Central banks dispersion, fiscal dominance and tech worries - Our Weekly Cross-Asset Views

The year ends with a slight bond rally alongside bearish consolidation in equity markets, but both markets failed to display a very strong trend recently, waiting for catalysts, as the confidence in the post-shutdown U.S. data remains low. This suggests that January will bring greater clarity on the major risks for next year and on the upcoming Fed path.Nonetheless, the themes observed this week—and throughout the year—such as central banks' dispersion, fiscal dominance, debasement and the AI investment boom (and risks) are expected to persist into 2026. These factors will continue to shape as...

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Oracle’s silicon dreams: a harsh awakening?

In the competitive landscape of enterprise technology, Oracle Corporation has undergone a significant transformation over nearly five decades, shifting from its roots as a relational database provider to a major player in cloud and AI infrastructure.While the company demonstrates significant growth potential through bold initiatives, investors must weigh this against substantial risks, such as a growing debt load, intensifying competition with larger hyperscalers, and considerable execution challenges.Oracle’s latest fiscal results reflect this duality: cloud revenues are expanding at a rapid ...