In his latest market update, AXA IM’s Chris Iggo weighs booming equity momentum against mounting structural vulnerabilities.
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Equity markets are powered by three macro tailwinds: a massive wealth effect from tech-led gains, easy monetary conditions supporting credit growth, and loose fiscal policy focused on defense and technology.
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The AI-driven rally is highly concentrated: a handful of mega-cap stocks account for a disproportionate share of U.S. equity gains, amplifying valuation risk and market fragility.
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While credit conditions remain supportive, tight spreads and leveraged private credit signal late-cycle risk—raising questions about how long momentum can override fundamentals.
Could this be another multi-year melt-up—or the last stretch before a correction? The full report explores scenarios and portfolio implications
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