The structural shift towards European autonomy is already underway in the technology sector. Having relied on American and Asian capabilities for too long, Europe is now committed to reducing its technological dependence by strengthening its domestic capacities in strategic areas.

The ECB is likely to announce a rate hike in order to curb rising inflation due to increased energy prices.

The market-moving US jobs report for May is expected to show 93k payroll gains, with unemployment holding steady at 4.3%.

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Investors will keep a close eye on a possible (de)escalation in Iran, similar to previous weeks.

US Rates: Neutral nominal duration - we prefer inflation protection while monitoring the Fed transition closely

Bond markets are pricing the war in Iran. Equity markets are not. That divergence has become a defining feature in the past month. The conflict has now moved beyond the initial shock phase and has entered a regime of repeated escalation, partial de-escalation and unresolved disruption.

European equities have experienced a slight contraction since the last Equity Committee in April, amid several macroeconomic headwinds. The collapse of Middle East ceasefire talks renewed geopolitical concerns and disrupted supply chains.