Market take

Investor scrutiny of AI is intensifying as investors look for signs of payoff from booming investment. Devan Nathwani, Portfolio Strategist at the BlackRock Investment Institute, looks at what early earnings results are telling us about the AI theme.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed...

The Middle East conflict is exposing longer-term energy constraints as buffers that absorbed the initial shock weaken. Ehsan Khoman, Economist at the BlackRock Investment Institute, explains why selectivity is key in this environment.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as...

Higher bond yields are creating new investment opportunities, but France’s bond selloff shows why the drivers of those yields matter. Beata Harasim, Senior Investment Strategist at BlackRock Investment Institute, explains why selectivity is key and where we see opportunities across sovereign bonds and credit.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities la...

Higher yields and potentially excessive Fed tightening expectations create room to unwind our U.S. Treasury underweight, a mainstay for most of the last six years. Wei Li, Global Chief Investment Strategist at BlackRock, explains why we upgrade Treasuries, favoring short-term bonds, and take profits on U.S. equities, downgrading to neutral to manage potential volatility around the AI buildout.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any...

China is increasingly competing on quality, not just scale, in advanced manufacturing. Serena Jiang, Economist at the BlackRock Investment Institute, explains how this shift is creating uneven impacts for companies and investors around the world.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of...

An accelerating AI buildout and elevated government borrowing needs are intensifying competition for capital. Vivek Paul, Global Head of Portfolio Strategy at the BlackRock Investment Institute, explains why that could keep borrowing costs elevated.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the...

We’ve returned to overweight emerging market (EM) stocks as earnings growth accelerates and leverage concerns ease. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, explains what changed and how EM exposure also taps into the AI buildout.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions ex...

For decades, Japanese investors looked overseas for income. Now, rising bond yields are giving them a much more viable alternative at home. Ben Powell, Chief Investment Strategist for the Middle East and APAC at the BlackRock Investment Institute, explains why that shift could matter well beyond Japan.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under...

The new economic regime we’ve long described has been on full display in 2026. As the summer ends, Natalie Gill, Senior Portfolio Strategist at the BlackRock Investment Institute, shares three lessons to take into the rest of the year. 

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions exp...

Analysts are raising corporate earnings forecasts even as long-term government bond yields move higher. These aren’t contradictory signals. Devan Nathwani, Portfolio Strategist at the BlackRock Investment Institute, explains why we think they’re telling the same story.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are...

Investors hoping August will bring a summer lull may be disappointed. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, explains why a world shaped by supply is keeping pressure on long-term yields and creating opportunities to build durable income.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The...

U.S. earnings remain exceptionally strong. But Natalie Gill, Senior Portfolio Strategist at the BlackRock Investment Institute, explains why the bigger question is whether AI-driven profits can prove durable.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are...

Renewed tensions in the Middle East are testing markets. In this week's Market Take, Ehsan Khoman, Investment Strategist at the BlackRock Investment Institute, explains why we remain pro-risk despite a more fragile macro backdrop.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the...

The repricing of Fed policy expectations over the past six months has reverberated well beyond the U.S. Valerie Chan, Investment Strategist at the BlackRock Investment Institute, explains why Japan is a key case study.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of...

AI has the potential to reshape long-term growth, but getting there means navigating today's supply constraints. Wei Li, BlackRock's Global Chief Investment Strategist, unpacks the key themes of BlackRock's 2026 Midyear Outlook.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication...

The U.S. dollar's safe-haven status remains intact. But a stronger dollar no longer automatically translates into broad emerging market weakness. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, explains why the dollar is no longer the only story for emerging markets.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of s...

The twin pressures of vulnerable energy supply and rising power demand are making energy security a durable investment theme. Hugo Liebaert, Sustainable Investment and Research Analytics at the BlackRock Investment Institute, explains where opportunities are emerging around critical energy bottlenecks.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The...

Mega forces like AI are reshaping markets and economies, with multiple plausible outcomes ahead. Devan Nathwani, Portfolio Strategist at the BlackRock Investment Institute, explains why this evolving investment landscape necessitates a new portfolio approach built around exposures—not asset class labels.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Th...

Surging AI investment and geopolitical risks are showing how mega forces are reshaping the investment landscape. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, unpacks how these developments will shape the debate at BlackRock’s Midyear Investment Forum this week.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Th...

Surging long-term bond yields underscore our view that traditional portfolio diversification is being challenged in today’s macro regime. Beata Harasim, Senior Investment Strategist at the BlackRock Investment Institute, explains why investors may need a Plan B built around broader sources of return.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of su...

Mega forces are reshaping portfolio opportunities over a strategic horizon of five years and beyond. Devan Nathwani, Portfolio Strategist at the BlackRock Investment Institute, explains how their latest manifestation is shifting where we take growth risk.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as...

U.S. stocks are hitting record highs even as disruptions in the Strait of Hormuz weigh on global supply chains. Ehsan Khoman, Economist at the BlackRock Investment Institute, explains why we think markets are pricing in both an AI-driven earnings boost and the impact of those disruptions — not signaling a disconnect.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale wo...

U.S. stocks are hitting record highs despite ongoing Middle East supply disruptions. Natalie Gill, Senior Portfolio Strategist at the BlackRock Investment Institute, explains what’s driving their outperformance and why it's keeping us risk-on .

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of th...

Inflation pressures predate the Middle East supply shock, leaving central banks constrained on policy. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute, explains why we expect yields to remain elevated and how this affects the role of long-term government bonds as portfolio diversifiers.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws...

AI is becoming an even more powerful mega force as investment accelerates beyond already historic levels. Natalie Gill, Senior Portfolio Strategist at the BlackRock Investment Institute, explains how these shifts are reinforcing the U.S. competitive edge.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are...

U.S.-Iran negotiations collapsed for now, but we see talks as evidence of an economic incentive to end the conflict. Wei Li, BlackRock Global Chief Investment Strategist, unpacks the case for dialing up risk. 

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of t...

CAPITAL AT RISK. INVESTMENTS CAN RISE OR FALL IN VALUE. FOR PUBLIC DISTRIBUTION IN THE U.S., CANADA, LATIN AMERICA, SELECT COUNTRIES IN EUROPE (SEE THE FULL DISCLAIMER), ISRAEL, SOUTH AFRICA, HONG KONG, SINGAPORE AND AUSTRALIA. FOR INSTITUTIONAL, PROFESSIONAL, AND QUALIFIED INVESTORS AND CLIENTS IN OTHER PERMITTED COUNTRIES.

A stronger U.S. dollar and supply shocks are widening dispersion across emerging markets. Wei Li, Global Chief Investment Strategist at BlackRock, explains how mega forces — from AI to the energy transition — are creating pockets of resilience.

General disclosure: This material is intended for information purposes only, and...

CAPITAL AT RISK. INVESTMENTS CAN RISE OR FALL IN VALUE. FOR PUBLIC DISTRIBUTION IN THE U.S., CANADA, LATIN AMERICA, SELECT COUNTRIES IN EUROPE (SEE THE FULL DISCLAIMER), ISRAEL, SOUTH AFRICA, HONG KONG, SINGAPORE AND AUSTRALIA. FOR INSTITUTIONAL, PROFESSIONAL, AND QUALIFIED INVESTORS AND CLIENTS IN OTHER PERMITTED COUNTRIES.

The Middle East shock and rising AI-driven power demand are reinforcing energy security and supply chain resilience. Christopher Kaminker, Head of Sustainable Investment Research and Analytics at the BlackRock Investment Institute, explains how these forces are unlocking long-term, thematic opportunities.

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The escalating Mideast conflict has now caused energy markets to price in a prolonged disruption. Wei Li, Global Chief Investment Strategist at BlackRock, shares the changes we’re making to BlackRock's tactical investment views. 

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the dat...

The Mideast conflict has effectively closed the Strait of Hormuz, a key global energy chokepoint. Ehsan Khoman, Economist at the BlackRock Investment Institute, unpacks the implications for markets.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject...

The Middle East conflict is causing a supply chain shock. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, explains how energy disruptions are driving regional market effects and adding to inflation risk.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date...

Static strategic asset allocation no longer suffices in a world shaped by mega forces. Devan Nathwani, Portfolio Strategist at the BlackRock Investment Institute, explains why It’s crucial to revisit key calls and focus on underlying economic drivers. 

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are...

Markets are laser-focused on the AI buildout, but opportunities shaped by other mega forces abound. Roelof Salomons, Portfolio Strategist at the BlackRock Investment Institute, explains how fiscal expansion tied to geopolitical fragmentation in Japan and Europe is creating new return drivers.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction...

The recent software selloff shows the market is recognizing AI’s disruptive power. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, unpacks why the hunt for winners and losers ultimately strengthens the case for AI’s massive buildout.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expr...

Emerging market stocks and bonds are off to a strong start to the year following a stellar 2025. Axel Christensen, Chief Investment Strategist for Latin America at the BlackRock Investment Institute, shares why we think returns can deliver again, though selectivity is key.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such...

Latest mega cap tech earnings continue to show massive spending on AI, even amid market volatility and dispersion. Vivek Paul, Global Head of Portfolio Research at the BlackRock Investment Institute, shares why infrastructure stands out as a clear beneficiary beyond mega cap tech.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of...

DM government bond yields jumped last week on renewed U.S. tariff threats, then fell back as the U.S. stepped away from new tariffs on Europe. Michel Dilmanian, Portfolio strategist at the BlackRock Investment Institute, explains how immutable laws came into play again.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws...

Fresh worries about Federal Reserve independence highlight how immutable economic laws can limit policy extremes. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute, explains the implications for markets.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are s...

After three rare years of double-digit S&P 500 returns, the prospect of a fourth now hinges on Q4 earnings season. Wei Li, Global Chief Investment Strategist at BlackRock, highlights three key themes to watch.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the d...

2025 was a unique year for markets. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, unpacks the three key lessons we see for 2026.

General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance u...