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1. Opportunities in France.

A lot of this turbulence now looks priced in. JPMorgan strategists see French stocks as an interesting “contrarian” trade.

“French valuations may prove tempting. The CAC 40 trades at an outright discount to the Euro Stoxx 50, a set-up that has historically been the case only during major crises. With China’s outlook improving and the US economy still strong, the case for France is becoming more compelling. Keep in mind that CAC 40 companies only generate 15% of their revenue at home, with the US and China accounting for 46%. The Paris equity benchmark pared some of its declines after an initial sharp drop as dip buyers seemed to step forward for some internationally-facing firms.”

Below: If the market does not want to go down on bad news, it can only go up.

2. World Bank raises China growth forecast to 4.8% despite US trade tensions.

China’s export engine has proved unstoppable during five months of sky-high US tariffs.

3.”The multiplication of two fish and five loaves of bread”, by OpenAI.

This could come from digital advertising and devices with search/agentic and now video/social the canvases to capture time, engagement, data and drive monetization.

For perspective, Meta needed 12 years to go from ~$4 billion to ~$135 billion in annual revenue, across a family of apps used by 3+ billion people each month.

Below: OpenAI targets $200bn revenue in 2030, with the new Sora social video app likely a component of that revenue.

4. Can OpenAI disrupt the disruptors?

OpenAI's new video app (Sora) is the next offering to compete for advertising dollars with GOOGL/META/AMZN/etc.

But like the competition for engagement above, competing with META/GOOGL (as they invest to leverage their leading data, ad tools, and advertiser integrations to further improve advertising effectiveness) will be challenging.

5. Goldman Sachs raises its gold price target to $4,900 by end-2026.

“Central bank buying is expected to average 80/70 tonnes in 2025/2026 as EM central banks are likely to continue the structural diversification of their reserves into gold.”

Below: After a +/- 60% rally year-to-date and 120% over the last two years, we should be very careful with “hyperbole forecasts” from Goldman sachs. Maybe it’s time to take some “gold chips” off the table.

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