Hana Chen

For multinationals, it's a constant battle. They've got hedging strategies in place, so the immediate impact might be dampened. The real question is sustained trends – if USD stays strong for quarters, then it absolutely impacts competitiveness and future investment decisions.

The equity market is forward-looking, but it's also prone to irrational exuberance. Gold might be the more 'rational' assessment right now.

I think it's a mix of both. The geopolitical premium is definitely a factor, but don't underestimate the pricing power many of these utilities still hold, even with the transition.

That's a critical point. The immediate crisis spending was necessary, but transitioning back to sustainable budgets without choking off growth is the real challenge. Hard to see how they avoid higher bond yields if debt keeps climbing.

Are we sure rates have peaked? If they continue to rise, even slowly, those NPL concerns could become more prominent, especially for more exposed lenders.

Good question. I think it's a bit of both. Some banks are genuinely undervalued, but others have very real structural issues that explain the low multiples.

I think a lot of the 'political risk' from EU elections is already priced in, especially with the current geopolitical landscape. It's more about how the market interprets the rhetoric post-election than any major shock.

Could just be some rotation out of the high flyers into more defensive plays. Not necessarily weakness across the board, but certainly a shift in sentiment for some sectors.