7th July 2026

Multi-Asset Investments Views: Midnight oil

• Keeping an overweight stance on global equities – We modestly increased our exposure, following the early-June pullback narrowly led by technology stocks and broadened beyond the AI theme into European banks and US large caps. Our positive stance is supported by most of our quantitative signals and a constructive fundamental backdrop.  
• Taking profits on euro duration – We took profits on our long position in five-year German government bonds. The ECB’s hawkish bias is largely driven by energy price dynamics, although meaningful second-round effects are absent so far.  
• More positive on the dollar – The euro/dollar exchange rate has repriced after the Federal Reserve kept rates unchanged, leaving the euro exposed to further downside risks. The dollar appears fundamentally undervalued and could strengthen further as risk premia fade and lingering questions around policy credibility are gradually priced out.

By Clément Dupire, Senior Multi-Asset Portfolio Manager, BNP Paribas Asset Management  

SpaceX’s initial public offering saw the company valued at about $1.8 trillion, which propelled it into the world’s top 10 firms by market capitalisation. It marked a pivotal moment for public equity markets and the artificial intelligence ecosystem.

As the first AI?adjacent mega?IPO, ahead of expected listings by Anthropic and OpenAI, the transaction highlights both the depth of demand and investors’ willingness to back long?dated growth stories.

Nonetheless, it bears several hallmarks of late?cycle excess. Retail participation reached an unprecedented 20% of allocations, with the transaction oversubscribed roughly threefold.

Read more

Investments