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JEFFERIES global economist Mohit Kumar says the firm has avoided long-dated Treasuries since July because it sees no easy exit path to the US-Iran conflict. JEFFERIES’ positioning indicators show market exposures are at extreme levels, making positioning the only current support for rates. Kumar warns that if US August CPI prints softer than expected, markets could see a reflexive short-covering ahead of the Fed meeting. US August CPI is due Friday; a Wall Street Journal survey pegs YoY CPI at 3.4%, unchanged from July.

Future Asset Securities analyst Kim Young-gun says Samsung Electronics’ expansion of HBM shipments for AI applications should offset a slowdown in general memory-chip growth in 2027. Samsung’s HBM shipment capacity and ASP are forecast to rise 57% and 49% in 2027, versus projected 16% and 20% growth for general memory chips. Future Asset expects Samsung earnings to be weighed by a stronger won against the dollar but remain broadly healthy; it cut Samsung’s 2026 operating profit forecast by 5.7% to 370.057 tln won and its 2027 forecast by 4.2% to 535.682 tln won.