Asks for take on Fed cut - hawkish, neutral, or dovish - referencing Powell's unclear path and bond buying.
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speaker2
Fed was less hawkish than market priced. Key takeaway: confirmation of constructive backdrop for equities into next year with inflation controlled and growth resilient.
Asks which sectors are biggest beneficiaries for next 3-6 months given Fed guidance of only one cut next year.
speaker1
speaker2
Fed cuts into soft/no landing perfect for broader equities. Cyclical markets tilt better. Positioned with cyclical tilt in Europe, encouraged by Fed easing, European resilience, and upcoming fiscal/monetary easing.
Seeks clarity on regional rankings: Is Europe more attractive than US or EM more than US after Fed cut?
speaker1
speaker2
Valuations are a limit. US particularly expensive. Justify buying AI in US, but for everything else buy outside for similar growth at cheaper valuations. US neutral overall, overweight EM and Europe. Continental Europe best cyclical diversifier with fiscal stimulus coming.
Asks about Oracle report pullback - whether it's a tailwind for broader AI trade or raises funding questions.
speaker1
speaker2
Oracle in line with view that AI story is evolving/broadening with setbacks along the way. AI theme not going away.