In this episode:
- The MSCI World ends September up +35% from April lows, powered by the AI boom that lifted giants like Intel, Nvidia, Micron, and Alibaba. The “Magnificent 7” now account for over 40% of the S&P 500, but beneath the calm of the indices lies record volatility in individual stocks.
- The Fed remains in focus: after dovish signals, markets are watching closely to see whether the two rate cuts expected by year-end will materialize. Meanwhile, mortgages and cyclical sectors are showing signs of recovery.
- Gold shines (+43% YTD, +130% over three years), fueled by central banks and retail investors, while copper surges after the Indonesia mining accident, confirming its role as the key metal of the energy transition.
- The US economy still appears resilient, supported by AI investments and top-end consumer spending, though inequality continues to widen.
To learn more, listen to the latest episode of the podcast series curated by Alberto Tocchio, Head of Global Equity and Thematics.
