IN THIS ISSUE

• Macro Strategy — One Country, Many Markets: Taking Stock of China's Growing Command of Global Trade (Part One): China's dominance in global trade is reshaping economies, disrupting industries worldwide, and redefining 21st-century geopolitics.
  
  
• Market View — ChatIOU? Why Increased AI-Related Debt Issuance Is No Big Deal: Hyperscalers are set to spend trillions on Artificial Intelligence infrastructure through the decade, funded by strong cash flows and credit markets.
  
  
• Thought of the Week — Technical Trends Heading into 2026: U.S. Equities have rebounded to record highs with strong technicals and seasonality, favoring buy-on-weakness amid potential midterm volatility.​