Josie Anderson expects two ECB hikes (June and July) as a signaling mechanism to anchor inflation expectations, and one BOE hike in July due to labor market softness. She sees cuts from the BOE next year.

David Zahn expects inflation to remain sticky in Europe and the UK, driving bond yields higher. He sees two ECB hikes and one BOE hike. He is underweight French OATs due to political risk and sees UK 30-year yields at 6% as a reasonable long-term level.

Sophie Huynh sees sentiment as exuberant and positioning bullish, with tail risks not priced in. She is concerned about a potential oil shortage after a Strait of Hormuz reopening, which could derail markets. She is long semis, utilities, biotech, and sees gold as a portfolio diversifier.

Kirsten Rulf is cautious on the EU's tech sovereignty plan, noting financing is not secured and definitions are fuzzy. The plan aims to scale European capabilities in semiconductors and frontier AI, but will be expensive for consumers and businesses. US hyperscalers will still be needed as partners.