Market Outlook - The equity rally has been a global affair with participation driven by different dynamics [2] - Global growth is showing positive progression in most key markets, indicating a global reflation and reaceleration [6] - Expectation is to see diversification away from the dollar in terms of reserve positions and central banks over the next couple of years [10] - A correction of 10% pullback is expected over the next 12 months, empirically from these types of levels [14] Earnings and Investment - Earnings continue to come through, underpinning the market progression [3] - Constructive view on earnings continuing through the back end of this year and into next year [4] - Hyperscaler capex is seeing roughly a 50% increase this year, with $350 billion invested in that space and expected to be close to $1 trillion over the next three years [7] - Corporate fundamentals are gaining positive momentum as people get the pass-through of growth [9] Fiscal Policy and Corporate Strategy - There is material change on the fiscal side, with Germany now talking about expansion instead of consolidation [8] - US larger cap companies are showing pricing power to pass through tariff implications to the underlying consumer, keeping margins relatively healthy [12] - Multiples and valuations don't give significant cause for concern, with MAG7 trading in the high 20s and the broad market in the low 20s [14]