Wed 25 Feb 2026 - 16:00 UTC / 17:00 CET / 16:00 GMT / 11:00 ET

• Macro Outlook: The “Great Rebalancing” is underway as the US shifts to production, China to consumption, and Europe to investment.

• Fixed Income Call: Duration remains our preferred play, with the Fed more focused on employment than tariff-driven inflation.

• Currency Views: We’ve upgraded the CNY to overweight, JPY and EUR remain favoured on valuation and supportive fundamentals.

• Equity Preferences: Focus on Europe’s domestic sectors, plus UK & Japanese equities. In China, a pivot toward consumption could prove a game changer.

• Sector Themes: Overweight defensives, utilities, telecoms, and healthcare - alongside AI-driven infrastructure demand.