In this podcast, Edmund Shing (Global Chief Investment Officer) dicusses how investors' over-optimism has begun to cool, leading to a shift toward others sectors.

Following the strong momentum led by technology stocks in the US and in Asia, concerns rose over the elevated valuations that tech stocks had reached.

Over the last week, a mini correction was seen, sending among others bitcoin down by 29% and tech giant Oracle by 34% from its September highs. This setback of global and US stocks should not worry investors as the Nasdaq 100 index has merely returned to the level it had reached in early October.

However, while more speculative names and the tech sector stumble, other sectors are taking over leadership of the global stock market. Pharmaceutical & biotech sectors are lately outperforming the Nasdaq Index. Another more surprising outperforming industry in November is Oil & Gas.

We maintain our positive 12-month view on global stocks and would suggest that now is a good time to look at sectors and stocks displaying relative strength outside of technology.

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In this podcast, Edmund Shing unveils his strategy for November 2025.

1. Liquidity-fuelled stock bull market trend intact: as the current bull market enters year four, positive macro liquidity trends and lower interest rates support further upside despite a recent spike in volatility. Positive on stocks, we prefer exposure to Japan and UK.

1. US interest rate expectations fall on weaker labour markets and lower energy prices: with a limited pass-through of US tariffs to the final consumer to date and clearly weaker labour market conditions, the Federal Reserve will continue to lower rates. Stock markets are supported by a lower 10-year Treasury bond yield, now at 4%.

1. Precious metals enter a corrective phase: after an impressive performance over the last year, gold and silver prices have corrected from all-time highs. Albeit perfectly normal in precious metal bull markets, we nevertheless turn tactically Neutral on gold and silver and await better re-entry points in the near future.

1. Keep an eye on private credit market concerns: while current credit issues are centred on two US auto part suppliers and certain US regional banks, we watch for financial stress spreading more widely e.g. to the high yield credit market. So far, transmission of these US private credit issues elsewhere remains limited.

1. Our preferred investment ideas today: in stocks, we favour European listed infrastructure (including Utilities), global Health Care and Chinese A-shares. In higher-yielding bonds, we like emerging market sovereign bonds (local currency). In Alternatives, look to adding strategic base metals exposure e.g. copper and aluminium.

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Dans ce podcast, Edmund Shing dévoile sa startégie d'investissement pour le mois de novembre 2025.

1. Marchés actions : la tendance haussière dopée par la liquidité se poursuit. Alors que le marché haussier entame sa quatrième année, les conditions de liquidité favorables et la baisse des taux d’intérêt continuent de soutenir les actions, malgré un regain de volatilité. Nous sommes Positifs sur les actions et nous privilégions une exposition aux marchés japonais et britannique.

1. Les anticipations de taux d’intérêt aux États-Unis reculent en raison de l’affaiblissement du marché du travail et de la baisse des prix de l’énergie. Compte tenu des conditions clairement plus faibles sur l’emploi et de la répercussion limitée des droits de douane sur le consommateur, la Fed peut continuer sa stratégie accommodante. Le rendement des Treasuries à 10 ans est passé sous les 4 %, offrant un soutien supplémentaire aux actions.

1. Les métaux précieux entrent dans une phase de correction. Après une année exceptionnelle, l’or et l’argent corrigent depuis leurs plus hauts. Ce mouvement, classique dans un marché haussier, nous conduit à adopter une opinion tactique Neutre et à attendre de meilleurs points d’entrée à court terme.

1. Préoccupations autour du crédit privé : les tensions actuelles se concentrent sur deux équipementiers automobiles et certaines banques régionales américaines. Pour l’heure, la contagion vers le marché du High Yield reste limitée, mais le risque mérite une surveillance attentive.

1. Nos convictions d’investissement : pour les actions, nous privilégions les infrastructures cotées en Europe (y compris les services publics), le secteur mondial de la santé ainsi que les actions A chinoises. Pour les obligations à rendement élevé, nous apprécions les obligations souveraines des marchés émergents libellées en devise locale. Pour les investissements alternatifs, nous recommandons d’ajouter une exposition stratégique aux métaux de base, tels que le cuivre et l’aluminium.

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In this podcast, Edmund Shing (Global Chief Investment Officer) and Hiba Mouallem (Investment Strategist) talk about how investors can diversify away from US tech stocks. 

Investors would be mistaken in thinking that the Magnificent 7 have been “the only game in town” as far as US stock investing goes. We highlight three US stock themes which have outperformed the S&P 500 and Nasdaq 100 indices over 2025, but which are not dominated by the tech sector. These themes are: i) The US industrial renaissance, ii) US smart grid infrastructure, and iii) the US metals & mining sector.

The reindustrialisation of the US economy is a key political objective of President Trump, reinforced by his import tariff policy and aided by a weaker US dollar and lower US interest rates. The RBA US industrial renaissance index tracking this theme has returned 31% in the year to end-October. The substantial growth in US electricity demand from new data centres has led the Nasdaq Clean Edge Smart Grid Infrastructure index to deliver a 35% 10-month return. Finally, renewed interest in precious and strategic metals has propelled the S&P Metals & Mining index to a 74% gain in 2025.

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Dans ce podcast, Isabelle Enos, Responsable Stratégie Marchés, met en lumière le secteur des services aux collectivités.

• Pourquoi les investisseurs devraient-ils s'intéresser au secteur des services aux collectivités aujourd'hui ?

• Qu'est-ce qui alimente les services aux collectivités en Europe et aux États-Unis ?

• Le lien entre l'intelligence artificielle et les services aux collectivités

• Quelques idées d'investissement prometteuses

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In this podcast, Edmund Shing, Global Chief Investment Officer, spotlights the global utilities sector.

• Why should investors eye the utilities sector today? 

• What is powering utilities in Europe and the US? 

• The link between AI and utilities  

• Some bright investment ideas 

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In this podcast, Edmund Shing, Global Chief Investment Officer, and Hiba Mouallem discuss the strategic importance, supply challenges, and investment opportunities surrounding rare earth metals.

• Critical Role: Rare earth metals (17 elements) are essential for technologies like semiconductors, defence systems, and renewable energy (e.g., wind turbines).

• China’s Dominance: China controls 90% of global refining capacity due to decades of heavy investment, creating a major supply bottleneck.

• Geopolitical Tensions: Rising demand from AI, defence, and green energy, combined with China’s export restrictions, has intensified US-China trade tensions and driven prices higher.

• US Response: The US is investing billions in domestic production and guaranteeing minimum prices to reduce reliance on China and stabilise supply.

• Investment Outlook: Rare earth metals present a medium-term investment opportunity, best accessed through diversified funds or ETFs covering global producers and refiners.

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In this podcast, Edmund Shing, Global Chief Investment Officer, explores the renewed momentum behind solar energy in 2025, following a multi-year decline in ESG and clean energy investments.

The S&P Global Clean Energy index enjoyed a 300% rally between January 2019 and January 2021 on the back of euphoria surrounding renewable energy investment. However, renewable energy funds then suffered a painful bear market from 2021 until early 2025, impacted by the sharp increase in the cost of debt funding and then a US shift away from clean energy with the November 2024 re-election of Donald Trump.

Since April, we have seen a recovery take place in renewable energies and particularly in solar power, with the S&P Global Clean Energy Index rising 50%. Lower interest rates combined with strong growth in electricity demand from AI-dedicated data centres and from electrical vehicles have led to a resurgence in demand for low-cost sources of energy. Today, solar energy represents a key source of low-carbon electricity in the EU. Thematic ETFs and funds are an effective way to invest in renewable energy generally, or in solar energy specifically.

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1. La Fed pourrait-elle aller plus bas ?

2. Pourquoi la BCE s'arrête-t-elle à 2 % ?

3. La technologie ne se limite plus aux 7 Magnifiques

4. Nous recommandons d’intégrer une exposition aux matières premières dans les portefeuilles diversifiés

5. Changement de recommandation sur les actions à Surpondérer

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1. How low can the Fed go? 

2. Why is the ECB stopping at 2%, while inflation has returned to 2%, the euro is strengthening and eurozone growth is modest?

3. Tech is no longer just about the Mag 7

4. We advise commodity exposure in diversified portfolios.

5. Upgrading equities to Overweight

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