It's a really good day to be on the program for an optimistic equity strategist. We're very constructive on the market. The broad-based macroeconomic story is still very supportive for equity gains: we see robust earnings growth, monetary policy is supportive, and we see lower inflation being anchored.

There probably will be a little bit more controversy. We've been very constructive on the tech story for a long time. The reason we love tech is not because it has AI in it, but for strong earnings. This tech quarter once again underlines that earnings growth in the sector are incredibly strong and lots of other sectors are really struggling to grow their earnings. For us it's less about broadening, it's about finding winners, finding strong results, which has mostly gravitated in tech space.

We're concerned about the dollar. On one hand, a weaker dollar is obviously very good for US companies' profitability and a little bit of a headwind for profitability of European companies. But an increasing number of clients are questioning the need for hedging their US equity exposure. That traditionally has not been the conversation. Now people are thinking about it and potentially worrying about hedging of US equities. So far, a weaker dollar has not been a reason not to buy US stocks. It's more about how you buy it, what you do with your current position.

The easy trade outside of America in tech is obviously Asian tech. We see a lot of interest in Korea and Taiwan. Lots of people see it as a broadening and diversification, but really it's just the same AI trade implemented slightly differently.

Outside the technology area, the other area that's quite interesting is probably commodities and certain mining stocks. But other than that, we don't really see economic momentum broadening enough to support earnings in cyclicals and defensives and all those traditional areas.

What is really interesting in terms of commodities is what drives demand for commodity is this huge geopolitical uncertainty. The levels of those are quite unprecedented. At this stage, it's very hard to imagine that's going away. So that's the bid in the market for commodities.