00:00We've finished the first half of the year. We're on to the second half, it seems.
00:05Memory chips and the memory trade certainly seem to be a really dominant trade in the first half
00:10of the year. How are we set up then going into the second? We have a huge sway into the
00:14market
00:14actually, which have been pretty much ignored. I mean, we can talk about the AI losers,
00:18but actually beyond that, there's lots of sectors, whether it be things like healthcare,
00:22whether it be things like staples, which are trading at sort of valuations you haven't seen
00:25for very long time. So, you know, at this point, if you get a little bit of that
00:28momentum coming out of those tech stocks, is there a lot of value elsewhere? And I think
00:32there probably is. It's still good to be exposed to tech about at the market weight of tech
00:39and to look maybe to give more emphasis to other sectors that are indirectly benefiting as well.
00:46We've been, for example, very interested in the financials. In general, we are looking for a little
00:53bit of a broadening here. Volatility is still there and uncertainty is still there. And
00:58in this environment, for me, it makes sense to be quite nimble and also not to take big bets
01:06either way. But when the market throws you opportunities. As long as the earnings continue
01:10to be good and to broaden out, I think we'll get continued gains through the second half.
01:16Even though valuations are stretched, even if you take out of the worst case scenarios,
01:20this rally could still have another year to run before you then saw a turnover. Is this the moment for
01:25European equities to continue to build on the momentum that we've seen? The second half of the
01:29year could mark a positive momentum for Europe. Now, I think we have to keep in mind if we look
01:36a bit
01:36further down the line that we're going to move into 2027. And at some point, people will start worrying
01:40about French election and other political issues potentially in Europe. So I think it's going to be
01:46a short trading window for Europe. We're getting clearly strong growth. We seem to have moved beyond
01:52the Iran conflict. Oil prices have retraced a very long way. We're getting still large capital
01:58expenditure from the private sector, as well as fiscal injections from from state sectors globally.
02:04So I think that the overall backdrop is relatively good for stocks and to an earning season that I expect
02:08to be generally supportive.
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