Insights

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

Micro beats macro. The Iran war and inflation are being overshadowed in the markets by the AI boom, where profits are no longer artificial but real. Markets are bifurcated in many ways.

Rising energy prices weigh on growth and inflation, while AI-driven investment continues to support selected segments and drive increasing divergence across markets.

Substantial upward revisions in capex reflect the AI infrastructure boom – early signs of increasing monetization are becoming visible

Europe’s volatile jet-fuel buffers are less a story about aviation and more a warning of how a prolonged Hormuz shock could expose wider supply-chain fragilities.

In our monthly Multi-Asset update we describe the translation of our CIO View into the CIO View model portfolio.