long-term fundamental strength, presenting potential accumulation opportunities.

Analysis of European In-Country Capital Flows

Overall tone across the ten European slices is moderately risk‑on, with financials, cyclicals, and select industrials showing strong positive INSTAT and firm 1M momentum, while several defensives and quality compounders remain in distribution or repair. Breadth is strongest in Germany, Italy, Spain, the Netherlands, Nordics, and Poland, where multiple names cluster near INSTAT 80–100 with double‑digit 1M advances; France, Switzerland, and parts of the UK look more mixed, with sharp polarity between extended leaders and deep laggards.

France shows a bifurcated profile: CAC 40, Orange, and BNP Paribas sit at or near INSTAT 100 with constructive 1M/1Y, while Worldline and Adidas‑style losers (in other markets) frame the downside tail, leaving broad‑market tone risk‑on but with high single‑name dispersion. Germany is a clear pro‑risk hub, led by Siemens Energy, Heidelberg Materials, Bayer, Nordex, Daimler Truck, Deutsche Bank, and Intesa‑style financial analogues in Italy, all printing INSTAT near 100 on strong 1M and 1Y trends.

Italy and Spain both screen as high‑quality repair/rally phases: UniCredit, Telecom Italia, Azimut, Prysmian, Intesa, ENI, and several Spanish banks/utilities (BBVA, Santander, CaixaBank, Iberdrola, Aena) occupy the extended‑leadership bucket with strong flows and improving breadth. The Netherlands and Nordics add a powerful growth/semis and financials leg via ASML, ASMI, ArcelorMittal, ING, NN, Adyen, Delta‑style industrials, and Nordic banks/telecoms, where a cluster of INSTAT 90–100 prints suggests sustained risk appetite into cyclicals and rate‑beta.

Switzerland and the UK are more balanced: Novartis, Roche, Holcim, Partners Group, and ABB anchor steady or improving trends, but Nestlé, Richemont, Sika, and some UK defensives (Tesco, RELX, London Stock Exchange, National Grid) remain in deep distribution or slow repair. Poland and Israel show very strong domestic risk appetite, with banks, energy, and select tech/growth names (PKN Orlen, KGHM, PZU, PKO, Tauron, CD Projekt, Alior, Santander Polska, Discount Bank, Azrieli, Nova, Nayax) clustering at or near INSTAT 100 and displaying powerful 1M/1Y extensions.

European leaders and laggards (bullets)

Clear leaders – France (pro‑risk cyclical/financial leadership)
- Orange SA (ORAN.PA): Strongly bullish with INSTAT 100, solid 1M/1Y, classic “pro‑risk, income‑plus telecom leadership” as capital rotates into high‑yield defensives with momentum.
- BNP Paribas (BNPP.PA) and CAC 40 index: INSTAT 100 with strong 1M and constructive 1Y, signaling broad French large‑cap financials and benchmark in an extended risk‑on phase.
Clear leaders – Germany (cyclical, industrial, and energy‑transition leadership)
- Siemens Energy (ENR1n), Heidelberg Materials (HEIG), Bayer (BAYGN), Nordex (NDXG), Daimler Truck (DTGGe), Deutsche Bank (DBKGn), and BASF (BASFN): Multiple names at INSTAT 100 with strong 1M and robust 1Y, classic “pro‑risk cyclical leadership” with an infrastructure/energy and financials tilt.
Clear leaders – Italy and Spain (financials and domestic cyclicals)
- UniCredit (CRDI.MI), Saipem (SPMI.MI), Telecom Italia (TLIT.MI), Azimut (AZMT.MI), Prysmian (PRY.MI), Intesa Sanpaolo (ISP.MI), ENI (ENI.MI), Poste Italiane (PST.MI): A tight cluster of INSTAT high‑80s to 100 with strong 1M/1Y, marking “financials‑led repair into leadership” and energy/infrastructure follow‑through.
- BBVA (BBVA), Santander (SAN), CaixaBank (CABK), Iberdrola (IBE), and Aena (AENA): Spain presents a similar “pro‑risk financials + infra/airport” leadership mix with INSTAT near 100 and persistent positive trends.
Clear leaders – Netherlands, Nordics, Switzerland, Poland, Israel
- ASML (ASML.AS), ArcelorMittal (MT.AS), ABN AMRO (ABNd.AS), ING (INGA.AS), and ASMI (ASMI.AS): EU growth/semis and financials leadership with INSTAT 80–100 and very strong 1M/1Y, a “high‑beta growth plus banks” cluster.
- Nordic names such as Telenor (TEL.OL), Swedbank (SWEDa.ST), SEB (SEBa.ST), Sandvik (SAND.ST), EQT (EQTAB.ST), Alfa Laval (ALFA.ST): High INSTAT, strong 1M/1Y, character is “broad Nordic cyclicals and financials up‑cycle.”
- Novartis (NOVN.S), Roche (ROG.S), Holcim (HOLN.S), and select Swiss financials (UBS, Swisscom): “Defensive quality with momentum” rather than pure high‑beta, but still clear leaders.
- Poland: PKN Orlen (PKN.WA), Tauron (TPE.WA), KGHM (KGH.WA), PGE (PGE.WA), PKO (PKO.WA), Santander Polska (SPL1.WA), PZU (PZU.WA), CD Projekt (CDR.WA), Grupa Kęty (KTY.WA): Many names at INSTAT 100 with strong 1M/1Y, signaling “domestic reflation and financials/energy leadership.”
- Israel: Discount Bank (DSCT.TA), Azrieli (AZRG.TA), Leumi (LUMI.TA), Nova (NVMI.TA), Nayax (NYAX.TA), Enlight Renewable (ENLT.TA), Camtek (CAMT.TA): High INSTAT and strong 1M/1Y, a blend of “financials plus high‑growth tech/renewables leadership.”
Clear laggards – broad European defensives and growth
- France: Worldline (WLN.PA), Adidas‑like consumer in Germany (ADSGN), Sanofi (SASY.PA), Stellantis (STLAM.PA) as auto/consumer laggards with INSTAT at or near −100 and weak 1M, character “ongoing distribution / broken growth.”
- Germany: Siemens Healthineers (SHLG.DE), Deutsche Telekom (DTEGn), Adidas (ADSGN) and several defensives with INSTAT −76 to −100 and negative 1M, marking “deep laggard, crowded defensive unwind.”
- Italy and Spain: Fincantieri (FCT.MI), Recordati (RECI.MI), Moncler (MONC.MI), Inwit (INWT.MI), Redeia (REDE), plus some Spanish utilities and yield names with INSTAT around −100; character is “de‑rating of quality/yield and select industrials.”
- Netherlands and Nordics: Ahold Delhaize (AD.AS), Shell (SHEL.AS), DSM Firmenich (DSFIR.AS), Prosus (PRX.AS), Oersted peers like Skandia Greenpower (SKAND.OL) show INSTAT deeply negative with weak momentum, a “defensive / structural uncertainty” cohort.
- Switzerland and UK: Nestlé (NESN.S), Richemont (CFR.S), Sika (SIKA.S), RELX (REL.L), London Stock Exchange (LSEG.L), Tesco (TSCO.L), National Grid (NG.L) and several UK defensives screen as “deep laggards or slow repair” with INSTAT in the −80 to −100 region.

European anomalies to tag

Extended leaders

France – Orange (ORAN.PA): Strongly Bullish, extended – INSTAT ~100 with strong 1M and 1Y; telecom leadership with income appeal, monitor for mean reversion if flows persist.
France – BNP Paribas (BNPP.PA): Strongly Bullish, extended – INSTAT ~100, strong 1M and 1Y; flagship Euro‑financial risk‑on leadership.
Germany – Siemens Energy (ENR1n): Strongly Bullish, extended – INSTAT ~100 with very strong 1M and 1Y; high‑beta energy‑transition trade, susceptible to sharp reversals.
Germany – Heidelberg Materials (HEIG) and Bayer (BAYGN): Strongly Bullish, extended – INSTAT 100, high positive 1M/1Y; cyclical and restructuring leadership.
Italy – UniCredit (CRDI.MI), Saipem (SPMI.MI), Telecom Italia (TLIT.MI), Azimut (AZMT.MI), Prysmian (PRY.MI), Intesa (ISP.MI), ENI (ENI.MI), Poste Italiane (PST.MI): Cluster of extended leaders, each with INSTAT 90–100 and strong 1M and 1Y; “financials/energy/infrastructure melt‑up.”
Spain – BBVA (BBVA), Santander (SAN), CaixaBank (CABK), Iberdrola (IBE), Aena (AENA): Strongly Bullish, extended – INSTAT ~100 and strong 1M; broad domestic pro‑risk regime.
Netherlands – ASML (ASML.AS), ASMI (ASMI.AS), ArcelorMittal (MT.AS), ING (INGA.AS), ABN AMRO (ABNd.AS), ING‑style banks: Extended leaders in semis and financials; INSTAT high with powerful 1M/1Y.
Nordics – Telenor (TEL.OL), Swedbank (SWEDa.ST), SEB (SEBa.ST), Sandvik (SAND.ST), EQT (EQTAB.ST), Alfa Laval (ALFA.ST): Strongly Bullish, extended; multiple INSTAT readings near 100 with robust 1M/1Y.
Switzerland – Novartis (NOVN.S), Roche (ROG.S), Holcim (HOLN.S): Strongly Bullish, extended defensive/quality leaders with high INSTAT and solid 1M/1Y; watch for yield/multiple reversion.
Poland – PKN Orlen (PKN.WA), PGE (PGE.WA), Tauron (TPE.WA), KGHM (KGH.WA), PKO (PKO.WA), Santander Polska (SPL1.WA), PZU (PZU.WA), CD Projekt (CDR.WA), Grupa Kęty (KTY.WA): Very strong cluster of extended leaders, INSTAT ~100 and powerful 1M/1Y, indicating crowded domestic risk‑on.
Israel – Discount Bank (DSCT.TA), Azrieli (AZRG.TA), Leumi (LUMI.TA), Nova (NVMI.TA), Nayax (NYAX.TA), Enlight Renewable (ENLT.TA), Camtek (CAMT.TA): Strongly Bullish, extended – high INSTAT with sharp 1M/1Y rally across financials, REITs, semis, and renewables.

Deep laggards

France – Worldline (WLN.PA): Strongly Bearish – INSTAT −100 with very weak 1M and deeply negative 1Y; ongoing distribution with broken sentiment.
Germany – Adidas (ADSGN), Siemens Healthineers (SHLG.DE), Deutsche Telekom (DTEGn): Strongly Bearish – INSTAT in the −76 to −100 range with weak 1M; “value trap” risk in defensives and challenged growth.
Italy – Recordati (RECI.MI), Moncler (MONC.MI), Inwit (INWT.MI): Strongly Bearish – INSTAT near −100, negative 1M, suggesting continued de‑rating in defensives/luxury/infrastructure.
Spain – Redeia (REDE) and select yield names: Strongly Bearish – INSTAT ~−100; classic “defensive unwind” as flows leave regulated utilities.
Netherlands – Ahold Delhaize (AD.AS), Shell (SHEL.AS), DSM Firmenich (DSFIR.AS), Prosus (PRX.AS): Strongly Bearish or deeply negative INSTAT with weak 1M/1Y; structurally out‑of‑favor defensives and complex stories.
Nordics – Skandia Greenpower (SKAND.OL), some renewables/utilities: Strongly Bearish – negative INSTAT and down 1M/1Y; “post‑hype unwind” profile.
Switzerland – Nestlé (NESN.S), Richemont (CFR.S), Sika (SIKA.S): Strongly Bearish – INSTAT near −100 and weak 1M; crowded defensives and luxury giving up prior premium.
UK – RELX (REL.L), London Stock Exchange (LSEG.L), Tesco (TSCO.L), National Grid (NG.L), Auto Trader (AUTOA.L), Technology One‑style high multiple peers: Strongly Bearish – INSTAT −98 to −100; “growth/defensive de‑rating” regime persists.

Potential contrarian ideas

France – Danone (DANO.PA), Kering (PRTP.PA), Capgemini (CAPP.PA), Hermes (HRMS.PA): Negative INSTAT and weak 1M but still strong franchises; “contrarian watch – negative AT/ST but long‑term IN and breadth may improve ahead of price.”
Germany – RWE (RWEG), EnBW (EBKG.DE), Hapag‑Lloyd (HLAG.DE), Beiersdorf (BEIG): Mixed/negative INSTAT with improving or stable 1Y; candidates for “repair phase” if macro stabilizes.
Italy – Fincantieri (FCT.MI) and Davide Campari (CPRI.MI): Volatile profiles, with weak AT/ST but improving 1M; “tactical contrarian” set if earnings surprise.
Spain – Cellnex (CLNX): Negative INSTAT, weak 1M, but infra/telecom fundamentals; watch for stabilization in AT/ST as rates expectations evolve.
Netherlands – DSM Firmenich (DSFIR.AS), Prosus (PRX.AS): Deeply negative INSTAT but potentially stabilising trend; high‑beta contrarian ideas if sentiment turns.
Switzerland – Lonza (LONN.S), Straumann (STMN.S), Lindt (LISN.S): Mixed INSTAT with improving 1M/1Y or quality bias; “quality in repair” bucket.
UK – Rolls‑Royce (RR.L), Glencore (GLEN.L), Antofagasta (ANTO.L), Anglo American (AAL.L), Ashtead (AHT.L), Barclays (BARC.L), Marks & Spencer (MKS.L), Rentokil (RTO.L): Many show positive 1M/1Y and mid‑range INSTAT, offering “cyclical repair and re‑rating” setups.

Analysis of Asian and Asia-Pacific In-Country Capital Flows

Asian and Asia‑Pacific slices tilt clearly risk‑on, with strong breadth and high INSTAT among Indian financials/industrials, Singapore banks and logistics, Hong Kong banks/selected China proxies, on‑shore China energy/commodities, Taiwan semis, Korean autos/semis/financials, Japan trading houses/semicap, and Tiger Cub banks and infra. The main laggards are Chinese A‑share financials and telecoms, some India/China/SEA e‑commerce and platform names and select defensives and staples under de‑rating pressure.

India (US trading) shows strong leadership in banks (SBI, ICICI peers), cement, metals, and select IT/consumer names like Infosys and Nestlé India, despite high‑beta tech and e‑commerce (Jyoti CNC, Affle, FSN E‑Commerce, ITC, some banks) sitting in deep repair. Singapore is characterized by firm, high‑quality leadership in UOB, OCBC, DBS, Wilmar, Jardine conglomerates, and STE Engineering, offset by weakness in ports and telcos. Hong Kong/China show pronounced polarity: HSBC, CK Hutchison, China Overseas, CSPC Pharma, China Shenhua, China Petroleum & Chemical, and Alibaba are leaders, while mega‑cap platforms (Meituan, JD.com, Tencent), property, and several A‑share financials and consumer names remain in structural drawdown.

Taiwan’s leadership is concentrated in TSMC, Delta Electronics, and broader financials/telecoms with INSTAT around 50, while Korean flows are aggressively pro‑risk into autos (Hyundai, Kia), shipbuilding, semis (SK Hynix, Samsung Electronics, LG Energy Solution), and financials, with multiple INSTAT 100 prints. Japan shows classic “Japan reflation + tech” leadership via Mitsui, Mitsubishi Corp, Marubeni, Tokyo Electron, Advantest, Komatsu, Hitachi, and Bridgestone, while some domestic defensives (Oriental Land, SoftBank, telecoms) show ongoing de‑rating. Tiger Cub markets (Philippines, Vietnam, Thailand, Malaysia, Indonesia) show strong bank and infra leadership (Metropolitan Bank, BPI, ICTSI, Vietcombank, PTT, Tenaga, CIMB, Public Bank, GTCAP), with Indonesia and Malaysia also showing targeted energy and renewables themes. Australia is broadly risk‑on in banks and miners (NAB, Westpac, Macquarie, Rio Tinto, BHP), with mixed signals in defensives, growth, and utilities.

Asian leaders and laggards (bullets)

Clear leaders – India (sector: Financials, Industrials, Materials, Staples, IT)
- State Bank of India (SBI.NS), Canara Bank (CNBK.NS), Bank of Maharashtra (BMBK.NS), ICICI‑peer cluster, Tata Steel (TISC.NS), Ultratech Cement (ULTC.NS), Oricon Enterprises (OREN.NS), Nestlé India (NEST.NS), Infosys (INFY.NS), HCL Tech (HCLT.NS): High INSTAT (often near 100) with strong 1M and supportive 1Y; “pro‑risk domestic growth and financial‑led up‑cycle.”
Clear leaders – Singapore (sector: Financials, Logistics, Industrial, Consumer)
- United Overseas Bank (UOBH.SI), OCBC (OCBC.SI), DBS (DBSM.SI), Wilmar (WLIL.SI), Jardine Matheson (JARD.SI), STE Engineering (STEG.SI): INSTAT ~90–100 with solid 1M/1Y; “quality bank and infra leadership” anchored in high‑ROE and dividend names.
Clear leaders – Hong Kong / China offshore (sector: Financials, Energy, Property, Consumer/Health)
- HSBC (0005.HK), CK Hutchison (0001.HK), CK Asset (1113.HK), CSPC Pharma (1093.HK), China Shenhua (1088.HK), PetroChina H (0857.HK), China Overseas (0688.HK), Hengan (1044.HK), Alibaba (9988.HK), China Shenhua A (601088.SS), China Petroleum & Chemical A (600028.SS), PetroChina A (601857.SS): High INSTAT with strong 1M/1Y; “rotation into value/financials/energy and quality consumer/health within China complex.”
Clear leaders – Taiwan (sector: Semis, Tech Hardware, Financials, Telecom)
- TSMC (2330.TW), Delta Electronics (2308.TW), MediaTek (2454.TW), CTBC Financial (2891.TW), E.SUN Financial (2884.TW), Chunghwa Telecom (2412.TW), Cathay Financial (2882.TW): INSTAT up to 50 with strong 1M/1Y, forming a “semis and financials pairing” in leadership.
Clear leaders – South Korea (sector: Semis, Autos, Financials, Shipbuilding, Energy/Materials)
- POSCO (005490.KS), Hyundai Motor (005380.KS), Kia (000270.KS), SK Hynix (000660.KS), Samsung Electronics (005930.KS), LG Energy Solution (373220.KS), Samsung Life (032830.KS), Shinhan (055550.KS), KB Financial (105560.KS), Hana Financial (086790.KS), Woori (316140.KS), Industrial Bank of Korea (024110.KS): High INSTAT (often 100) with very strong 1M/1Y; “high‑beta Korea up‑cycle across autos, semis, and banks.”
Clear leaders – Japan (sector: Trading Houses, Semicap, Machinery, Financials)
- Mitsui (8031.T), Mitsubishi Corp (8058.T), Marubeni (8002.T), Tokyo Electron (8035.T), Advantest (6857.T), Komatsu (6301.T), Hitachi (6501.T), MS&AD (8725.T), Bridgestone (5108.T), Chugai (4519.T): High INSTAT and strong 1M/1Y; “Japan reflation + global earnings leverage” leadership.
Clear leaders – Tiger Cubs (sector: Banks, Infra, Energy, Conglomerates)
- Philippines: Metropolitan Bank (MBT.PS), BDO (BDO.PS), BPI (BPI.PS), ICTSI (ICT.PS): INSTAT high with strong 1M/1Y; “bank and port infrastructure leadership.”
- Vietnam: Vietcombank (VCB.HM) and Vingroup (VIC.HM) show strong 1M trends with elevated INSTAT; “select financials/property beta.”
- Thailand/Malaysia: PTT (PTT.BK), Tenaga (TENA.KL), CIMB (CIMB.KL), Public Bank (PUBM.KL): High INSTAT, robust 1M/1Y; “energy and bank‑led ASEAN reflation.”
- Indonesia: Barito Renewables (BREN.JK), Bayan Resources (BYAN.JK), bank names like BNII.JK: positive INSTAT and good 1M/1Y; “energy/renewables plus selective banks.”
Clear leaders – Australia (sector: Banks, Miners, Insurance, Infrastructure)
- NAB (NAB.AX), Westpac (WBC.AX), Macquarie (MQG.AX), Rio Tinto (RIO.AX), BHP (BHP.AX), QBE (QBE.AX), Origin (ORG.AX), Wesfarmers (WES.AX), Woolworths (WOW.AX), Transurban (TCL.AX) in more moderate form: High or mid‑high INSTAT with constructive 1M/1Y; “bank and resource‑centric risk‑on with quality income bias.”
Clear laggards – India (sector: E‑commerce, Tech, Financials with governance/growth doubts, Staples)
- Jyoti CNC (JYCA.NS), Affle (AFFL.NS), FSN E‑Commerce (FSNE.NS), ITC (ITC.NS), HDFC Bank (HDBK.NS), ICICI Bank (ICBK.NS), Cipla (CIPL.NS), SRF (SRFL.NS), Bank of Maharashtra‑style exceptions: INSTAT deeply negative with weak 1M; “growth and platform de‑rating plus large‑cap bank consolidation.”
Clear laggards – Singapore/Hong Kong/China (sector: Ports, Telcos, Platforms, Financials)
- Hutchison Ports (HPHT.SI), Singapore Telecom (STEL.SI), Yangzijiang Shipbuilding (YAZG.SI): INSTAT negative with weak 1M; “value traps in yield and trade‑linked names.”
- Hong Kong/China: Meituan (3690.HK), JD.com (9618.HK), Xiaomi (1810.HK), NetEase (9999.HK), Geely (0175.HK), China Mobile (0941.HK), China Life (2628.HK A/H), multiple A‑share banks (600000.SS, 601166.SS, 601398.SS, 601328.SS, 601988.SS, 601288.SS), China Telecom A (601728.SS), Kweichow Moutai (600519.SS), Ping An A (601318.SS), Foshan Haitian (603288.SS): INSTAT −80 to −100 with weak 1M; “structural de‑rating in platforms, banks, telecoms, and high‑multiple staples.”
Clear laggards – Taiwan, Korea, Japan, Tiger Cubs, Australia
- Taiwan: Some financials have modest INSTAT, but no extreme laggards beyond idiosyncratic names; weakness is more muted.
- Korea: Hanwha Ocean (042660.KS), Hyundai Heavy (329180.KS), Doosan Heavy (034020.KS), Samsung Biologics (207940.KS) exhibit negative AT/ST but strong 1Y, more “volatile leaders” than true laggards.
- Japan: Oriental Land (4661.T), SoftBank (9434.T), NTT (9432.T) show INSTAT deeply negative with weak 1M; “crowded domestic defensives and telecoms de‑rating.”
- Tiger Cubs: Bank Central Asia ADR (PBCRY.PK) and some Indonesian/Thai laggards show negative INSTAT and weak 1M; “profit‑taking after prior outperformance.”
- Australia: Fortescue (FMG.AX), Technology One (TNE.AX), JB Hi‑Fi (JBH.AX), Telstra (TLS.AX) show negative INSTAT and weak 1M; “quality/growth de‑rating and telecom yield unwind.”

Asian anomalies to tag (by type and sector)