All Developed Market articles
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White papersGerman reforms: what do they mean for European equities?
The reform plus fiscal package is genuinely large and potentially a regime change, but not yet an unqualified “buy Germany/Europe” signal. The principal upside risk is a confidence-led private capex cycle. The key downside risk is implementation failures and higher bond yields, which could turn a productive investment programme into a less equity-friendly fiscal expansion.
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White papersGrowing hopes for an industrial renaissance in Germany
Although the German economy is still characterised by a weak recovery, sluggish productivity and persistent supply constraints, the combination of an extensive infrastructure and defence spending programme and a package of 34 structural reforms is improving the medium-term outlook. While the direct impact on growth in 2027 is likely to be limited, more significant gains are expected over time, provided the reforms are implemented effectively.
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White papersGrowing hopes for an industrial renaissance in Germany
Although the German economy is still characterised by a weak recovery, sluggish productivity and persistent supply constraints, the combination of an extensive infrastructure and defence spending programme and a package of 34 structural reforms is improving the medium-term outlook. While the direct impact on growth in 2027 is likely to be limited, more significant gains are expected over time, provided the reforms are implemented effectively.
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White papersMulti-Asset Investments Views: You spin me round
The re-escalation of Middle East hostilities has effectively buried the Memorandum of Understanding between the US and Iran.
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White papersFour charts that expose market concentration risk
Since ChatGPT launched in 2022, some AI-related stocks have soared to record highs despite elevated inflation, sweeping tariffs and war in the Middle East. A small group of companies now make up an outsized share of the US market, pushing concentration to levels not seen in decades.
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White papersAt AI’s Edge: Precision Hardware Is Moving From Data Centers To Devices
As the AI rollout shifts from training large language models in the cloud to orchestrating armies of agents on local devices, hardware makers are racing to upgrade their components to meet rising computational demand.
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White papersRotations are playing out
In US equities, recent weeks have shown that despite low market volatility, single stock volatility is rising, as investors increase scrutiny. Market expectations for the upcoming earnings season are high, leaving the market vulnerable to some fragility in case of disappointment.
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White papersEquity Outlook 3Q 2026: Broadening Earnings Growth Meets Elevated Volatility
We believe the market will continue to rally—driven by broadening earnings, not multiple expansion—though the grind higher may be bumpier as risk mounts.
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White papersA unique market moment and the case for active judgement
We are living through an extraordinary market environment. The level of concentration in many equity benchmarks has increased significantly.
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PodcastKnow What You Own: Joe Amato on the AI Rally, Mega-Cap IPOs, and the Hidden Risk in Passive
US equities have proven remarkably resilient this year. Despite the Middle East conflict, energy price pressures, and an uneven global backdrop, the market has powered higher on AI enthusiasm and broad-based earnings growth. But beneath the headline numbers, the questions that matter most are about durability, valuations, and what investors actually own.
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White papersA record quarter for equities
“Diversification* is paramount as investors start to move away from overcrowded areas, taking profits and making room for new IPOs.”
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White papersCelebrating Independence Day: from the American Revolution to the stockmarket revolution
The US has a deep equity culture that has evolved alongside the nation. On the 250th anniversary of the US Declaration of Independence, Daniel White highlights the characteristics that have driven the US stockmarket’s remarkable long-term investment returns.
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White papersThe IPO market inflection
How a new cohort of large AI-driven companies could reshape liquidity and market structure
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White papersBrexit a Decade On: What it means for UK investors today
Ten years on from the Brexit referendum, the UK economy has shown resilience, but the equity market tells a more nuanced story. Large caps have led returns, while mid and small caps have de-rated despite earnings growth, driven in part by weaker sentiment and sustained outflows. In this insight, Premier Miton’s Matthew Tillett explores what’s behind this divergence and whether current valuations already reflect much of the negative outlook. This is a marketing communication.
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White papersJapan for the Long Haul
Don’t let recent market volatility distract from the long-term fundamentals. We think another stage of growth is likely on its way.
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PodcastCheaper, smarter and ever broader uses: AI offers a long growth runway
Artificial intelligence (AI) models continue to get smarter and cheaper, spurring adoption and expanding the total addressable market. Pamela Hegarty and Derek Glynn, Co-portfolio Managers of BNPP AM’s disruptive technology strategy provide Daniel Morris, Chief Market Strategist, with their expert views of the current AI industry and its investment potential, not least in supporting both training and inferencing applications.
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White papersIn an Unsettled World, Value Investing Can Add a Layer of Defense
Why have value stocks been more durable than expected in today’s uncertain market environment?
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White papersAI’s long-term investment potential continues to ratchet up
While geopolitical tensions continue to dominate global headlines, one topic remains at the forefront of investor discourse: the technology sector – and more specifically, artificial intelligence and its long-term potential.
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White papersHow AI is reshaping US equity markets
Signs of transformation are emerging in US equity markets amid a torrent of AI-related spending. The shift comes after more than a decade of concentrated gains for market-cap-weighted indices, which, thanks to a narrow group of mega-cap technology stocks, pushed valuations to historic extremes.
