How would you expect that rotation away from big tech to play out in 2026? Is that a key theme?
Anna
Emmanuel Cau
Broadening is a theme. International diversification was a story last year, and broadening out of tech is a story for early 2026.
Does this put a focus on Trump's policy-making priorities in 2026 to make life more affordable? Is that a policy agenda we can invest into?
Anna
Emmanuel Cau
The challenge for the market will be to find out whether this affordability focus is coming at the expense of Wall Street. Trump needs to get the equity market up because the wealth effect is too big.
What is the playbook for navigating that as an investor?
Guy
Emmanuel Cau
The playbook is maybe not to overreact too much to some of these announcements. We are skeptical about the cap on credit card fees coming through.
Why do I want to buy European stocks when the Trump administration is going to try and run the US economy hot?
Tom
Emmanuel Cau
There is a case to buy the stocks we like in Europe. A good stock having a good day can drive the market.
What assumptions are you making about the euro?
Guy
Emmanuel Cau
We have a pretty non-consensus view at Barclays, which is the euro will be higher than it is today by the end of the year.