Mission to Mars or back down to Earth?
Fading energy costs may ease inflation pressure, but central banks remain cautious as they wait for sticky inflation to be fully tamed.
US election dynamics point to continued gridlock, with fading inflation supporting the administration while the Senate remains a tight 50/50 race.
Market concentration remains the key risk: AI expectations dominate US equity cap, while a USD 3.7trn IPO pipeline could drain liquidity from public growth names.
Our equity strategy favors structural portfolio insulation and physical bottleneck winners, with a tactical preference for Europe over the US and themes such as data centers, utilities, water infrastructure, space, GLP-1 and luxury.