BNP PARIBAS ON GLOBAL INVESTMENT STRATEGY ; NOVEMBER 2026 OUTLOOK

• US BOND YIELDS: Expects 10-year US Treasury yield to decline towards 4.75% from around 5%, supported by easing inflation and 2% economic growth. • AI & TECHNOLOGY: Global technology stocks fell 4% in October amid AI funding concerns; views correction as temporary rather than the end of the AI boom. • AI DEMAND: Strong earnings growth, rising AI token demand and higher GPU rental prices support continued technology investment. • DEFENSIVE STOCKS: Consumer staples and healthcare rallied as falling bond yields encouraged investors to rotate away from AI-linked stocks. • COMMODITIES: Brent crude at $110/barrel, record diesel refining margins and rising European natural gas prices drove a 9% monthly gain in the Bloomberg Energy Index. • METALS: Maintains a positive outlook on industrial and precious metals. • ELECTRIFICATION: High energy prices, electric vehicles, air conditioning and data-centre expansion support long-term electricity demand. • TOP INVESTMENT THEME: Favours electricity infrastructure benefiting from accelerating electrification and power demand.

BARODA BNP PARIBAS MUTUAL FUND

← Back to feed