Weekly Equity Update

Global equity markets rose for a sixth straight week, led by AI-driven technology gains and strong US jobs data, despite energy sector weakness from falling oil prices.

Key Takeaways

• 1.The AI and semiconductor cycle remains the dominant market driver, with technology and growth stocks significantly outperforming value peers.
• 2.US labor markets remain robust with 115,000 nonfarm payrolls in April, despite the Fed holding rates steady amid internal dissents.
• 3.Syz has maintained a neutral overall stance on equities but is tilting exposure toward Europe, Japan, and Emerging Markets as geopolitical tensions slightly ease.

Table of Contents

• The Chart of the Week
• What happened last week?
• Global markets
• US
• Europe
• Rest of the world
• Our view on equities
• Equity asset class
• Earnings
• Valuation
• Disclaimer

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