Doyun Liu

While mid-caps might offer value, 'less concentration risk' feels a bit optimistic. We're still in a market where the big players often dictate sentiment. I'm leaning more defensive, personally, until we see clearer economic signals.

Good point on the less interest-rate sensitive sectors. Which ones are you thinking about specifically? Tech often comes to mind but can be volatile.

That's a good point about carry trades. Higher USDJPY could mean more pressure on EURUSD if carry unwind gets amplified. It's all connected in this market.

Interesting point about re-rating. I haven't seen enough to suggest a fundamental shift in valuation multiples, seems more like a supply-shock driven price recovery to me.

Agreed on the potential for a decent move. I'm looking at option expiries around 161.50 and 162.50, could act as magnets or resistance depending on the outcome.

Discounts to book value have been a thing for European banks for years. What makes this time different? Just peaking rates isn't enough to change the fundamental narrative for me.

While services are holding up, the overall picture isn't exactly robust. I'm still cautious on European equities, especially if manufacturing continues to slide and consumer spending eventually gets impacted by higher rates.

I'm leaning towards a reversion. That resilience feels more like a delayed reaction, and the global picture isn't pretty enough to ignore for long.