Max Kettner retains maximum overweight on global equities, including U.S. and Asian markets, a more-than-double overweight on local emerging-market debt, overweight high-yield credit, and the bank’s strongest underweight position in U.S. Treasuries relative to European government bonds.

Excluding technology companies, first-quarter S&P 500 net income rose 11% quarter-on-quarter and the earnings beat rate reached its highest level since the 2021 post-pandemic rebound; no major U.S. tech firm reported below-consensus EPS and analyst forecasts for 2026 S&P 500 earnings continue to climb.

U.S. consumer data point to renewed momentum from resilient high-income households, a strong labor market, wealth effects and tax refunds, with non-seasonally adjusted jobless claims near historic lows, while Europe’s business surveys, including Germany’s Ifo index, signal slowing activity.