EVENTS:   The Great Reset: AI, Geopolitics and The End of The Cheap Chips - MS Hwang/Counterpoint Research - 10 Feb 26   Making Weather Pay – The Outlook For Global Commodities - James Roemer/Best Weather - 11 Feb 26     ROADSHOWS: Thematic Research Based Ideas - David Scott /CHA-AM Advisors   •   London   06 - 06 Feb 26       Commodities Research with a Focus on Oil and Energy - Kathleen Kelley /Queen Anne's Gate Capital   •   London   10 - 10 Feb 26       Predictive Investment Models for Idea Generation and Risk Management - Hugh Vuillier /Variant Perception   •   New York   16 - 19 Feb 26      

The Great Rebalancing: Asset Allocation in a Multipolar World

BCA Research

Wed 25 Feb 2026 - 16:00 UTC / 17:00 CET / 16:00 GMT / 11:00 ET

Topics

• Macro Outlook: The “Great Rebalancing” is underway as the US shifts to production, China to consumption, and Europe to investment.

• Fixed Income Call: Duration remains our preferred play, with the Fed more focused on employment than tariff-driven inflation.

• Currency Views: We’ve upgraded the CNY to overweight, JPY and EUR remain favoured on valuation and supportive fundamentals.

• Equity Preferences: Focus on Europe’s domestic sectors, plus UK & Japanese equities. In China, a pivot toward consumption could prove a game changer.

• Sector Themes: Overweight defensives, utilities, telecoms, and healthcare - alongside AI-driven infrastructure demand.