- History suggests the president's party faces an uphill battle in the midterms, but the implications for markets will ultimately depend on the intersection of politics, fiscal policy, and the Fed. Investors must also look beyond US politics, with several important election and budget events carrying the potential to influence currencies and risk assets globally.
- While the global shift toward renewable energy is accelerating, currencies tied to critical minerals, energy independence, and green investment may be best positioned to benefit from the transition.
- Emerging market indexes are becoming increasingly reliant on a handful of semiconductor companies, leaving both passive and active investors more exposed to sector-specific threats.
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