• We are overweight European equities. On a sector level, we are overweight energy, financials, health care, and information technology. 
  
  
• Electrification is transforming the economy leading to interesting opportunities in electricity grid infrastructure. 
  
  
• The current market rally resembles 2021, driven by speculative tech growth, crypto, meme stocks, narrow market momentum, and high US equity valuations. 

Peter Garnry,
Chief Investment Strategist

• Robust growth and production challenges to continue supporting commodities. 
  
  
• Precious and industrial metals may pause as investors adjust to higher prices, before heading higher into year end. 
  
  
• Range-bound crude oil to recover, supported by OPEC’s ‘line in the sand’ price and strong summer demand towards mobility and cooling. 

Ole S. Hansen,
Head of Commodity Strategy