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1. Morgan Stanley stays bullish on US stocks.

Morgan Stanley backed its bullish stance on U.S. equities, citing strong earnings momentum, and said it was expecting a modest pullback in the third quarter that could create an opportunity to buy the dip.

The Wall Street brokerage is leaning more towards its bull case of the benchmark S&P 500 hitting 7,200 points by the middle of next year, it wrote in a note.

"With earnings on solid footing into next year and the Fed closer to cutting rates, valuations can remain supported around current levels (~22x) as we think about the 12-month outlook. However, the brokerage said rising Treasury yields - especially the 10-year note breaching above 4.5% - could increase rate sensitivity for equities and an underperformance of rate-sensitive stocks such as small caps.”

2. Global Data Center & AI investment plans are still accelerating.

Alphabet/Google just announced an increase of capex from 75 billion to 85 billion.

3. Energy remains the biggest obstacle over the next 2 years in data center development.

4. Global Data Center screen highlighting stocks - by geography and sub-sector - exposed to the data center theme.

5. Forex hedging could push EUR/USD to 1.25 and beyond.

Analysts estimate that nearly half of European asset holdings in the US are still FX unhedged.

As a result, there could be another leg to the EUR/USD rally, which could surpass the consensus.

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