Per Woofun AI, Goldman Sachs highlights that the AI capital expenditure boom is extending the Korean chip cycle, driving a trade surplus that pushes full-year export forecasts past $1 trillion. This surge is expected to elevate the current account surplus to 15% of GDP.

Concurrently, the Dallas Fed notes that while oil prices exceeding $120 per barrel reduced US economic output by 0.3 percentage points, the impact remains muted compared to 1980s crises, signaling enhanced resilience. In the Eurozone, ING observes that cooling energy prices are easing inflation, likely dampening ECB rate hike momentum despite contractionary PMI data.

Meanwhile, Westpac Bank warns that Middle East supply shocks are triggering second-round inflation effects in Australia, with wage pressures and policy withdrawal sustaining risks beyond the August rate decision.