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Our world-class economists, strategists, and investment specialists share their timely ideas and perspectives.
We have worked with clients for more than 200 years to help them achieve their unique ambitions.
A dedicated team of economists, market strategists, and asset-class specialists who develop our investment insights. Rooted in local expertise and connected on a global scale, our team leverages extensive experience to provide a unique perspective on the world's financial markets.
A dedicated team of economists, market strategists, and asset-class specialists who develop our investment insights. Rooted in local expertise and connected on a global scale, our team leverages extensive experience to provide a unique perspective on the world's financial markets.
While politics and policy continue to dominate the headlines, market reaction has been more muted. The recent strikes on Iran’s nuclear facilities remind investors that geopolitical events rarely have a lasting impact on markets. Despite rising uncertainty in the Middle East, oil prices have declined and stocks continue to push to new all-time highs. We continue to see upside in gold, both as a geopolitical hedge and as a beneficiary of a weakening U.S. dollar.
Real-time growth and inflation data remain encouraging, but it takes time for trade policy to work its way through the economy. We expect the impact of tariffs and the sentiment shock from “Liberation Day” (the April 2 announcement of U.S. tariffs) to have greater economic impact in the coming months. Our outlook anticipates a growth slowdown in the second half, but not a recession. We will keep a close eye on the resilience of the labor market as a key indicator of economic strength. Progress in trade negotiations has reduced global economic tail risks, and we have upgraded our growth expectation for China. In our view, the U.S. dollar will continue to weaken over the coming months.
Equity markets continue to rally, but history tells us that investing at all-time highs has proved to be a good strategy. While we are now approaching our year-end base case targets for the S&P 500, we still see compelling opportunities in high-conviction sectors such as technology and financials. The artificial intelligence (AI) story is once again center stage for investors. Hyperscalers continue to pursue aggressive spending plans to build AI infrastructure, and broader adoption is creating new possibilities in industries such as software and utilities. Financials should benefit from potential deregulation, which is expected to free up capital for lending, increased M&A and shareholder returns.
Global Investment Strategist
Global Head of Equity Strategy
Head of LATAM Investment Strategy
Global Investment Strategist
U.S. Head of Investment Strategy
Co-Head of Global Investment Strategy
Global Head of Alternative Investments
Senior Markets Economist
Head of Asia Investment Strategy
Head of EMEA Investment Strategy
Global Macro Strategist & Head of Global FX Strategy
Co-Head of Global Investment Strategy
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Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage.The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.
Bonds are subject to interest rate risk, credit and default risk of the issuer. Bond prices generally fall when interest rates rise.
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