In this episode:
- September surprised everyone with the strongest S&P 500 performance in fifteen years: six consecutive months of gains and a full-on melt-up phase, fueled by strong volumes, record flows into leveraged ETFs and call options. Even lagging sectors like biotech and unprofitable tech have come back to life.
- Meanwhile, the U.S. government shutdown is reigniting concerns over deficits and public spending, while precious metals soar: gold has broken above $4,000, silver trades over $50, and platinum and palladium are rallying sharply. A move that reflects both euphoria and a search for safety amid abundant liquidity.
- Artificial intelligence remains the central theme but is entering its “phase two”: less hype, more execution. The big players are building an increasingly circular ecosystem, focusing on software integration and real-world applications, while questions grow around returns and sustainability.
- The Pharma sector is also back in focus after the Trump–Pfizer deal, which reshapes incentives for domestic production and adds a pragmatic twist to policy. Between liquidity, confidence in AI and evolving fiscal priorities, the coming months will reveal where real value is being created.
- In Europe, the Eurostoxx 50 has finally broken higher, led by pharma, luxury and mining stocks, even as France and Germany remain fragile. The auto sector faces additional headwinds — margin pressure, credit risks, and operational vulnerabilities highlighted by the Jaguar Land Rover cyberattack.I
It’s a fascinating but fragile picture: enthusiasm and caution coexist in an overstretched market. The key watchpoints ahead remain liquidity, AI and economic policy — the three pillars that will shape the next market phase.
