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Pictet Trading & Sales Research Hub
Finvaulta tracks 4 research reports on Pictet Trading & Sales, updated through August 28, 2026. Latest: “Q2 Review: Strong Results, Higher Expectations”.
Pictet Trading & Sales research indicates a divergent global landscape characterized by deepening cautiousness in US consumer sectors alongside a structural "regime shift" in emerging markets. US consumer confidence has sharply declined to 48.2, weighed down by persistent inflation, high financing costs, and geopolitical tensions such as the Iran-US conflict. While major retailers like Target and Walmart show top-line resilience, soft demand at Home Depot and increasing corporate mentions of high gas prices point toward a fragile outlook for US retail. Despite this underperformance, technical analysis suggests the retail sector (XRT) is approaching major historical support levels that may offer a tactical floor. Conversely, the firm highlights an emerging market rotation driven by AI hardware leaders such as TSMC and SK Hynix, with Taiwan and South Korea now representing 25% and 19% of the index respectively. From a technical perspective, the MSCI EM aggregate has broken a 15-year relative downtrend against the S&P 500, supported by a range-bound US dollar. Analysts maintain an optimistic stance on the EEM-US ETF, identifying upside price targets between 74 and 79 as the region benefits from its concentration of semiconductor leaders.
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Q2 Review: Strong Results, Higher Expectations
US Q2 2026 earnings delivered exceptional growth of 48.5% YoY, driven by the ongoing AI infrastructure build-out and broadening cyclical earnings. However, market reactions have become more selective, rewarding guidance upgrades and high-quality fundamentals over simple consensus beats.
Consumer Confidence and the US Retail Sector
US consumer sentiment has reached recessionary lows in May 2026, leading to mixed retail earnings and increased focus on defensive consumer staples over discretionary stocks.
Emerging Markets: Emergent Leaders
Emerging markets are experiencing a significant technical breakout driven by AI hardware dominance in North Asia, rising commodity prices, and US dollar weakness. The iShares MSCI Emerging Markets ETF has reached new all-time highs, signaling a potential long-term trend reversal against US equities.
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