If you’d like to hear more, here’s another five minutes.

Starting with Takeaway # 1: Our analysts are moderately constructive across the globe on valuation and forward performance, plus demand to a lesser degree, though we did detect a bit more optimism outside of the US.

• Performance outlooks were positive generally and best for Canada and Europe.

• For valuation, views were positive generally and Australia was on top

• For demand, views were mixed with Europe and US positive.

• On the domestic policy backdrop, Canada was positive with other regions neutral.

• We think the solid, bottom-up view helps explains the resilience of equities, and the greater optimism ex US supports being on guard for geographical leadership rotation.

Moving on to Takeaway #2: Energy, Health Care, and Tech captured some of the most optimistic views globally.

• Each had positive assessments on performance, valuation and demand, and were near the top of the rankings on all three questions.

• Performance outlooks were least constructive for Communication Services, Consumer Discretionary, Real Estate and Utilities, and these generally ranked low across questions.

Next, Takeaway #3: Within the US, muted midterm views remain in place at the broader stock market level, but our analysts did highlight a few potential sector trades in different scenarios.

• In a Republican sweep: We continued to find a modestly positive tilt overall, which was true for most sectors. Staples had the most negative outlook, with the team citing tariffs, SNAP, and immigration policy. Utilities had the most positive tilt, with our analyst citing AI regulation. Energy, Financials, and Tech also had some of the more constructive leans.

• In a Democratic sweep: We saw a modestly negative tilt overall, a little more modest than our June survey. Consumer Discretionary came in modestly positive, with analysts citing the Iran war and gas prices. Energy and Financials had the most negative outlooks, along with Utilities.

• In a Split: We continued to see a neutral bias with Health Care capturing the only clear, positive tilt.

• Across all sectors and scenarios, regulation, taxes, AI, and M&A/consolidation were the top policy issues cited.

• In terms of broader market implications, we think the modest tilts help explain why the stock market has been flat recently, but also that there is a need for repositioning under the surface in different scenarios.

Wrapping up with Takeaway #4: In our new questions on key risks, our US analysts expressed more concern about the potential for higher interest rates than the potential weakening of the AI theme.

• We asked our US analysts to tell us what the implications would be for their outlooks if 10-year yields move up to 5.5% and stay there for an extended period of time, and if the AI theme weakens.

• They had a negative view on the interest rate scenario for most sectors, with the exception of Energy and Health Care.

• Meanwhile, views on the AI scenario were more mixed by sector, with the most negative assessments in place for Communication Services and Utilities, and the most positive assessments in place for Health Care, Consumer Staples and REITs.

That’s all for now. Thanks for listening. And be sure to reach out with any questions.