Architas Updates

The postponement of sky high trade tariffs between the US and China has brought relief to financial markets. A broad de-escalation of the Trump tariff shock is anticipated, despite lack of clarity on future levels. Today we will review the latest on global trade, including prospects for an eventual US/China trade deal, as well as the real work impacts. And we will outline our tactical asset allocation response. Presented by Aymeric Forest CFA, Head of Investment Strategy, Seamus Lyons CFA, Senior Investment Manager and Thomas Vogl, Portfolio Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is in German./ Dieser Podcast ist auf Deutsch. Die USA haben umfassende Einfuhrzölle für ihre weltweiten Handelspartner angekündigt. Die US-Aktienmärkte und andere Märkte in der ganzen Welt fielen stark. Es herrscht Unsicherheit, da die Märkte versuchen, den Ausblick für Unternehmen und Volkswirtschaften weltweit neu zu bewerten. Diese ist eine spezielle "Live" Ausgabe nach dem Start unseres AXA Investment Clubs, ein Zusammenschluss aus interessierten und ambitionierten Vertriebspartnern im AXA Ausschliesslichkeitsvertrieb. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

The US has announced sweeping import tariffs on its global trading partners. US stock markets fell sharply, as did others across the globe. Uncertainty rules, as markets attempt to reprice the prospects for global companies and economies. Today we will look at the financial market impact of US tariffs, including possible retaliatory tariffs, and examine our tactical asset allocation response. Presented by Aymeric Forest CFA, Head of Investment Strategy and Seamus Lyons CFA, Senior Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Die Finanzmärkte haben im letzten Monat einige außergewöhnliche Entwicklungen erlebt, von denen nur wenige im „Trump Trade“ vorgesehen waren. Änderungen und Verschiebungen in der neuen US-Politik hatten erhöhte Unsicherheit und Marktvolatilität zur Folge. Heute werden wir erörtern, ob wir einen Wendepunkt im Trump Trade erreicht haben, da die „America First“-Agenda das Interesse an anderen Märkten erhöht. Wir berücksichtigen auch die Auswirkungen auf unsere taktische Vermögensallokation. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Financial markets have seen some extraordinary moves over the last month- few of which feature in the ‘Trump Trade' playbook. Changes and postponements to new US policy have brought heightened uncertainty and market volatility. Today we will discuss whether we have reached an inflection point in the Trump Trade, since the ‘America First' agenda is boosting interest in markets elsewhere. We also consider the impact on our tactical asset allocation. Presented by Aymeric Forest CFA, Head of Investment Strategy, Andreea Condurache CFA, Portfolio Manager and Thomas Vogl CFA, FRM, Portfolio Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Die Märkte waren mit einem Wirbelsturm politischer Ankündigungen der neuen US-Regierung konfrontiert. Zu dieser Ungewissheit kommt hinzu, dass die umfangreichen Ausgabenpläne für KI-Infrastrukturen in den USA durch die Einführung eines billigeren chinesischen Wettbewerbers in Frage gestellt wurden. Heute werfen wir mit etwas Abstand einen genauen Blick auf die Fundamentaldaten für das Wachstum der Wirtschaft und der Unternehmensgewinne sowie auf unsere taktische Anlageallokation. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Markets have faced a whirlwind of policy announcements from the new US administration. On top of this uncertainty, vast AI infrastructure spending plans in the US have been called into question by the launch of a cheaper Chinese rival. Today we take a step back and a close look at the fundamentals for economic and corporate earnings growth, as well as outlining our tactical asset allocation. Presented by Aymeric Forest CFA, Head of Investment Strategy and Seamus Lyons CFA, Senior Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Die Finanzmärkte haben das Jahr unter einer Wolke der Unsicherheit begonnen, da sie auf die Amtseinführung von Donald Trump als US-Präsident warten. Einige der Schlüsselthemen sind jedoch bekannt: die Unsicherheit über die anhaltende Inflationsentwicklung, die Auswirkungen der erwarteten Zölle im Jahr 2025 und die Dominanz der ‚Magnificent Seven‘. Heute werden wir unsere Bullen- und Bärenszenarien für die Märkte in diesem Jahr vorstellen, während wir abwarten, welche Politik der neue Präsident Trump umsetzt. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Financial markets have started the year under a cloud of uncertainty awaiting the inauguration of Donald Trump as US President. Some of the key themes are familiar though: uncertainty around the continuing path of inflation, the impact of expected tariffs in 2025, and the dominance of the Magnificent Seven. Today we will share our bull and bear scenarios for markets this year, as we wait to see what policies the incoming President Trump enacts. Presented by Aymeric Forest CFA, Head of Investment Strategy and Niall McDonnell CFA, Senior Investment Manager. Hosted by Thomas Ashwood, Senior European Marketing Manager. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Die Märkte haben im Jahr 2024 erneut eine starke Performance hingelegt, was nicht zuletzt auf die Euphorie nach dem US-Wahlergebnis zurückzuführen ist. Donald Trump wird im nächsten Jahr sein Amt antreten, und seine Wahlkampfrhetorik in Bezug auf Handelszölle und Einwanderung, Steuersenkungen und Deregulierung wird in unterschiedlichem Maße umgesetzt werden. Wir gehen heute der Frage nach, ob Trumps Politik das Wachstum des US-BIP ankurbeln oder bremsen könnte. Schwinden die Chancen auf eine sanfte Landung? Und wenn ja, wie wirkt sich das auf die Finanzmärkte aus? Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Markets have put in another strong performance in 2024, helped in no small part by euphoria at the US election result. Next year Donald Trump will take office and his campaign rhetoric on trade tariffs and immigration; tax cuts and deregulation, will be implemented to varying degrees. We look today at whether Trump policies could boost or hold back US GDP growth. Are the chances of a soft landing fading? And if so, what are the implications for financial markets? Presented by Chris Iggo, Chair of the AXA IM Investment Institute and CIO of AXA IM Core and Aymeric Forest CFA, Head of Investment Strategy. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. In dieser Episode werden wir die vier entscheidenden Themenbereiche untersuchen, die derzeit die Finanzmärkte beeinflussen. Zunächst werden wir das faszinierende „Goldilocks-Szenario“ in den Kapitalmärkten besprechen – das Streben nach dem perfekten Gleichgewicht. Anschließend analysieren wir die Auswirkungen der bevorstehenden US-Wahlen und wie sie die Marktentwicklungen beeinflussen könnten. Zudem werden wir die neuesten Entscheidungen zur Zinspolitik in den USA beleuchten und deren potenzielle Auswirkungen auf die Wirtschaft. Schließlich werden wir die anhaltende Debatte zwischen Sparen und Investieren angehen, wobei wir die Unsicherheit, Wahrscheinlichkeit und Volatilität betrachten, die unsere finanziellen Entscheidungen prägen. Begleiten Sie uns, während wir diese wichtigen Themen aufschlüsseln und Einblicke bieten, um Ihnen zu helfen, die aktuelle Marktsituation besser zu verstehen! Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Donald Trump and the Republican party have achieved an emphatic victory in the US elections. In the weeks beforehand, the ‘Trump trade' had been gathering momentum in financial markets, boosting the dollar and Treasury bond yields. Today we will dive deeper into the prospects for a second Trump presidency. In particular, the likelihood of the rhetoric becoming reality and the impact on financial markets. Presented by Aymeric Forest CFA, Head of Investment Strategy and Seamus Lyons CFA, Senior Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

AXA IM Select's Lorna Denny sat down with Colin Graham from Robeco, to provide a clearer idea of what multi-asset investing means and why it can make sense for investors looking to build a balanced portfolio. The fourth in our Investment Basics podcast series, it's ideal for those starting out on their investing journey but should also prove useful for more experienced market participants. Happy listening! This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Der Zinssenkungszyklus der Fed hat begonnen, eine weiche Landung ist nach wie vor wahrscheinlich und China hat endlich Konjunkturmaßnahmen eingeleitet. Es sieht fast so aus, als ob wir uns auf ein Goldlöckchen-Szenario einstellen könnten. Heute wollen wir untersuchen, ob positivere Daten und mehr Konjunkturmaßnahmen die anhaltende Unsicherheit an den Finanzmärkten aufwiegen können. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

The Fed's rate cutting cycle has kicked off, a soft landing still looks likely and China has finally pressed the stimulus button. It feels like we could almost be set for a Goldilocks scenario. Today we will examine whether more positive data and more stimulus can outweigh the backdrop of persistent uncertainty for financial markets. Presented by Aymeric Forest CFA, Head of Investment Strategy and Thomas Vogl CFA, FRM, Portfolio Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. September ist traditionell ein schwieriger Monat für die Aktienmärkte – das bestätigt sich auch in diesem Jahr. Zunehmende Sorgen über das US-Wachstum, schwache Daten aus China und der geopolitische Hintergrund ließen die Risikoaversion in den Vordergrund treten. Heute wollen wir versuchen, eine Lösung für den Umgang mit einigen erheblichen kurzfristigen Unsicherheiten zu finden. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

It's historically a tricky month for equity markets, and this September is no exception. Rising concerns over US growth, sluggish data from China and the geopolitical backdrop have seen risk aversion come to the fore. Today we will look to navigate a path through some significant near term uncertainties. Presented by Aymeric Forest CFA, Head of Investment Strategy and Seamus Lyons CFA, Senior Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Any thoughts of a quiet summer were quickly dispelled by gyrating financial markets in early August. Confidence evaporated, causing a sharp spike in volatility, before markets rebounded to close a volatile week almost flat. Today we will consider how we can find a way through this maze of uncertainty. Presented by Aymeric Forest CFA, Head of Investment Strategy and Alex Burn CFA, Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Die Stimmung an den Märkten bleibt gut, und das Vertrauen in eine Zinssenkung der Fed im September wächst. In anderen Bereichen ist das Umfeld jedoch alles andere als sicher: In den USA und Europa nehmen die politischen Risiken zu, und viel hängt von der Berichtssaison des zweiten Quartals ab. Heute werden wir untersuchen, wie sich dieser Cocktail aus Zuversicht und Unsicherheit auf die ruhigen Sommermärkte auswirken könnte. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Markets remain in high spirits, with increasing confidence in a Fed rate cut in September. But elsewhere the backdrop is far from certain, with political risks rising in the US and Europe and a great deal riding on the second quarter earnings season. Today we will consider how this cocktail of confidence and uncertainty could play out in quiet summer markets. Presented by Aymeric Forest CFA, Head of Investment Strategy. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Bislang hat sich das Jahr 2024 als etwas komplizierter erwiesen, als die Märkte erwartet hatten. Jerome Powell, der Vorsitzende der US-Notenbank, warnte immer wieder davor, dass die Zinsen in den USA ‚für längere Zeit höher' bleiben könnten, was auch tatsächlich der Fall ist. Andernorts könnten Zinssenkungen jedoch unmittelbar bevorstehen. Wir freuen uns auf die zweite Jahreshälfte, die erneut von den Zentralbanken und ihren Entscheidungen, aber auch von der US-Präsidentschaftswahl geprägt sein wird – und von den wahrscheinlichen Auswirkungen auf die Finanzmärkte. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

AXA IM Select's Lorna Denny sat down with J.P. Morgan's Vincent Juvyns to discuss the aim of diversification in relation to investments and how this can help to keep a portfolio resilient during market ups and downs. The third in our Investment Basics podcast series, it's ideal for those starting out on their investing journey but should also prove useful for more experienced market participants. Happy listening! This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

So far, 2024 has proved a little more complicated than markets were expecting. Jay Powell, chair of the US Federal Reserve warned consistently that US rates could stay ‘higher for longer', and indeed they have, but elsewhere rate cuts could be imminent. We look forward to the second half of the year, bound to be dominated once again by central banks and their decisions, but also by the US presidential election. And the likely impact on financial markets. Presented by Chris Iggo, Chair of the AXA IM Investment Institute and CIO of AXA IM Core, Rémi Lambert, Chief Investment Officer and Seamus Lyons CFA, Senior Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Erst sechs Zinssenkungen, dann zwei … oder vielleicht sogar überhaupt keine. Die für das Jahr 2024 erwartete Zahl der Zinssenkungen in den USA ist stark zurückgegangen. Was bedeutet das für die Anleger bis zum Sommer? Sollten sie sich angesichts der wachsenden Erwartung, dass die EZB die Zinsen vor der Fed senken wird, wieder auf Europa konzentrieren? Wir untersuchen, was für diese Region spricht, sowie andere Themen, die die Aufmerksamkeit unserer Portfoliomanager auf sich gezogen haben. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

From six to two cuts… or even none. US rate cut expectations during 2024 have collapsed. Markets may now need to accept bigger swings in market sentiment. Where does that leave investors heading into summer? Should investors revisit Europe, buoyed by growing expectations the ECB will cut before the Fed? We examine the case for this region, as well as other themes that have caught the attention of our portfolio managers. Presented by Alex Burn CFA, Investment Manager and Jacopo Tassara, Portfolio Manager. Hosted by James Duckworth, Investment Writer. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Markets started the year in confident mood, betting that the US Federal Reserve would take the lead on interest rate cuts, with as many as six cuts in 2024. Those hopes have since faded and forecasts of the first cut are looking more uncertain. We consider how interest rate expectations are changing in response to economic data, which of the major central banks might cut first, as well as the impact on financial markets. Presented by Niall McDonnell, Senior Investment Manager and Thomas Paugam, Portfolio Manager AXA IM Select France. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

‘Fear of missing out' has been a major catalyst driving markets higher in recent months. As we approach the end of the first quarter of 2024, we consider where that leaves the outlook for asset prices. Today we discuss the implications for markets as more sectors participate in the rally, even as some mega tech stocks struggle. We will also examine the contrasting performance of India and China and consider some ‘what if's' should Donald Trump be re-elected as US president. Presented by Seamus Lyons CFA, Senior Investment Manager and Thomas Vogl CFA, FRM, Portfolio Manager. Hosted by James Duckworth, Investment Writer. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Continuing our popular podcast series on investment basics, this episode brings together our own Lorna Denny with Patrick Brenner, Head of Multi-Asset Investments at Schroders. Knowing about different types of risk can help investors to make more informed decisions about where they want to put their money, allowing them to assess whether potential risks align with their own risk tolerance and investment goals. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ

It has been said many times that the last mile of disinflation is the most difficult. With markets betting on the timing of the first cut in interest rates, every monthly inflation number is both eagerly anticipated and closely analysed for clues. Today we will discuss progress towards sustainably lower levels of inflation. And how bumps in the road towards disinflation could bring further divergence in equity and bond market performance. Presented by Alex Burn CFA, Investment Manager and Antoine Machado, CIO AXA IM Select France. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

This year, markets will remain transfixed by familiar stories: the path of inflation; how fast interest rates will fall from multi decade highs; and the potential for a growth slowdown. The returns for the year will likely pivot on how the reported data fall out. Today we will look at bull and bear points for markets this year, as well as the likely impact of elections, as almost half the population of the world goes to the polls. Presented by Alex Burn CFA, Investment Manager and Niall Sexton, Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Markets are approaching year end in confident mood, anticipating interest rate cuts in the first half of next year. Despite western central banks' repetition of the ‘higher for longer' mantra, hopes are rising over the timing of the first cut and how quickly rates will then fall. Today we will discuss whether current market optimism might be overstretched. Are we indeed looking towards a soft economic landing, immaculate disinflation and falling rates, or could the outlook be a little more complicated than that? Rémi Lambert, Global Chief Investment Officer, Seamus Lyons CFA, Senior Investment Manager and Chris Iggo, Chair of the AXA IM Investment Institute and CIO of AXA IM Core discuss what's on their investment radar. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Markets are hopeful that the threat of recession has faded, giving rise to a risk on rally. Indeed growth forecasts for the major economies are seeing consistent upward revisions. A plateau for interest rates at current levels seems a foregone conclusion, as inflation remains benign. We discuss our expectations for financial markets, along with some significant adjustments to our tactical asset allocation. Presented by Niall McDonnell CFA, Senior Investment Manager and Alex Burn CFA, Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Interest rate uncertainty has gripped the markets, after US jobs and inflation data beat expectations. A sharp rise in US Treasury bond yields has lowered the attractions of more highly valued equities. Corporate growth forecasts in some major markets appear modest, whereas prospects for Japanese equities look relatively favourable. We take stock of the outlook for financial markets as risk appetite falls. Presented by Seamus Lyons CFA, Senior Investment Manager and Alex Burn CFA, Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Architas's Lorna Denny sat down with Capital Group's Claire Swinden to discuss how investors might approach their investment goals and the importance of investment planning. Concise and highly informative, it highlights some essential issues for consideration as well as providing investors with a helpful checklist. The first in our Investment Basics podcast series, it's ideal for those starting out on their investing journey but should also prove useful for more experienced market participants. Happy listening! This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Despite forecasts of recession, GDP growth in the US has so far proved resilient and US inflation has beaten forecasts. Conversely, in China the recovery has yet to fire up and consumer price growth is subdued. Central bank rhetoric is also diverging, as the US Federal Reserve talks of higher rates for longer, while the People's Bank of China has offered repeated monetary stimulus. We consider the implications for financial markets. Presented by Niall McDonnell CFA, Senior Investment Manager and Thomas Vogl CFA, FRM, Portfolio Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

As we enter the dog days of summer, markets are struggling to find conviction, overshadowed by the possibility of recession. Meanwhile core inflation remains sticky and labour markets are still tight. Western central banks have left little doubt as to their intentions and further hikes look likely before interest rates plateau. We consider implications for financial markets and outline our latest tactical asset allocation update. Presented by Niall McDonnell CFA, Senior Investment Manager and Alex Burn CFA, Investment Manager. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Clouds of uncertainty still hang over financial markets, whether about inflation, recession or the peak in the interest rate cycle. Throw in the brinkmanship surrounding the US debt ceiling and it's no wonder markets have been range bound in recent months. Will the second half bring the inflection point in interest rates, or will the fight against inflation grind on until we hit recession in the major economies? And which outcome could break markets out of their trading range? Seamus Lyons CFA, Senior Investment Manager and Chris Iggo, Chair of the AXA IM Investment Institute and CIO of AXA IM Core discuss what's on their investment radar. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Equity markets have spent the last month moving in a relatively narrow range. There seem to be multiple headwinds. Even before the regional banking crisis in the US, higher interest rates have curbed the demand for credit, while core inflation remains stubbornly high. And the US debt ceiling stand-off has added a political dimension to investor uncertainty. And yet, investors do expect a last minute resolution to the debt ceiling negotiations, while China's reopening and the rally in the tech sector have supported sentiment. Against this mixed backdrop, we discuss the outlook for markets and highlight adjustments to our asset allocation model. Presented by Alex Burn CFA, Investment Oversight Lead and Thomas Vogl CFA, FRM, Senior Investment Analyst. Hosted by James Duckworth, Investment Writer. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

After the turbulent days of early March, markets now seem to view the banking crisis as a small number of idiosyncratic events. And yet a broader credit squeeze remains a possibility, which could rein in economic growth. Central banks were forced to balance the fight to control inflation against the security of the financial system. Next steps for policy remain unclear, not only in the US and Europe, but also in Japan. We consider whether the banking crisis has altered the investment outlook. Presented by Seamus Lyons CFA, Senior Investment Manager and Alex Burn CFA, FRM, Investment Oversight Lead. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

February proved disappointing for markets, as stronger economic data crushed expectations of falling inflation and an early pivot in interest rates. Central bank rhetoric has become more hawkish and higher terminal interest rates are now forecast. Sometimes good news on growth is seen as bad news by markets. Today we discuss the prospects for more buoyant western economies, boosted by the reopening of China. We also review our Tactical Asset Allocation in response to an increasingly uncertain outlook. Presented by Niall McDonnell CFA, Senior Investment Manager and Thomas Vogl CFA, FRM, Senior Investment Analyst. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Markets have rebounded in 2023, as deeper recession fears fast became a thing of the past. Hopes are growing for a softer economic landing, despite persistently hawkish central bank rhetoric. Today we weigh the chances of a soft landing for the major western economies, boosted by the reopening of China. We also review our Tactical Asset Allocation in response to such buoyant markets. Presented by Seamus Lyons CFA, Senior Investment Manager and Alex Burn CFA, Investment Oversight Lead. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Financial markets had a tough time in 2022, leaving investors with ‘nowhere to hide'. Central banks were blamed for their aggressive game of interest rate catch up, as inflation soared to levels not seen for decades. Today we explore how 2023 might bring a change in the market backdrop and perhaps better performances from major asset classes. We also take a look at our Tactical Asset Allocation response to these evolving markets. Presented by Niall McDonnell CFA, Senior Investment Manager and Thomas Vogl CFA, FRM, Senior Investment Analyst. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

Financial markets have been battered by runaway inflation and fast rising interest rates. So much so that 2022 will go down as the year where there was ‘nowhere to hide'. But as the year ends, inflation could perhaps have hit its highwater mark. Today we'll discuss whether interest rates too will reach a peak in 2023, meaning central banks can ‘pivot' towards lower rates. Who will reach this inflection point first among the major central banks, and how might financial markets respond? Seamus Lyons CFA, Senior Investment Manager and Chris Iggo, Chair of the AXA IM Investment Institute and CIO Core Investments discuss what's on their investment radar. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

This has been called the ‘make or break decade' for action on climate change - perhaps the most urgent challenge of our time. COP27, the UN climate conference, has now drawn to a close. But the burning question remains. Will the commitments made by major economies prove to be sufficient? Bushra Ahmed, Responsible Investment Lead spoke to Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

As this extraordinary year draws to a close, records for extreme performance continue to be smashed by equity, bond and currency markets. It's all down to the central banks and their response to runaway inflation. But should we now view such market moves as the new abnormal? We explore what have been described as ‘uncharted waters' in financial markets and attempt to navigate through to our current TAA. Presented by Seamus Lyons CFA, Senior Investment Manager and Thomas Vogl CFA, FRM, Senior Investment Analyst. Hosted by Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.

US markets responded negatively, as hopes of a ‘Fed pivot' were dashed, while equity markets elsewhere remained firm. This week the focus will switch to the mid-term elections in the US. Niall McDonnell CFA, Senior Investment Manager and Alex Burn CFA, Senior Investment Analyst spoke to Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas").Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG United Kingdom. These materials are not intended for audiences in the United States of America.

Equity markets rebounded, despite falling prices for both the US and Chinese tech sectors, while US Treasury markets gained ground. This week could bring further rate hikes from the US Federal Reserve and the Bank of England, as well as disappointing PMI data from major economies. Alex Burn CFA, Senior Investment Analyst spoke to Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas").Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG United Kingdom. These materials are not intended for audiences in the United States of America.

US and European equity markets rallied, while government bond markets continued to wrestle with ever rising interest rate forecasts. This week brings Q3 earnings reports from the big US tech stocks, while the European Central Bank meeting could deliver another 75 basis points rate hike. Alex Burn CFA, Senior Investment Analyst and Bushra Ahmed, Responsible Investment Lead spoke to Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas").Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG United Kingdom. These materials are not intended for audiences in the United States of America.

Financial markets were dragged down by data showing accelerating US core inflation, as well as by the US Federal Reserve's reported determination to prioritise inflation control. The coming week brings the Chinese Communist Party Congress, as well as GDP growth and industrial production data from China. Alex Burn CFA, Senior Investment Analyst spoke to Lorna Denny, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas").Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG United Kingdom. These materials are not intended for audiences in the United States of America.

With inflation still at the top of the agenda, financial markets remain at the mercy of hawkish rhetoric on monetary policy. Central banks, including the US Federal Reserve and the European Central Bank, have promised to act decisively against inflation, even at the expense of economic growth. And both equity and fixed interest markets have responded negatively. Today we will examine this difficult position for western central banks and ask where, if anywhere, is the off ramp. And look at the contrasting situation in both Japan and China. We will also outline our current tactical asset allocation. Presented by Seamus Lyons CFA, Senior Investment Manager and Alex Burn CFA, Senior Investment Analyst. Hosted by Louise Somers, Investment Specialist. This podcast is intended for investment professionals, and must not be shared with a non-professional audience. This podcast is for information purposes only and is intended to broaden listeners' awareness of financial markets and no part of the materials should be construed to represent financial advice or an offer to buy, sell or otherwise participate in any investment activity or strategy. The content is based on information sources that are deemed reliable at the time of recording. Architas has no express or implied warranty, guarantee or statement as to the accuracy, suitability or completeness of the information provided. All rights are reserved. Without the prior consent of the copyright holder, no part of this podcast in any form or by any means is allowed to be published, copied or emailed or stored in an information system. These materials originate from Architas Limited ("Architas"). Architas is a company registered in England No. 02638607, registered office: 20 Gracechurch Street, London, EC3V 0BG. These materials are not intended for audiences in the United States of America.