Exceptional corporate earnings have supported global equities through the summer, but rising sovereign yields and geopolitical tensions are creating a more demanding backdrop for investors.
- S&P 500 EPS rose 30% year-on-year in Q2, beating the most optimistic expectations by 4%, while 75% of constituents gained in August.
- U.S. 10-year Treasury yields reached 4.68%, reflecting growing concerns over debt sustainability, fiscal deficits and weaker foreign demand.
- Valuations remain near long-term averages, but high expectations and rising capital costs could increase volatility and pressure AI investment.
Explore the full report for the interaction between earnings, rates, valuations and geopolitical risk.
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