Strong results from major technology hyperscalers recently did not make much of an impression on stock markets, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. "We believe there's still long-term confidence in the big technology platforms, particularly around AI and cloud. But the scale of investment required to sustain that leadership has risen sharply", Jacky says. “The mood, I would say, is constructive but disciplined, with markets looking for clearer evidence that today's investment cycle delivers durable returns.”

As for this week’s important economic data, “U.S. non-farm payrolls sit at the top of the list this week. That's the data point that really anchors the market's view on the Fed”, Jacky says. He also points to ongoing developments in trade policy as important to watch.

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