Wednesday, July 22, 2026

Japan CB issuance hits a 22-year high. TSMC tells clients prices are going up 10% in 2027. And Trump softens his tone on China election meddling right before Rubio-Wang talks. That’s the overnight. The Trump-Xi backchannel is the real story. Trump dialing down the rhetoric ahead of Rubio’s meeting with Wang Yi is a good signal. Markets will read this as a tariff off-ramp, at least for now. TSMC raising prices 10% in 2027 is interesting. Not 2025, not 2026 — 2027. They’re telling you the Blackwell cycle and all that Texas capacity with Wistron and Nvidia won’t ease the supply crunch anytime soon. Bullish for margins, but your iPhone gets more expensive. Japan’s CB market is on fire. Overseas inflows chasing yield are driving issuance to levels we haven’t seen since 2001. Watch this — if the BoJ even hints at tightening, that carry trade unwinds fast. XPeng pitching itself as the Chinese Tesla to Europeans is a good signal for their brand ambition, but the issue is EU tariffs. The po

Japan CB issuance hits a 22-year high. TSMC tells clients prices are going up 10% in 2027. And Trump softens his tone on China election meddling right before Rubio-Wang talks. That’s the overnight.