Insights

In a world where risks show little sign of receding, we remain constructive on risk assets. Strong earnings growth, continued AI investment and resilient markets support our view.

European earnings have accelerated. Whether that warrants a lasting rerating will depend on how broadly and durably profits continue to grow.

The Fed raises rates by 25 basis points to reinforce its inflation-fighting credibility

Economists expect gradual cuts. Markets see a less comfortable possibility: resilient growth and persistent inflation could force the Fed to raise rates again.

Markets don't move on headlines alone. Structural shifts are changing Europe's investment story.  

In light of the very dynamic market environment these forecasts are subject to change at any time.