United States
- AI and mega-cap earnings masking macro fragility
- Consumer sectors weakening under energy pressure
Europe
- Vulnerable to prolonged energy shocks
- Earnings remain supportive near-term
Japan
- Weak JPY supporting exporters
- BoJ intervention risk elevated
China / Hong Kong
- Demand stabilization improving sentiment modestly
- Property sector still a structural drag
➡️ Regional performance increasingly driven by energy exposure and FX sensitivity.