Q3 results were strong but failed to impress investors, and Q4 will likely prove more challenging. Beneath the surface, earnings diverged sharply: Firms catering to affluent consumers maintained solid momentum, while those reliant on…
Disparities between households and between companies’ earnings and equity performance are widening, but the overall status quo remains in place. We reiterate our neutral asset class recommendations while watching for early signs of…
Investor reaction to Meta’s GenAI is an admonition against overspending, rather than a sign of a fraying GenAI rally. Other hyperscalers’ investments are driven by buoyant demand and remain profitable. With valuations stretched and…
Strong results and constructive commentary from the US’s largest banks are encouraging: Consumers remain in solid shape, and the macro backdrop continues to favor equities. The outlook for the largest banks is positive, and they are…
The euro’s strong performance this year remains underpinned by structural forces, but near-term headwinds are starting to emerge, arguing for patience in adding exposure.The euro’s sharp 10% appreciation against the Chinese yuan this…
GenAI momentum is building. Many companies are already reaping benefits from the technology. GenAI is disrupting entire industries, such as education, image generation, and staffing. Investors should prefer our “disruptors” basket…
Our US Equity strategists view Q2 earnings as confirmation of corporate resilience, but caution that the full impact of tariffs is still ahead. Strong results show that companies have weathered tariff-related costs through…
The Q2 earnings season delivered solid earnings and sales growth and resilient margins, reassuring investors that corporate America remains in good health and is capable of navigating economic uncertainty while mitigating the impact…
Our China Investment strategists maintain a defensive stance on Chinese equities, favoring A-shares over offshore markets. The earnings outlook remains weak, and the full impact of US tariffs has yet to be felt. Chinese equities have…
The Q2 reporting season underscores the resilience of corporate earnings, supporting our bullish outlook for equities, an outlook further bolstered by expectations of fiscal and monetary easing. However, for now, we are booking…