International Market Intelligence Morning Briefing

Equity markets are currently defined by 'bad breadth' and a preference for tech-led 'supercycle' trades, while US/EU positioning spreads approach historic extremes.

Key Takeaways

• 1.The equity rally is suffering from 'Bad Breadth' since mid-April, with performance heavily concentrated in 'supercycle' trades like AI, Critical Minerals, and Tech.
• 2.Investor positioning in Europe relative to the US has reached extreme lows (8th percentile), suggesting a potential for reversion despite fundamental US favorability.
• 3.China/HK positioning is beginning to bounce from historic lows, moving from the 2nd percentile to the 22nd percentile.

Table of Contents

• MKT INTEL VIEWS
• IDEA & INSIGHTS - IN BRIEF
• OVERNIGHT RECAP
• POSITIONING INTELLIGENCE

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