A bullish view on US equities

Markets may look relatively steady compared with past oil shocks, but the real story sits in the undercurrents. Despite only a modest pullback in major indices, the Iran‑linked shock has sparked some of the sharpest sector rotations in years as fast‑moving capital unwinds crowded trades and reprices global risk.

In this episode of Barclays Brief, Patrick Coffey is joined once again by Alex Altmann, Head of Equity Tactical Strategies, to break down what’s really moving markets: crowded international trades unwinding, energy‑importing regions under pressure, and liquidity mismatches accelerating the rotation.

They also dig into the commodity complex, hit hard as investors absorbed significant losses, and explore why structural forces such as US-China decoupling, strategic reserve building, and critical minerals demand still support a compelling multi‑month (and potentially multi‑year) thematic opportunity.

Ultimately, the conversation asks: what are market internals signalling that headline indices fail to show?

From energy‑price anxiety and shifting Fed expectations to private credit concerns, join Patrick and Alex as they assess the pressures facing investors and why strong US corporate margins, healthier private‑sector balance sheets, and powerful AI‑driven capex trends continue to underpin a resilient, fundamentally bullish backdrop for US risk assets.

Listeners can hear more on this topic:​

• Metals & mining: meltdown or opportunity?

• Is US equities exceptionalism finally cracking?

Clients can read more on Barclays Live:

• Framework for Modeling AI Demand & Supply – Capex 'Peak' Likely in 2028

• Energy Sigma - Snowball effect

• Equity Market Review - Waiting for the Trump put

• The Long & Short of It - Conflict hits, conviction slips

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