Edward Lloyd

We remain cautiously constructive on markets and have a moderate overweight to equities, acknowledging that supportive fundamentals are tempered by elevated valuations. On government bonds, we hold a neutral stance given the attractive yields on offer. In contracts, we are negative on corporate bonds, where credit spreads remain tight and offer little compensation for risk. Gold stands out as a preferred allocation given its use for portfolio protection in a backdrop of heighten macro uncertainty.

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