Julian sees a short trading window for European equities in H2 2026, driven by reopening of the Strait of Hormuz and broadening of markets beyond AI. He favors tech/IT and healthcare. He sees UK gilts as attractive above 5% yields, with politics more important than BOE.

Peter expects continued but more moderate equity gains in H2 2026, driven by earnings growth rather than valuation expansion. He sees a 'postmodern cycle' with less globalization, more government spending, and a super-cycle in capex (AI infrastructure, defense, supply chains). Europe holds up well despite lower tech exposure.

Jane Foley expects the dollar to remain strong given Fed hawkishness and resilient US data. She sees the yen as undervalued but lacks a clear trigger for reversal; BOJ credibility is key. She notes Kevin Worsh may try to shift dovish over time but must maintain credibility.

Tunde reports 88% of organizations are experimenting with AI, 36% see P&L impact, but only 6% see major benefits. The shift from piloting to scaling is happening now. Key is reimagining work and managing token costs. AI is likely to increase hiring overall, not reduce it, with a 6-12 month lag.

Axel welcomes the new EU steel quota measure as historic, preserving 15 million tons of capacity and 200,000 jobs. But more is needed: level playing field on energy costs, faster renewable deployment, and global cooperation to tackle Chinese overcapacity. Demand is weak but defense and infrastructure spending could help.