Key Observations and Analyses:

Easing of Trade Tensions:

Although tariffs continue to impact quarterly economic activity, the cumulative effect appears limited, indicating that markets are beginning to gradually adapt to the current trading environment.

Emerging Opportunities in India:

The focus on the upcoming consumption wave reflects optimism regarding the growth of the Indian middle class and increased domestic demand, making it an attractive region for global investors.

Significant Shift in Macroeconomic Policy:

Major economic policies (especially in the U.S.) are currently being reshaped, prompting investors to reassess their strategies and asset allocations.

Energy, Artificial Intelligence, and Bitcoin:

There is an increasing focus on the energy transition, along with key questions regarding the roles of artificial intelligence and the position of Bitcoin in investment portfolios.