| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The war in Iran has dominated markets since March, driving energy price spikes and volatility, but the underlying investment outlook remains broadly intact. Markets entered 2026 strongly positioned with solid growth, easing inflation, and broadening equity performance beyond technology. While geopolitical shocks trigger sharp sell-offs, history suggests markets often overshoot and recover, making disciplined positioning essential. The global economy has entered a new era of structurally higher and more volatile inflation driven by fiscal expansion, geopolitical tensions, and structural changes including the net zero transition. This requires adapting portfolios through shorter-duration bonds, inflation-linked assets, and alternative diversifiers like gold and macro strategies. Energy markets face supply vulnerabilities as AI-driven demand growth clashes with geopolitical disruption, extending the energy transition timeline. Despite increased volatility, equities remain central to long-term returns, supported by resilient earnings and potential productivity improvements from AI advances and infrastructure investment.
While geopolitical shocks create near-term volatility, disciplined positioning and focus on structural trends like energy transition, AI infrastructure, and inflation-resilient assets remain key to navigating the new era of higher inflation volatility.
Despite near-term uncertainty from the Iran war, investment opportunities remain in building resilience, infrastructure, and AI. The global economy has entered a new era of higher inflation volatility, but equities remain central to long-term returns supported by resilient earnings and potential productivity improvements.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 7 2026 | 2026 Q1 | BF/B, RI.PA, TTE, UL | AI, energy, Geopolitical, inflation, infrastructure, Iran, portfolio | - | Iran war drives energy spikes and market volatility, but disciplined positioning remains key as underlying fundamentals stay intact. Global economy enters new era of higher inflation volatility requiring portfolio adaptation. Energy transition extends as AI demand growth meets supply disruption. Equities remain central to long-term returns despite near-term uncertainty. |
| Jan 5 2026 | 2025 Q4 | ORCL | AI, Bonds, equities, Global Markets, inflation, technology, Trade Policy, volatility | - | Rathbones reports strong 2025 equity returns despite AI sector volatility and trade tensions. FTSE 100 gained 25.8% while US markets lagged at 9.8%. Looking to 2026, economic conditions remain supportive with falling rates and healthy corporate finances, though sticky inflation and political uncertainties warrant cautious positioning through diversification and shorter-duration bonds. |
| Oct 3 2025 | 2025 Q3 | 005930.KS, 0700.HK, AMZN, BABA, GOOGL, META, MSFT, TSM, UBER | AI, emerging markets, Europe, inflation, Politics, rates, technology | - | AI spending by tech giants drives market gains while creating $300bn annual investment in data centers. Political risks mount globally with US shutdowns and UK Budget pressures. Wealth inequality and inflation persistence pose systemic concerns. Manager advocates diversified positioning to capture AI productivity benefits through infrastructure plays rather than direct technology exposure, maintaining optimism despite mounting volatility. |
| Sep 10 2025 | 2025 Q2 | - | AI, Europe, geopolitics, government debt, inflation, interest rates, Property, Trade Policy | - | Markets send conflicting signals with equities at highs but bond yields at cycle peaks. Trump's tariffs, AI implementation challenges, and the end of UK property's golden age create headwinds. Rising government debt and aging populations threaten financial repression. The firm maintains equity exposure, favors shorter-duration bonds, and sees European opportunities while managing AI risks through stock selection. |
| Mar 28 2025 | 2025 Q1 | META, MSFT | AI, defense, Europe, geopolitics, infrastructure, technology, Trade Policy, uncertainty | - | Rathbones navigates record policy uncertainty by staying fully invested while focusing on quality companies with strong balance sheets. Trump's tariff threats are driving European defense and infrastructure spending boom, creating investment opportunities. Technology valuations have corrected after DeepSeek's AI breakthrough, providing selective buying opportunities. Gold hits new highs as central banks diversify from dollar reserves. |
| Jan 9 2025 | 2024 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Geopolitical, growth, inflation, technology, Trade Policy, US, volatility | - | Rathbones expects US growth to drive 2025 equity gains with leadership broadening beyond tech giants to quality small caps. Despite risks from Trump tariffs, geopolitical tensions, and UK economic weakness, the firm maintains positive positioning. AI revolution delivered exceptional returns in 2024, while market volatility episodes demonstrate the importance of staying invested through temporary disruptions for long-term wealth accumulation. |
| Sep 27 2024 | 2024 Q3 | AZN, LSEG, RKT, SMIN, SN. | China, Executive Pay, inflation, Investment, UK Budget, US Election | - | Global policy transitions dominate Q4 outlook as UK's Labour government prepares its first Budget amid fiscal constraints, US election approaches with bipartisan deficit expansion, and China implements stimulus measures following economic weakness. Central banks pivot toward accommodation as inflation moderates, but structural challenges persist across regions requiring careful asset allocation and risk management. |
| Jun 28 2024 | 2024 Q2 | - | AI, China, earnings, Elections, Europe, Fed, inflation, Trade Policy | - | Earnings breadth has improved to two-year highs, signaling positive market momentum ahead. Inflation pressures continue moderating despite political uncertainties. Manager favors long-term investment themes over consumer exposure, assigns low recession probability, and sees value in underweight UK equities. Chinese stimulus provides economic floor while structural inflation regime may be shifting higher. |
| Mar 28 2024 | 2024 Q1 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, equities, global, inflation, Quality, rates, Recession, small caps | - | Market broadening beyond Magnificent Seven creates opportunities in small caps and quality names. Rathbones favors UK bonds over US given rate cut prospects and prefers defensive quality businesses. Medium-term optimism tempered by one-third recession risk and stretched valuations in some areas. Focus on resilient returns and relative value opportunities. |
| Jan 4 2024 | 2023 Q4 | - | global, inflation, rates, Recession, technology, Uk, value | - | Rathbones remains cautious on near-term recession risks but sees 2024 offering more sustainable opportunities. Improved inflation outlook, especially outside the US, creates potential for rate cuts. UK equities trade at significant discount to global peers, presenting compelling value. Attractive valuations in smaller companies globally provide long-term opportunities despite expected continued market concentration. |
| Dec 15 2023 | 2023 Q3 | - | Central Banks, Japan, monetary policy, rates, small caps, UK Budget, volatility | - | Central banks have begun cutting rates but markets may be overpricing the pace, particularly in the US. Small caps offer compelling value after extreme underperformance versus large caps. Japan presents structural opportunities despite BoJ policy uncertainty. Late-cycle dynamics suggest positive returns with increased volatility ahead. |
| Jul 11 2023 | 2023 Q2 | ACN, ADBE, AMZN, ARM, ASML, CHGG, GOOGL, INTC, META, MSFT, MTCH, NFLX, NVDA, PYPL, TSM, UBER, WEN | AI, Bonds, diversification, Hydrogen, Japan, semiconductors, technology | - | AI gold rush benefits Nvidia primarily while broader profit distribution remains uncertain. Japanese equities offer compelling value with improving governance at 33-year highs. UK gilts becoming attractive as rate peaks approach and diversification benefits return. Hydrogen hype exceeds realistic potential. Strategy emphasizes current earnings over AI speculation, selective technology exposure, and tactical shift toward government bonds for portfolio balance. |
| Apr 12 2023 | 2023 Q1 | BOO.L, GM, MSFT, TSLA | Banking, China, Critical Minerals, earnings, Electric Vehicles, Energy Transition, inflation, Recession | - | Rathbones warns of overly optimistic US earnings forecasts against likely recession backdrop, with banking stress adding to economic headwinds. China faces structural growth slowdown from demographic and productivity challenges. Energy transition creates massive critical mineral demand but supply constraints persist. Managers favor cautious positioning with preference for short-dated linkers over US equities given valuation and earnings risks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyGlobal energy markets are being reshaped by stronger-than-expected demand from AI and electrification, while geopolitical risk has intensified supply vulnerabilities. The energy transition timeline has extended as renewables alone cannot meet reliable demand, leading to an energy addition narrative where oil and gas continue providing baseload power alongside renewable integration. |
Oil Natural Gas LNG Energy Transition Geopolitical |
AIThe rapid expansion of AI and cloud computing is adding a new electricity-intensive layer to global demand, with data center electricity consumption expected to more than double by 2030. AI infrastructure development, particularly in the US, represents both a growth opportunity and a structural driver of increased energy consumption. |
Data Centers Cloud Electricity Infrastructure | |
InflationThe global economy has entered an era of structurally higher and more volatile inflation compared to the 2010s, driven by fiscal expansion, geopolitical tensions, and structural changes including the net zero transition. This requires different portfolio approaches as traditional bond-equity diversification has broken down. |
Fiscal Policy Volatility Portfolio Diversification | |
GeopoliticalThe war in Iran has dominated markets since March, disrupting oil and gas shipments through the Strait of Hormuz and attacking infrastructure in Gulf states. Rising geopolitical tensions have weakened multilateralism and intensified great power competition, adding inflation risk through trade barriers and military spending. |
Iran Middle East Trade Policy Defense Spending | |
InfrastructureInvestment opportunities remain in building resilience and infrastructure as countries and companies seek to reduce dependency on vulnerable suppliers. The reconfiguring of energy production and infrastructure driven by both climate and geopolitical considerations will drive higher investment spending. |
Resilience Supply Chain Investment | |
| 2025 Q4 |
AIThe tech sector suffered three bouts of volatility around genAI, including DeepSeek's challenge, MIT study questioning benefits, and profit-taking concerns over massive data center investments. Manager retains long-term belief that genAI will deliver positive outcomes but notes an inflection point where investors demand higher revenues before rewarding companies with higher share prices. |
Artificial Intelligence Data Centers Technology Volatility Investment |
Trade PolicyTrump's tariff threats triggered significant market volatility, including a near-20% fall in US equities when 'liberation day' tariffs were announced, though quickly reversed when put on 'pause'. China's control of 90% of rare earth mineral refining capacity gives it strong leverage in trade negotiations. Manager expects more trade threats as policy weapons in 2026. |
Tariffs China Trade War Volatility Policy | |
GoldPrecious metals have proved much better safe havens recently compared to government bonds. Manager believes gold has a role to play in asset allocation and maintains preference for gold over other precious metals as a portfolio diversifier. |
Safe Haven Diversification Precious Metals Portfolio | |
InflationCore inflation in the US and UK is proving slow to return to 2% targets, with manager's central view that it's likely to remain generally higher and more volatile than in the pre-Covid era given political preferences for more deficit spending, less globalization, climate change and demographics. |
Central Banks Interest Rates Policy Volatility | |
| 2025 Q3 |
AIAI adoption by US tech companies is driving profit growth, with hyperscalers spending around $300bn this year on data center build-out. Investors scrutinize corporate AI adoption for productivity improvements, while the speed of AI penetration surpasses previous technological developments. Ultimate winners may be companies that best harness AI power, potentially not yet existing. |
Data Centers Productivity Technology Hyperscalers Corporate |
SemiconductorsTaiwan Semiconductor Manufacturing Company delivered strong performance (+24%) as it produces around 90% of global high-value semiconductor chips. Chipmakers are benefiting as recipients of AI spending largesse, representing a picks-and-shovels approach to AI investment. |
Taiwan Manufacturing Supply Chain Technology Hardware | |
InflationInflation remains uncomfortably above target with economic strength putting upward pressure. Lagged effects of tariffs may work through to consumer prices, while oil price restraint from plentiful supplies has helped contain inflation expectations. |
Tariffs Consumer Prices Monetary Policy Economic Central Banks | |
RatesCentral banks face pressure between maintaining tight monetary policy for inflation targets versus supporting economic growth. Trump administration attacks Fed for keeping rates too high, while fiscal dominance concerns emerge as government debt becomes heavy enough to require rate cuts. |
Federal Reserve Monetary Policy Government Debt Economic Growth Central Banks | |
| 2025 Q2 |
AIInvestment in artificial intelligence has been the driving force behind equity returns since ChatGPT's launch in late 2022. However, MIT research questioned returns from AI implementation, though the problem lies in implementation rather than technology itself. There's an increasing gap between AI winners and losers, with the US most exposed to disappointment if tech companies' AI investment bears slow-growing fruit. |
Technology Data Centers Productivity Implementation Returns |
Trade PolicyTrump's reciprocal tariffs policy will raise the average global tariff rate for goods exports to the US to 17.4%, up from 2.4% last year. Companies are finding ways to cope with importing more expensive materials and products, though cutting other costs to maintain profits could lead to weakness elsewhere in the economy. The Supreme Court will rule on the legality of tariffs imposed under the 1977 International Emergency Economic Powers Act. |
Tariffs Import Costs America First Trade War Economic Policy | |
Commercial Real EstateThe golden age of property investment is over for UK residential property. House price growth has slowed significantly, with prices rising only 3.7% per year since 2016, matching inflation. Higher interest rates, unfavorable tax changes, and tighter regulation have added costs, while housing supply has improved. The days of strong returns from residential property are past. |
House Prices Buy-to-let Mortgage Rates Property Investment Housing Supply | |
RatesLonger-term bond yields are reaching their highest points of the present economic cycle, even though inflationary pressures are easing, revisiting levels not seen since the 1990s. The average 2-year fixed-rate mortgage has climbed from 1.2% in 2021 to above 4% since 2022. Higher interest rates have squeezed the buy-to-let business model and made debt more expensive to service for governments. |
Bond Yields Mortgage Rates Interest Rates Debt Service Monetary Policy | |
InflationIncreased geopolitical tension and climate change effects could raise inflation rates and make them more volatile. Food price inflation is a particular concern, with UK beef and veal prices rising 24.3% annually. Bad harvests due to climate change could suddenly push up commodity prices. Financial repression policies may make it harder for central banks to fight inflation. |
Food Prices Commodity Prices Climate Change Geopolitical Risk Volatility | |
| 2025 Q1 |
Trade PolicyTrump's aggressive tariff policies are creating significant uncertainty, with potential expansion from $800bn to trillions in goods affected. The manager views tariffs as inappropriate economic tools that hinder global trade and act as consumer taxes. Companies are withholding investment and pausing hiring due to policy uncertainty. |
Tariffs Trade Policy Uncertainty Inflation |
Defense SpendingEurope is experiencing a seismic shift toward increased defense spending driven by Trump's threat to withdraw America's security umbrella. The EU has launched a €150bn bond programme with potential for €800bn in defense spending. Germany has lifted deficit caps on defense spending and companies benefiting from defense spending have been big winners. |
Defense Military Europe Spending Security | |
Infrastructure SpendingGermany's Chancellor-elect has championed a massive €500bn infrastructure bill, recognizing that cautious fiscal approach has starved the country of investment. This represents a fundamental shift in European fiscal policy with potential for significant infrastructure investment across the region. |
Infrastructure Germany Investment Fiscal Spending | |
AIDeepSeek's breakthrough in creating competitive Large Language Models at fraction of cost has severely impacted AI-related stocks. The Magnificent Seven technology shares are trading below 200-day averages, representing severe momentum loss. However, the manager views this as removing speculative froth and creating opportunities in favored companies. |
AI DeepSeek Technology Valuation Innovation | |
GoldGold continues making new highs with its traditional relationships with bonds, inflation expectations and dollar having broken down. Much of the strength is attributed to central bank buying as a reserve asset alternative to the dollar, representing a six-thousand-year track record of maintaining purchasing power. |
Gold Central Banks Reserve Dollar Alternative | |
| 2024 Q4 |
AIThe artificial intelligence revolution has driven exceptional returns, with Nvidia as the pre-eminent provider of processors powering AI delivering 172% returns. Technology giants including the Magnificent Seven have benefited significantly from AI-driven growth and investor enthusiasm. |
Nvidia Processors Technology Returns Revolution |
GeopoliticalMultiple geopolitical risks require monitoring including China's reaction to tariffs and Taiwan stance, Ukraine conflict resolution prospects, and Middle East tensions. These developments create ongoing uncertainty for global investors despite markets adapting to elevated risk levels. |
China Taiwan Ukraine Tariffs Conflict | |
InflationInflation concerns persist with sticky service sector inflation in the UK limiting Bank of England rate cuts. Trump's proposed tariffs are viewed as potentially disruptive and inflationary, creating uncertainty about future price pressures. |
Service Tariffs Rates Policy Pressures | |
Trade PolicyTrump's threat of increased import tariffs creates significant policy uncertainty. Rather than being deficit-reducing as claimed, tariffs are viewed as disruptive and inflationary, potentially serving as negotiating tools with trading partners. |
Import Deficit Negotiating Partners Disruption | |
| 2024 Q3 |
United KingdomLabour government faces challenge of balancing fiscal health with growth stimulation. UK investment weakness relative to G7 peers has contributed to chronic poor economic performance and productivity gaps. Public sector investment cuts during 2010s proved counterproductive for long-term growth. |
Budget Investment Productivity Austerity Growth |
InflationUS Federal Reserve cut rates as inflation neared 2% target, with hopes growing for soft landing. Bank of England also cut rates for first time in four years as inflationary pressures eased. Near-zero inflation rates in China reflect lacklustre demand for goods and services. |
Fed Rates Soft Landing Monetary Policy | |
ChinaChinese stock market surged over 25% following policy announcements, but structural slowdown continues. Housing market remains in enormous downturn with no signs of abating. Consumer confidence very low with property wealth effects weighing on households. |
Property Stimulus Consumer Structural | |
United StatesUS election approaches with both parties showing similarities on debt and deficit issues. Federal deficit at 6.3% of GDP, only exceeded during WWII, Global Financial Crisis, and covid pandemic. Neither Republicans nor Democrats have proposed substantial deficit reduction. |
Election Deficit Debt Fiscal | |
| 2024 Q2 |
EarningsProfit expectations have broadened out with US earnings breadth at a two-year high, showing more companies receiving upgrades than downgrades. This broader earnings momentum is encouraging as it tends to herald ongoing market gains. |
Earnings Profit Upgrades Momentum Breadth |
AIThe market boom in AI-connected stocks was catalyzed by the launch of ChatGPT-4 in early 2023. The manager references this as a game-changing moment that led to significant outperformance of AI-related investments. |
AI ChatGPT Technology Innovation | |
InflationUS inflation stresses are expected to continue waning throughout 2024, with wages growing at a slower pace and firms having difficulty passing on cost increases. The structural inflation trend may be reversing from the 1-3% range to 2-4%. |
Inflation Wages Fed Policy Structural | |
Trade PolicyRepublican deficit spending and trade policies present risks, particularly a 60% tariff on Chinese imports and 10% on everything else. However, the imported content of US consumption is only 10% with about 20% from China, limiting inflationary impact. |
Tariffs Trade China Policy Inflation | |
| 2024 Q1 |
Small CapsSmaller and mid-market companies show particularly attractive long-term prospects given improving growth outlook and relative valuations. For the first time since 1988, the S&P 500 made new highs while the Russell 2000 remained in bear market territory, down 20% from highs. |
Russell 2000 Valuations Bear Market Medium-term |
QualityFocus remains on selecting quality businesses with resilient returns as the broader investment outlook brightens. Analysis suggests the current environment tends to favor higher-quality and possibly more defensive businesses, which performed particularly well in January. |
Resilient Returns Defensive Business Selection | |
InflationUK inflation is on a downward trend with energy price deflation continuing and food price inflation set to drop to zero. However, US inflation shows some stickiness with three-month core inflation rising and service sector inflation spiking to 6% annualized for two consecutive months. |
Energy Prices Food Prices Services Core Inflation | |
| 2023 Q4 |
InflationInflation pressures have receded significantly, especially outside the US, with three-month rates turning negative in UK and Eurozone. This improved outlook reduces uncertainty for investors and brings potential for rate cuts in 2024. |
Rates Deflation Central Banks Monetary Policy Economic Policy |
RatesInterest rates reached 14-year highs with real rates rising substantially. Bond markets have rallied as they anticipate rate cuts ahead, particularly in UK and Eurozone markets where deflation signals are emerging. |
Central Banks Bonds Monetary Policy Yield Curve Fed | |
United KingdomUK equities trade at significant discount to global peers, with regression analysis showing 32% lower P/E ratios versus US stocks. This discount emerged post-Brexit but applies even to multinationals, suggesting investment opportunity exists. |
Brexit Discount Valuations FTSE Multinationals | |
ValueMany market segments offer attractively priced opportunities, particularly among smaller and mid-market companies. Valuations show strong link to longer-term returns, creating excitement for long-term investors despite near-term challenges. |
Valuations Small Caps Mid Cap Opportunities Long Term | |
| 2023 Q3 |
RatesCentral banks have begun cutting interest rates with the Fed cutting 0.5% in September and BoE cutting 0.25% in August. Markets may be overpricing the pace of future cuts, particularly in the US where expectations exceed Fed projections. Long-term rates expected to settle around 3-4%. |
Interest Rates Fed Central Banks Monetary Policy Duration |
Small CapsUS small caps have outperformed large caps by over 8% since the previous quarter, reversing the typical pattern. Valuations had become extremely attractive relative to large caps, reaching dot-com bubble-like gaps. However, selectivity is crucial given higher volatility and weaker balance sheets. |
Russell 2000 Valuations Outperformance Selectivity Volatility | |
JapanBank of Japan shocked markets with a rate hike and hawkish stance, causing 20% market decline followed by recovery. Structural positives include improving corporate governance, low leverage, and cash returns to shareholders. However, policy uncertainty and potential volatility warrant caution. |
Bank of Japan Corporate Governance Buybacks Volatility Monetary Policy | |
| 2023 Q2 |
AIThe launch of ChatGPT has triggered a new artificial intelligence gold rush among investors, driving strong gains across technology companies. Generative AI represents a breakthrough that can create original content rather than just identify patterns. The value currently accrues primarily to Nvidia as the dominant chip provider, though the long-term profit distribution across the AI supply chain remains uncertain. |
Generative AI Machine Learning GPU LLM ChatGPT |
SemiconductorsNvidia dominates the AI chip market with 90% of generative AI models trained on its chips, creating a monopoly position in GPU supply for AI training. The company reported blowout results with revenues from AI division expected to almost double quarter on quarter. However, cloud service providers have economic incentives to develop alternative solutions or cultivate competing suppliers. |
GPU Training Inference TSMC ASML | |
CloudLarge cloud service providers like Microsoft Azure, Amazon AWS, and Google Cloud Platform are purchasing AI chips and renting out computing capacity to businesses for training and running AI programs. These providers are positioned to drive the next leg of growth through selling AI services, though this opportunity is likely three to four years away. |
Azure AWS Data Centers Computing Capacity | |
JapanJapanese equities have surged to a 33-year high driven by increasing foreign investor interest. The market offers attractive valuations with a forward P/E ratio of 14 below the global average. Corporate governance improvements, activist pressure, and technological excellence in net-zero technologies support the positive outlook despite demographic headwinds. |
Topix Activist Funds Corporate Governance Valuation | |
| 2023 Q1 |
Energy TransitionRecord $495 billion invested in renewable energy globally in 2022, with renewables accounting for 29% of global power generation. The shift to low-carbon energy requires dramatic increases in critical mineral demand, particularly for battery storage essential to renewable energy infrastructure. |
Renewables Battery Storage Critical Minerals Decarbonization Clean Energy |
Critical MineralsIEA estimates mineral demand would need to quadruple by 2040 to build enough clean-energy infrastructure to meet Paris Agreement goals. Supply concerns exist as only half of projected lithium and cobalt needed for decarbonization objectives will be supplied by 2030 based on existing mines and projects under construction. |
Lithium Cobalt Mining Supply Chain Geopolitical Risk | |
Electric VehiclesEVs have overtaken consumer electronics as the largest users of lithium-ion batteries, with demand from EV and battery manufacturers expected to grow by at least 30 times by 2040. Some automakers have committed to phase out internal combustion engines, with the UK banning ICE car sales from 2030. |
Battery Technology Automotive Transportation Electrification Manufacturing | |
ChinaChina faces structural economic slowdown with growth likely to be much closer to advanced economies than rapid rates experienced in 2000s and 2010s. Three key headwinds include declining working-age population, limitations of investment-led model, and productivity challenges from increased state control and decoupling from the West. |
Economic Growth Demographics Productivity Geopolitical Structural Slowdown | |
EarningsUS company earnings forecasts look too optimistic against backdrop of rising interest rates and likelihood of mild recession. Current consensus forecasts contrast with typical experience in recessions where nearly every recession is associated with double-digit percentage decline in earnings. |
Corporate Profits Recession Risk Analyst Forecasts Profit Margins Economic Outlook |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| TICKER | COMMENTARY |
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| UL | The consumer goods giant Unilever is in talks to sell its remaining food brands for $15.7bn. |
| RI.PA | Drinks companies Pernod Ricard and Brown Forman are reportedly discussing a merger worth more than $30bn. |
| BF-B | Drinks companies Pernod Ricard and Brown Forman are reportedly discussing a merger worth more than $30bn. |
| TTE | France's TotalEnergies stands out with its Integrated Power strategy. This combines renewables, flexible gas, and battery storage to deliver reliable, low-carbon electricity. |
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