00:00I think it's fascinating to see where the market is opening today. And clearly the market takes is as a
00:05potential risk. But we clearly had a
00:07playbook from last year when we know how this can actually play down frankly. I think what the market will
00:14be looking for if that
00:16indeed is a story that is evolving. It's the question mark how the corporates will be able to pass that
00:21through. Again this is
00:23something that we saw already last year. Not really surprising that equities in Europe are slightly down today because the
00:29market just remembers that European markets ultimately can be vulnerable to tariffs or any other shocks including oil that
00:37we saw earlier this year. Yes absolutely. So oil prices are higher as well. So that's the other thing that
00:41sometimes
00:41plays badly for Europe. So with all of that in mind geographically you prefer the U.S. and emerging markets.
00:47Is that an AI
00:48story then. It is indeed an AI story. And I think that was just reinforced yet again this earning season.
00:55We're seeing a very
00:56strong AI demand. We're seeing very tight still supply and the agentic AI for example is really accelerating and the
01:06hyperscale capex is also increasing. So we think we truly believe that we're in this earnings super cycle in the
01:13United States. We just
01:15finished the first quarter over close to the finishing and we're seeing a six quarter of the double digit growth.
01:22It's pretty
01:23phenomenal. And we actually just recently lifted our S&P targets and we think that the earnings growth in 2026
01:31can be 20 percent.
01:33And that good morning Natalia. And that earnings super cycle in the U.S. is not derailed by a continued
01:38closure of the Straits
01:39of Hormuz. You're absolutely right. We're still seeing uncertainty in the Straits of Hormuz. But when I look into the
01:45U.S.
01:46markets ultimately tech is doing a very heavy lifting. In fact the market expects 40 percent earnings growth this
01:53year. But it's interesting because it's not just tech. It's actually the other sectors are also doing a bit of
01:58heavy lifting
01:59as well. So it's a nice combination between the two. Tech is the star is the star of the show.
02:04But ultimately we're seeing
02:05revenue expansion but also margins. Don't underestimate how important margins are ultimately for the earnings.
02:11state of the US. So you're seeing those with the strong personalities. And so we've seen those
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