TUESDAY, AUGUST 11, 2026

Overnight it’s all India politics and a big TSMC-Sony chip bet. PBOC held its semiannual work conference — no fireworks yet but watch the yuan. TSMC and Sony dropping $6.3B on an image sensor plant in Kumamoto. Rare partnership. The issue is Samsung and Chinese rivals are closing the gap — this is TSMC defending a moat, not just expanding. Chinese national pleads guilty to trying to smuggle US military gear to China. Good signal for enforcement hawks, bad signal for any near-term tech detente. Trump signs executive order to space out childhood vaccines. Biotech and health insurers will reprice regulatory risk — not sure people appreciate how much policy tail risk this injects. PBOC semiannual work conference is out. No rate move, but the readout matters. If they lean dovish, HK property and China cyclicals catch a bid. If not, the grind lower resumes. India is a political circus right now. Punjab government collapse chatter, Jharkhand student protests, and Parliament fireworks. Th

Overnight it’s all India politics and a big TSMC-Sony chip bet. PBOC held its semiannual work conference — no fireworks yet but watch the yuan.