The macro backdrop is benign for risk assets: continuing growth, inflation heading to target, more rate cuts likely in US/UK, and some dollar weakness.

Expects decent equity returns in 2026 but lower than 2025, with profits becoming the main driver after valuation expansion.

The market is broadening out from tech to value sectors (banks, utilities, industrials) and geographically.

AI will have positive productivity effects but may lead to some job losses. Private sector balance sheets are healthy, supporting consumption.

Does not think AI is a bubble, but expects volatility and potential corrections.

China's economy is strong on exports but weak on domestic demand, creating a headwind for Europe and companies tied to Chinese consumers.