Market take
Episodes
Earnings strength keeps us risk-on
04 May 2026
Contributed by Lukas
U.S. stocks are hitting record highs despite ongoing Middle East supply disruptions. Natalie Gill, Senior Portfolio Strategist at the BlackRock Invest...
Persistent inflation constrains policy
27 Apr 2026
Contributed by Lukas
Inflation pressures predate the Middle East supply shock, leaving central banks constrained on policy. Nicholas Fawcett, Senior Economist at the Black...
A supercharged AI mega force
20 Apr 2026
Contributed by Lukas
AI is becoming an even more powerful mega force as investment accelerates beyond already historic levels. Natalie Gill, Senior Portfolio Strategist at...
Back to overweight U.S. stocks
13 Apr 2026
Contributed by Lukas
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 In...
Spotting pockets of EM resilience
06 Apr 2026
Contributed by Lukas
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 TH...
Mideast shock fuels investing themes
30 Mar 2026
Contributed by Lukas
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 TH...
Dialing down risk amid supply shock
23 Mar 2026
Contributed by Lukas
The escalating Mideast conflict has now caused energy markets to price in a prolonged disruption. Wei Li, Global Chief Investment Strategist at BlackR...
Pressures to shape Mideast conflict
16 Mar 2026
Contributed by Lukas
The Mideast conflict has effectively closed the Strait of Hormuz, a key global energy chokepoint. Ehsan Khoman, Economist at the BlackRock Investment ...
Gauging the Mideast supply shock
09 Mar 2026
Contributed by Lukas
The Middle East conflict is causing a supply chain shock. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, explains how energ...
Rethinking long-term investing
02 Mar 2026
Contributed by Lukas
Static strategic asset allocation no longer suffices in a world shaped by mega forces. Devan Nathwani, Portfolio Strategist at the BlackRock Investmen...
Rethinking long-term investing
02 Mar 2026
Contributed by Lukas
Static strategic asset allocation no longer suffices in a world shaped by mega forces. Devan Nathwani, Portfolio Strategist at the BlackRock Investmen...
New return drivers in Japan, Europe
23 Feb 2026
Contributed by Lukas
Markets are laser-focused on the AI buildout, but opportunities shaped by other mega forces abound. Roelof Salomons, Portfolio Strategist at the Black...
Software selloff shows AI acceleration
17 Feb 2026
Contributed by Lukas
The recent software selloff shows the market is recognizing AI’s disruptive power. Natalie Gill, Portfolio Strategist at the BlackRock Investment In...
Staying positive on emerging markets
09 Feb 2026
Contributed by Lukas
Emerging market stocks and bonds are off to a strong start to the year following a stellar 2025. Axel Christensen, Chief Investment Strategist for Lat...
Tapping infrastructure’s potential
02 Feb 2026
Contributed by Lukas
Latest mega cap tech earnings continue to show massive spending on AI, even amid market volatility and dispersion. Vivek Paul, Global Head of Portfoli...
Immutable laws in action again
26 Jan 2026
Contributed by Lukas
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 ...
Immutable laws keeping us risk-on
20 Jan 2026
Contributed by Lukas
Fresh worries about Federal Reserve independence highlight how immutable economic laws can limit policy extremes. Nicholas Fawcett, Senior Economist a...
U.S. earnings: broadening strength
12 Jan 2026
Contributed by Lukas
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...
Three investment lesson for 2026
05 Jan 2026
Contributed by Lukas
2025 was a unique year for markets. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, unpacks the three key lessons we se...
Diversification mirage in plain sight
15 Dec 2025
Contributed by Lukas
We see the diversification mirage – one of our 2026 Outlook themes – playing out in real time with a sharp spike in global bond yields. Natalie Gi...
Soft labor market keeps Fed cut in play
01 Dec 2025
Contributed by Lukas
Recent signs of labor market weakness should allow the Fed to cut again next week, explains Nicholas Fawcett, Senior Economist at the BlackRock Invest...
Keys to an EU investment renaissance
23 Nov 2025
Contributed by Lukas
European equities had a flash of outperformance over the U.S. this year and we see bright spots, but the region needs structural reforms to outshine t...
At last, key U.S. economic data return
17 Nov 2025
Contributed by Lukas
The reopening of the U.S. government will allow the release of backlogged economic data, especially jobs data, helping us take stock of our pro-risk v...
AI front and center at our 2026 Forum
10 Nov 2025
Contributed by Lukas
At our internal 2026 Forum last week, the AI buildout ran through the debate among our portfolio managers along with other key topics such as sta...
Mega forces playing out in real time
03 Nov 2025
Contributed by Lukas
The U.S. and China trade truce and mega cap tech companies upping planned AI buildout spending last week reinforce how mega forces are playing out in ...
Keeping our macro scenarios fresh
27 Oct 2025
Contributed by Lukas
A cooling labor market should tee up more Fed rate cuts and support risk assets. Michel Dilmanian, Portfolio Strategist with the BlackRock Investment ...
U.S. earnings: resilience is key
20 Oct 2025
Contributed by Lukas
The U.S. third quarter earnings season is off to a strong start. We see three reasons why broad momentum can continue – yet prefer select sectors. N...
U.S. dollar drop not that unusual - yet
13 Oct 2025
Contributed by Lukas
We see the U.S. dollar's slide tied to expected Fed rate cuts and fiscal cuts - not evidence its reserve status is under threat. Ben Powell, Chief Inv...
Fed's room to ease keeps us risk-on
06 Oct 2025
Contributed by Lukas
A cooling labor market supports Fed rate cuts and is core to our risk-on stance. U.S. job updates are key, explains BlackRock Investment Institute Sen...
Why we still like Japan in global stocks
29 Sep 2025
Contributed by Lukas
Japanese stocks are still among our favorites. BlackRock Investment Institute Economist Serena Jiang unpacks how corporate reforms and solid growth ar...
Sticking with granular views in Europe
22 Sep 2025
Contributed by Lukas
U.S. rate cuts support our risk-on stance, but we see ample – if select – opportunity in Europe. Roelof Salomons, Chief Investment Strategist...
Staying risk-on as macro tensions ease
16 Sep 2025
Contributed by Lukas
We stay risk-on. A notable slowing of activity without recession should support Fed rate cuts, stocks and the AI theme, explains Glenn Purves, Global ...
Three drivers for emerging markets
08 Sep 2025
Contributed by Lukas
Emerging markets have had a stellar year so far. Axel Christensen, BlackRock Chief Investment Strategist for Latin America, shares the three key drive...
Three lessons from an eventful 2025
02 Sep 2025
Contributed by Lukas
As summer ends, we identify three lessons from an eventful 2025 to take into the rest of the year. Michel Dilmanian, Portfolio Strategist at the Black...
Mega forces the new long-term anchor
11 Aug 2025
Contributed by Lukas
The surging AI investment in recent tech earnings reports shows that mega forces – big structural shifts like AI – are key drivers of returns. Yet...
U.S. tug-of-war: earnings vs. tariffs
04 Aug 2025
Contributed by Lukas
U.S. corporate strength could cushion the blow from tariffs – yet questions remain about who will pay for tariffs and what sectors will feel them mo...
Stablecoins look here to stay
28 Jul 2025
Contributed by Lukas
Recent U.S. law cements the role of stablecoins as a means of digital payment in the future of finance. Paul Henderson, Senior Portfolio Strategi...
A new regime for income in portfolios
21 Jul 2025
Contributed by Lukas
Higher-for-longer interest rates offer solid income sources. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, shares why ...
Why now is a great time for alpha
14 Jul 2025
Contributed by Lukas
U.S. tariffs may drive more dispersion in market and security returns, creating yet more opportunity to earn alpha, or above-benchmark returns. V...
Time to be more tactical
07 Jul 2025
Contributed by Lukas
Artificial intelligence and other mega forces are transforming the world – and disrupting traditional long-term macro anchors like stable infla...
Tariff and tax policy back center stage
30 Jun 2025
Contributed by Lukas
As the end of the 90-day tariff pause looms, we think immutable economic laws will limit extreme policy changes. Nicholas Fawcett, Senior Economist at...
Geopolitical rifts drive defense theme
23 Jun 2025
Contributed by Lukas
The geopolitical fragmentation mega force is evolving, with a big focus now on rising defense spending. Catherine Kress, Head of Geopolitical Research...
Watching for tariff impacts to kick in
16 Jun 2025
Contributed by Lukas
Recent swings in U.S. inflation highlight the volatile economic backdrop, even before the full tariff impact. Nicholas Fawcett, Senior Economist at th...
Finding opportunities in uncertainty
09 Jun 2025
Contributed by Lukas
Wei Li, BlackRock's Global Chief Investment Strategist, shares how portfolio managers at the BlackRock Investment Institute’s Midyear Forum remain l...
A bumpy ride upwards for global yields
02 Jun 2025
Contributed by Lukas
Investors now want more compensation for the risk of holding long-term bonds. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment ...
Staying nimble as energy policy pivots
27 May 2025
Contributed by Lukas
Growing power demand has policymakers rethinking the trade-offs between energy sustainability, affordability and security. Hugo Liebaert, part of...
U.S. risk assets still core to portfolios
19 May 2025
Contributed by Lukas
Moody’s U.S. debt downgrade highlights key challenges. Vivek Paul, Global Head of Portfolio Research at the BlackRock Investment Institute, explains...
Still selective as trade conflict cools
14 May 2025
Contributed by Lukas
We still see tariffs causing further contractions in quarterly activity but the cumulative impact may be more limited. Glenn Purves, Global Head of Ma...
Tracking the trade conflict disruptions
05 May 2025
Contributed by Lukas
The trade conflict, especially between the U.S. and China, is causing major economic disruptions. Nicholas Fawcett, Senior Economist at the BlackRock ...
Hard economic rules can bind quickly
28 Apr 2025
Contributed by Lukas
Economic rules can quickly bind U.S. policy changes when facing disruption, as seen in last week's trade updates. Michel Dilmanian, Portfolio Strategi...
When economic rules start to bind policy
21 Apr 2025
Contributed by Lukas
We have argued for a few years that mega forces, like geopolitical fragmentation, are transforming the world. U.S. trade policy is adding to this tran...
Our take on the U.S. tariff pause
14 Apr 2025
Contributed by Lukas
The 90-day pause of tariffs on most countries and exemption of key tech imports suggest the U.S. administration is taking some account of financial ri...
Evolving our views as uncertainty bites
08 Apr 2025
Contributed by Lukas
Wei Li, Global Chief Investment Strategist at BlackRock, explains why we trim our short-term tactical horizon to three months and reduce risk given es...
Finding a path through near-term volatility
03 Apr 2025
Contributed by Lukas
The U.S. has sharply escalated its trade protectionism. Glenn Purves, Global Head of Macro at the BlackRock Investment Institute, explains why we...
Doing the math on U.S. policy shifts
31 Mar 2025
Contributed by Lukas
Major U.S. policy changes have upped uncertainty in a world of structural shifts. Nicholas Fawcett, Senior Economist at the BlackRock Investment ...
Bright spots in global stocks
24 Mar 2025
Contributed by Lukas
The U.S. equity pullback has narrowed the performance gap with the rest of the world. Axel Christensen, Chief Investment Strategist for Latin Ame...
A disconnect with economic fundamentals
17 Mar 2025
Contributed by Lukas
U.S. recession fears have spurred a pullback in stocks yet economic conditions don’t signal a downturn. In this special edition of Market take,...
Big policy shifts reinforce higher rates
10 Mar 2025
Contributed by Lukas
Germany’s planned fiscal boost and the U.S. starting to levy hefty tariffs mark major policy shifts. Glenn Purves, Global Head of the BlackRock...
Leaning on the tactical in our views
03 Mar 2025
Contributed by Lukas
We think this uncertain policy landscape requires different views across horizons. Devan Nathwani, Portfolio Strategist at the BlackRock Investme...
Broadening out our pro-risk view
24 Feb 2025
Contributed by Lukas
We still think U.S. equities can outperform in 2025, led by tech, even as Europe’s start the year strong. Roelof Salomons, Chief Investment Str...
AI a key driver of the power outlook
18 Feb 2025
Contributed by Lukas
We see structural shifts like artificial intelligence (AI) transforming economies and driving energy demand. Chris Weber, Head of Climate Researc...
Tweaking our views yet staying risk on
10 Feb 2025
Contributed by Lukas
U.S. policy shifts and artificial intelligence advances have driven sharp market volatility so far this year. Michel Dilmanian, Portfolio Strateg...
AI mega force could be accelerating
03 Feb 2025
Contributed by Lukas
Recent developments in artificial intelligence (AI) have forced markets to rethink their AI assumptions. Paul Henderson, Senior Portfolio Strategist a...
U.S. earnings key for our overweight
27 Jan 2025
Contributed by Lukas
Corporate earnings beats have set the tone for the Q4 season in swing. Carolina Martinez Arevalo, Portfolio Strategist at the BlackRock Investment Ins...
Higher-for-longer the new consensus
21 Jan 2025
Contributed by Lukas
Long-term bond yields have jumped as markets have embraced our previously contrarian high-for-longer view. Michel Dilmanian, Portfolio Strategist at t...
Triggers to change our pro-risk view
13 Jan 2025
Contributed by Lukas
We are pro-risk to kick off 2025. Yet Wei Li, Global Chief Investment Strategist at BlackRock, discusses how we’re ready to evolve our view if polic...
Three investment lessons from 2024
06 Jan 2025
Contributed by Lukas
Wei Li, Global Chief Investment Strategist at BlackRock, highlights the three investment lessons from 2024 that are helping shape our outlook in ...
Diversifying our portfolio diversifiers
16 Dec 2024
Contributed by Lukas
We believe economies are undergoing a transformation that could keep shifting the long-term economic trend. Vivek Paul, Global Head of Portfolio Resea...
Staying pro-risk into 2025
09 Dec 2024
Contributed by Lukas
Structural shifts, like artificial intelligence, are reshaping economies. Wei Li, Global Chief Investment Strategist at BlackRock, discusses why we st...
Uneven earnings call for granularity
02 Dec 2024
Contributed by Lukas
Corporate earnings growth outside of the U.S. has been out of sync. Carolina Martinez Arevalo, Portfolio Strategist at the BlackRock Investment Instit...
Getting active to identify AI winners
25 Nov 2024
Contributed by Lukas
Major tech companies are spending billions on building out artificial intelligence. But will it pay off? Wei Li, Global Chief Investment Strategist at...
High-for-longer shapes strategic view
18 Nov 2024
Contributed by Lukas
We see a world shaped by supply, with structural forces set to keep inflation pressures persistent and interest rates high for longer. Devan Nathwani,...
Zeroing in on secular forces, not cycles
11 Nov 2024
Contributed by Lukas
Market-moving events can highlight structural shifts underway. Our investment leaders grappled with the implications of a world shaped by supply at ou...
Structural forces playing out now
04 Nov 2024
Contributed by Lukas
The Federal Reserve is set to cut interest rates again this week. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute, discu...
Seizing on fixed income swings
28 Oct 2024
Contributed by Lukas
U.S. short-term Treasury yields have risen and credit spreads have tightened recently. Michel Dilmanian, Portfolio Strategist at the BlackRock In...
U.S. earnings strength stands out
21 Oct 2024
Contributed by Lukas
U.S. stocks are hitting new highs – after a summer slump – as Q3 corporate earnings season kicks off. Carolina Martinez Arevalo, Portfolio St...
Our conviction in global stocks
14 Oct 2024
Contributed by Lukas
China’s share surge shows the upside of keying on opportunities in global stocks when clear catalysts emerge. Ben Powell, Chief Investment Stra...
Our anchor in choppy markets
07 Oct 2024
Contributed by Lukas
Markets have swung sharply this year on shifting narratives. Our anchor in these choppy markets: viewing this as a world shaped by supply – not a ty...
Real estate looks brighter after rate hit
30 Sep 2024
Contributed by Lukas
The outlook for the beaten-down global real estate market is brightening. Vivek Paul, Global Head of Portfolio Research at the BlackRock Investment In...
Policy focus sharpens in U.S. election
23 Sep 2024
Contributed by Lukas
The U.S. election outlook is coming into focus with election day just weeks out. Catherine Kress, Head of Geopolitical Research and Strategy at t...
Starting the tight policy unwind
16 Sep 2024
Contributed by Lukas
The Federal Reserve is set to cut interest rates for the first time since the pandemic. Jean Boivin, Head of the BlackRock Investment Institute, ...
Why U.S. equity gains can broaden
09 Sep 2024
Contributed by Lukas
U.S. recession fears and other factors have jolted markets. Natalie Gill, Portfolio Strategist at the BlackRock Investment Institute, discusses h...
Patience needed in the AI buildout
03 Sep 2024
Contributed by Lukas
Investors have started to worry about tech companies spending big on artificial intelligence. Carolina Martinez Arevalo, Portfolio Strategist at ...
Sticking with risk through turbulence
12 Aug 2024
Contributed by Lukas
Recent extreme market volatility shows the impact of sudden sentiment shifts and sharp position unwinds. Devan Nathwani, Portfolio Strategist of the B...
Rate cuts don't dull allure of income
05 Aug 2024
Contributed by Lukas
More central banks are starting to cut policy rates after their quick tightening during the pandemic. Natalie Gill, Portfolio Strategist at the BlackR...
Steering through market air pockets
29 Jul 2024
Contributed by Lukas
We see central bank policy expectations, equity factor rotations and currency moves driving the recent market volatility. Wei Li, Global Chief Investm...
Tech still likely to deliver on earnings
22 Jul 2024
Contributed by Lukas
A tech-driven pullback has hit stocks this month as investors piled into segments like smaller companies. Wei Li, Global Chief Investment Strategist a...
Waves of transformation
15 Jul 2024
Contributed by Lukas
The BlackRock Investment Institute believes the world could be undergoing a transformation on par with past technological revolutions. Jean Boivin, He...
Taking a page out of the EM playbook
08 Jul 2024
Contributed by Lukas
Developed market central banks are starting to cut policy rates. Axel Christensen, Chief Investment Strategist for Latin America at the BlackRock Inve...
Leaning into income in fixed income
01 Jul 2024
Contributed by Lukas
Total income has returned to credit thanks to higher-for-longer interest rates. Devan Nathwani, Portfolio Strategist of the BlackRock Investment Insti...
Sticking with U.S. tech surge
24 Jun 2024
Contributed by Lukas
We see a small group of tech winners leading stock gains as a feature of the artificial intelligence theme – not a flaw. We stay overweight U.S. sto...
Consensus forms at Outlook Forum
17 Jun 2024
Contributed by Lukas
There’s broad agreement among portfolio managers that a concentrated group of AI winners will drive returns over a short-term tactical horizon. Nich...
What we’re watching in 2024 elections
10 Jun 2024
Contributed by Lukas
Christian Olinger, Portfolio Strategist of the BlackRock Investment Institute shares why we stay overweight U.S. stocks heading into the election yet ...
Not your typical rate cutting cycle
03 Jun 2024
Contributed by Lukas
We see inflation limiting how much central banks can cut interest rates. Ann-Katrin Petersen, Chief Investment Strategist at the BlackRock Investment ...
Mega forces: infrastructure required
28 May 2024
Contributed by Lukas
Mega forces are creating major infrastructure needs. Christian Olinger, Portfolio Strategist of the BlackRock Investment Institute discusses why we fi...
Staying dynamic in our strategic views
20 May 2024
Contributed by Lukas
We stay dynamic on a strategic horizon to take advantage of sharp valuation shifts. Vivek Paul, Global Head of Portfolio Research at the BlackRock Inv...
Weak yen unlikely to end Japan’s rally
13 May 2024
Contributed by Lukas
We think the weak yen is unlikely to end the positive momentum in Japanese equities. Ben Powell, Chief Investment Strategist for Asia Pacific of the B...
Looking through the Fed’s signals
06 May 2024
Contributed by Lukas
Nicholas Fawcett, Senior Economist of the BlackRock Investment Institute, shares why we look to incoming data to determine where the Federal Reserve w...
Mega forces: why they matter now
29 Apr 2024
Contributed by Lukas
Geopolitical risk has escalated in the Middle East. The flare-up of tensions in the region and brief market fallout underscore that mega forces affect...
Higher bar for U.S. earnings to deliver
22 Apr 2024
Contributed by Lukas
U.S. stocks have slid from their highs as inflation proves sticky. Beata Harasim, Senior Investment Strategist of the BlackRock Investment Institute, ...