Are earnings growth and margin expansion reflected in current valuations?
Is the expected margin expansion likely?
A cheery earnings consensus
US oil dominance keeps supply high, limiting price impact from geopolitical shocks
Middle East risk has limited oil impact as volatility remains subdued
Defence spending already priced in European defence outperformance surges sharply since 2022
Global defence spending surge led by US and rising NATO commitments
Rising yields signal risk as policy intervention may cap bond sell-off
