Asks if client conversations are all about defensive moves and finding havens.
Host (Tom/Anna)
Karim Chedid
There's a spread. Sentiment is weak, but flows don't show capitulation. Interest is coming back to tech and AI as attention returns to strong fundamentals.
Asks about the link between Middle East energy costs and AI investment.
Host (Tom/Anna)
Karim Chedid
There's a definite link. Investors are talking about energy resilience and the 'energy continuum' needed for AI's power demand.
Asks about US demand for European equities.
Host (Tom/Anna)
Karim Chedid
Sees a mirror image: Europe/EM outperformed in Jan-Feb but reversed in March. Domestic European demand remains strong; international demand has waned but not turned to selling.
Asks where earnings vulnerability is most acute in Europe.
Host (Tom/Anna)
Karim Chedid
Advocates selectivity. A value approach in industrials and financials makes sense. Consumer-facing sectors are more vulnerable.
Asks what credit investors are thinking about.
Host (Tom/Anna)
Karim Chedid
Seeing caution, not panic. The mindset is to continue to carry credit, as all-in yields can compensate for mild spread widening.
Asks if he still likes gold as a geopolitical hedge.
Host (Tom/Anna)
Karim Chedid
Yes, stands by the call. Structural drivers like central bank purchases provide a floor. Gold is still lowly correlated to stocks and bonds.