The Quiet Month That Wasn’t — July 2026 in Global Markets
The S&P 500 finished July down 0.2%. On that number alone, nothing happened. Underneath it, the most crowded trade on earth was liquidated at four times leverage, Seoul hit circuit breakers on consecutive days for the first time in its history, and the US Treasury bought yen for the first time since 1998. This note separates the three things that actually occurred — a positioning unwind, a valuation debate about AI infrastructure, and a credit migration — and sets out what each means for how we are positioned.
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