Europe moved towards strategic autonomy
Fiscal expansion and structural reforms in Europe are driving renewed investment in infrastructure and defence.
We see opportunities in eurodenominated corporate bonds and European industrials, particularly those linked to defence.
US-China and the tech sector
Rising strategic competition between the US and China is intensifying in sectors like semiconductors, AI, and rare earths. We favour exposure to global tech leaders in developed markets and maintain a selective view on Chinese equities, where innovation policies and state-led investment could drive tactical rebounds.
