In recent years, the rise of stablecoins has strongly transformed the landscape of digital finance, with over $170 billion of these digital assets now held globally, according to CoinGecko.

China has surpassed the U.S. as the global leader in critical technologies, marking a significant shift in the technological landscape with major implications for innovation, security, and the global economy.

As we approach the US Presidential election, the race remains highly uncertain, with both candidates neck and neck in the polls. The upcoming debates, along with recent events like Joe Biden's health issues and an assassination attempt on Donald Trump, have added to the unpredictability of this election, which could significantly impact the US economy and financial markets. Let's explore the key issues at stake and how the election outcome may affect equity and bond investments.

Argentina's economy has fluctuated between prosperity and crisis, with recent austerity under President Milei reducing inflation but worsening poverty and increasing reliance on foreign investment, leaving the country vulnerable.

We expect the Fed rate cut cycle to start soon and proceed gradually. Barring a financial crisis or a sharp and unexpected change in the path of inflation or unemployment, the upcoming rate-cutting cycle won’t be dramatic; we expect the Fed to make incremental, 25 bps cuts to its policy rate. Moreover, the Fed is going to stay highly data dependent and will calibrate accordingly. Overall, this is a rather positive scenario for risk assets. Still, equity market valuations are becoming rich, especially in developed markets. Consequently, we keep our neutral stance on equities. We are upgrading all currencies (EUR, CHF, CHF, JPY, EM currencies) back to neutral vs USD (from Negative). Technicals have turned against the US dollar and the Fed has sent a clear signal about coming rate cuts.

Eastern Europe's post-communist lag has shifted to rapid growth, showcasing the impact of EU integration.

The Fed joins the global rate cut cycle.

In the athletic footwear industry, established brands have long dominated, but newer players are quietly gaining attention from athletes and casual consumers alike.

As we head into Jackson Hole's symposium by the end of the week, what's next for stocks? Below, we look at the good, the bad and the ugly sides of the current fundamental and technical backdrop.

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