Markets appear caught between AI-driven optimism and resurfacing macro risk. A softer Trump-Beijing tone could extend the recent Hong Kong tech rally, especially if earnings reinforce AI monetisation narratives, but tariff rhetoric remains a meaningful volatility trigger. Warsh’s potential arrival may strengthen expectations of a firmer inflation stance just as energy prices reaccelerate, supporting higher-rate beneficiaries such as Singapore banks over long-duration tech. Meanwhile, Hong Kong’s IPO momentum reflects improving regional risk appetite, though chasing Day-1 spikes remains speculative. Relative value may increasingly favour exchange, banking and quality REIT exposure tied to capital-market activity rather than pure momentum-driven listings.