Manpreet Gill

We would highlight three megatrends that hold the potential to dominate the coming cycle. First is advances in AI, which are already starting to demonstrate uses that support equity market earnings beyond the Magnificent Seven alone. Second is demographics, with ageing set to advance noticeably across several key markets over the next 10 years. This is also likely to spur related debates on immigration and productivity. 

Third is a resurgent inflation risk, driven not only by high levels of public debt and demographics, but also by policy choices that increasingly favour supply chain resiliency over cost efficiency alone. The three are arguably interlinked, and each holds both risks and opportunities for financial market investors.