The talks of artificial intelligence bubble, the sharp fall in cryptocurrencies, the debt binge that has become almost too frequent with some major IT players (have a look at Oracle!) are fueling the anxiety-inducing stock market news in November and are very much centric on one narrative. Nvidia's results were eagerly awaited as a litmus test that could tip the markets one way or the other. At the end of the period, the stellar figures from the largest US company reassured the markets, while in the hours that followed, the increased probability to see the Federal Reserve cutting in December contributed to a return to calm. Greenspan has not been at the helm of the Fed in a long time, but the "Greenspan Put" remains relevant: mention a rate cut and investors relax. These year-end fluctuations are likely to continue, and we believe it is more important than ever not to base allocations on the weightings of the major global indices, which remain grossly overweight in US equities but to consider other investment areas, primarily in Asia in the broadest sense for its secular growth and rerating potential, but also in a few selected investment themes in Europe with 2026 in perspective. We are discussing these topics in more detail in our newsletter.
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