00:00The gap between the equity market performance, record highs, and the reality of higher prices
00:06and fewer products as a result of the closure of the Strait of Hormuz. Do we need to think
00:10about future-proofing portfolios for the second half of this year if that all comes to bear?
00:14The earnings have been incredibly resilient over this quarter. You're actually seeing
00:17earnings growth. A lot of that mathematically is driven from where so much of that earnings
00:21has come from. It's come from the materials, it's come from the energy, it's come from the AI
00:25exposed names. Are you also seeing signs that people are factoring in a higher for longer
00:28oil price? I think there's some optimism around kind of a backing down from the Trump side of
00:33things. You look at the Brent or the WTI curve, it's in backwardation still, but those further
00:38out contracts are drifting higher. So it's getting flatter on that recognition and it's definitely
00:43seeping into your rates market. Just give us some colour as to what the situation looks like
00:47in the Gulf. So far, we're positive that we can maintain this in the quarters to come. But there
00:52is, of course, a lot of uncertainty if we look further into the year with respect to what are
00:57going to be the secondary impact of this war. Inflation, possibly reduction in demand. It's
01:04going to take some time before it hits us. We expect for the first time at the end of
01:08Q2 and then fully unfolding in the second half. But it is the AI theme as well. The AI theme
01:14is so dominant in these energy infrastructure plays that that is the theme that actually is
01:21the longest structural theme that is driving markets at the moment. The resilience of the
01:26AI investment and the upside from these computational demand goes beyond the challenge of the energy
01:33energy prices.
01:34J.
01:34J.
01:34J.
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