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1. “European equities are vulnerable to a negative tariff outcome and also the strong decline of the dollar versus major European currencies”.

The outlook for European stocks remains good but investors may have to wait for further major gains until 2026, when trade tariff angst should dissipate and economic growth improve, according to strategists.

The key focus will be the impact of the weaker dollar on company margins — especially depending on currency hedging strategies,” says Societe Generale strategist Roland Kaloyan. “We continue to believe that the second half of the year could prove more challenging, as European earnings momentum remains under pressure.”

A 10% weakening of the dollar would reduce European equity market earnings by around 4%.”

2. Citigroup recommends a switch from gold to silver.

The three-month forecast was raised to US$40 from US$38, while the 6-to-12 month outlook was boosted to US$43, analysts including Max Layton said in a note.

Gold’s outlook was unchanged, with the bank saying the peak may already have been seen, and holding forecasts for a drop below US$3,000 next year.

“We expect silver availability to tighten on consecutive years of deficit, sticky stockholders requiring higher prices to sell, and robust investment demand,” the analysts said.

“The recent silver price rally is not just a catchup trade to gold but also a reflection of strong silver fundamentals.”

3. Luxury brands currently at steep discounts on China second-hand platforms.

Tracking second-hand prices is interesting for investors as it provides insights into brands' desirability (and thus future pricing power and growth in the primary market), as well as overall market dynamics.

Goyard and Hermès stand out with a discount of only -32% and a premium of +1%.

Bottom line: Overall, we believe this is another data point showing that demand from Chinese nationals for personal luxury goods remains weak and that consumers remain very price sensitive.

4. China dominates the global drone market.

According to DroneAnalyst and the Atlantic Council, Chinese drone company DJI controlls 70% of the global small drone market, largely due to price.

The reason for the price gap largely comes down to China controlling a bulk of the global supply chain, which overlaps heavily with similar sectors such as consumer electronics, batteries, and magnets where the country also continues to dominate.

The market opportunity for adoption of drones in law enforcement and public safety is substantial, with analysts citing a ~$20bn drone TAM in aggregate. Almost 1,700 US police departments use drones in some capacity and the vast majority are DJI.

5. Microsoft is expensive in comparison to its big-tech peers.

Microsoft is one of the biggest names in artificial intelligence although it has no leading AI model.

Instead, it's leaning more into the facilitator role rather than one actively competing in the AI arms race.

While it has deep partnerships with OpenAI because of their investment in the company, that relationship has become increasingly strained. OpenAI has included Alphabet's Google Cloud among its suppliers to meet escalating demands for computing capacity, according to an updated list published on the ChatGPT maker's website. The artificial-intelligence giant relies on services from Microsoft, Oracle, and CoreWeave.

From this outlook, Microsoft is on the low end of diluted EPS growth by some margin, despite being extremely close in valuation. As a result, Microsoft stock may be a bit expensive compared to its peers and likely isn't the top AI stock to buy now.

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