Ben Gutteridge sees the Iran deal as a positive risk-on catalyst, but expects the initial rally to favor tech and momentum, with a broadening to beaten-up European cyclicals over weeks. He believes central banks will pause rather than hike, and the Fed will sit on its hands. He sees value in European equities and UK consumer relief, but remains comfortable with the AI trade.

Kit Juckes is bullish on the dollar medium-term, arguing US fiscal spending and inflationary pressures support a stronger dollar despite the Iran deal. He expects the Fed to eventually have to hike, and sees the euro as potentially undervalued. He is cautious on sterling, with UK politics (Burnham) being the key driver.

Bhanu Baweja argues the near-term trade is to buy Europe (consumer cyclicals, financials) as a one-week window, but the sustainable rotation requires the AI story to stumble. He sees the US economy and earnings as stronger, driven by AI CapEx. He warns that if AI enabler earnings revisions plateau, the momentum trade and S&P could be at risk.

Karen von Hippel views the Iran deal as interim and fragile, with many details unknown. She highlights a new era of geo-economic threats where chokepoints (physical and technological) are leveraged. She notes European defense spending challenges and the need for leaders to convince publics of trade-offs. AI sovereignty is a key G7 topic.

Skyler Montgomery notes the market is focusing on the reopening of the Strait of Hormuz, but inflation persistence remains a key issue. He believes the market wants a hawkish Fed to maintain credibility, and Kevin Warsh is unlikely to push back on that. He sees a broadening away from tech in the near term but not a full rotation.