H2 begins with bulls in charge

Global markets have entered the second half of the year with remarkable momentum despite months of geopolitical tensions, an energy shock and rising bond yields. AI remains the dominant investment theme, with semiconductor stocks continuing to lead the rally while Big Tech faces growing scrutiny over the returns on massive AI spending. Falling oil prices are helping ease inflation fears just as Fed Chair Kevin Warsh reinforces the Federal Reserve's renewed focus on price stability. Higher yields could challenge equity valuations, but strong earnings expectations and abundant liquidity continue to support risk appetite. Meanwhile, the US dollar is regaining strength as markets price a more hawkish Fed, while Europe faces a more difficult balance between slowing growth and persistent inflation. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.