Wrap Europe

Balyasny AM ($31B AUM) sees AI upside/downside as top tail risk. Hyper-scalers' spending shifts could rock markets.

Nvidia's H200 chips get green light for China with 25% surcharge; Blackwell/Rubin still banned. Traders eye geopolitical risk.

Geopolitics & rate divergence fuel hedge fund opps. Macro/trend funds up 13-40%+, crypto risk is no exposure.

Fed independence fears may force QE; 10-yr yields up 20bps on Hassett's potential Fed chair bid.

Taiwan exports surge 56% in Nov, hitting record $64B on chip demand. AI & peak season boost outlook, but tariffs & risks loom.

Foreigners flood JGBs, boosting yields but risking volatility. Japan's bonds are world's worst performers.

Gold steady near $4181, eyes Fed cuts & 2026 easing pace. Up 60% YTD, but rate hike fears loom. Traders watch yields.