1. US Stock Performance: Expected to outperform other global markets in 2026. The S&P 500 is projected to reach 7800 points by year-end in 2026.
2. Sector and Style: Upgraded from underweight to overweight in US consumer discretionary stocks; from neutral to overweight in healthcare; and overweight in small-cap stocks, outperforming large-cap stocks.
3. US Dollar Index: The US dollar index is expected to fall to 94 in the first half of next year and rebound to 99 by year-end.
4. Commodities: Gold target $4500/oz, copper target $10600/ton, and Brent crude oil target maintained at around $60/barrel.
5. European Stock Performance: The MSCI Europe Local Currency Index year-end target is raised from 2250 points to 2430 points.
