IN THIS ISSUE

• Macro Strategy – Commodities: From Inflation Hedge to Structural Growth Asset: Commodities are evolving into a strategic portfolio allocation, offering exposure to long-term growth themes such as Artificial Intelligence, electrification, and energy security while helping diversify portfolios amid potential supply constraints.
  
  
• Market View – Rising Global Interest Rates and International Markets So: Despite rising global bond yields and expectations for tighter policy in many developed markets, strong earnings and economic growth continue to support Equities, with Emerging Markets remaining preferred due to lower inflation, stable-to-easing rate outlooks, and stronger structural fundamentals.
  
  
• Thought of the Week – The One-Offs Inflating Q2 Earnings: Despite some one-time boosts to Q2 results, broad-based earnings growth, strong revenues, and resilient profit margins across most sectors continue to support Equities despite valuation and interest rate concerns.