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• Geopol de-escalation over weekend. US & Iran paused strikes as Oman holds Hormuz talks (brent nearing back towards $90). This morning, APAC higher as oil retraced but continue to see Tech sectors muted after Fri's US weakness. EU/US futures in green, with NDX leading. • Positioning Intel’s (PI) US TPM 4wk change triggered the -1.5z "attractive" threshold. Aggregate global positioning is light which has historically been a supportive setup for equities (full note below) • On Energy, PI has not seen any material pickup in positioning, unlike March (Global Energy L/S ratio at 30th %-tile, net exposure at 24th). Research also out with a note looking at El Niño and oil: global food CPI impact from El Niño modest on its own but doubles when combined with energy shock, adding 0.6%pt ar to 1H27 global headline inflation. • Overall, focus remains on Tech. PI writes while Semis buying rebounded in the US, both Tech Hardware and Semis continue to be sold in Europe and Asia. Global Semis are still crowded on longer term metrics (98th %-tile for L/S ratio & bet exposure), but 12m %-tiles have cooled. • Key sector news incl. WSJ reported NVDA in talks with OpenAI to guarantee $250bn financing for data center (risks reviving circular financing debates?); Chinese chipmaker CMXT rose almost 500% in market debut; Moonshot to release weights of Kimi K3 for public download. • APAC rotation on our books: Clients bought China (onshore) and Japan, funded by selling Korea/Taiwan. This week, keep an eye on Politburo meeting – research expect faster deployment of the existing budget, with policy support tilted towards AI infra, high-tech mfg, energy security and broader self-reliance initiatives. • Europe’s macro recovery extends, with July PMIs notably rebounding. Our economists raised their 2Q26 GDP estimate by 0.5%-pt to 1.0%q/q saar, having already raised it by 0.25%-pt a few weeks ago. This revision is led by a 1%-pt revision in Germany to 1.25%q/q saar. • This week, macro focus will be on Central Banks: Econ expect the Fed, BOE and BOJ to stay on hold, but with risks skewed hawkish. Keep an eye on USD - a resurgence in energy prices and upcoming FOMC/ higher interest rates both support the currency.

• Key Catalysts this week (full list below) incl. FOMC, BOE & BOJ Rate Decisions; China Industrial Profits & PMIs; US GDP, PCE. EU GDP & CPI. Tech reporters incl. Mag7 (AAPL, AMZN, MSFT, META), SK Hynix, Samsung.