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Wealth Managers Turn Negative On Dollar; Upbeat On Gold, US, EM Equities
Amanda Cheesley
11 May 2026
Paris-headquartered asset manager has also said that central bank purchasing will remain a long-term support for gold, prompted by geopolitical tensions and an increase in the incentive for de-dollarisation amid concerns about dollar debasement. See more here. US, emerging market equities Amundi believes that US equities should still deliver the strongest Earnings Per Share (EPS) growth in developed markets at around 7 per cent per annum. On a sector level, in the US it is no longer only about software, models and digital adoption. It is increasingly about physical AI, data centres, power demand, semiconductor capacity, automation, robotics and industrial capex. Mark Haefele, chief investment officer at , also retains an attractive view on US stocks and expects the S&P 500 to move higher by year-end, supported by healthy profit growth and a still-supportive monetary backdrop. Within US equities, Haefele continues to favour consumer discretionary, financials, healthcare, industrials, and utilities, while staying constructive on AI-linked areas of the market. Amundi believes that emerging markets (particularly India) stand out as a source of opportunity thanks to stronger EPS growth. Brenner continued to be constructive on emerging market equities this month, particularly in Korea and Taiwan, where markets benefit from technology exposure or attractive local rates. Their stance is supported by Luca Paolini, chief strategist at also favours diversified and selective equity exposure with an overweight in emerging markets where exposure to AI’s suppliers is available at more attractive valuations. “We remain positive on emerging markets because they offer a compelling combination of faster earnings growth, a valuation cushion, and direct exposure to the same AI capex cycle that is driving US leadership – but at a more reasonable price,” he said on Friday. “The AI infrastructure cycle is increasingly dominant, with 80 per cent of the growth concentrated in semiconductor exporters, particularly from South Korea, and to a lesser extent Taiwan, where supply bottlenecks support pricing power.” See more here about US, emerging market equities.
Brenner is optimistic about US equities, supported by strong earnings revisions and anticipated rate cuts. With valuations having been re-set, he maintains a positive outlook on US technology, which remains driven by earnings.