Last week, I wrote: “It is plausible that the record-breaking rally might enter a short-term consolidation phase because investors may need a supportive background. There is some froth in specific areas like semiconductors, and above all, the US-Iran peace talks remain in limbo as the two countries concerned are engaged in a high-stakes game of chicken. In this regard, investors may want to make sure that the new consensus estimates for earnings do pan out and that their upward revisions, which have been entirely concentrated in the energy and technology sectors, broaden to other ones without negating the re-distributional impact of crude price fluctuations in a new higher range between $80 and $100 a barrel, along with the powerful tailwind of AI spending.”
A Macro Market View by Hubert Marleau
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