Markets have entered a more demanding phase.

Growth remains on the table, but the cost of sustaining it has increased. Record capex, the accelerated pace of artificial intelligence, and clearer signs of economic slowdown are reshaping how investors assess risk and return.

Beyond strong results, markets are now asking tougher questions about execution, capital discipline, and the ability to convert investment into lasting value. The gap between narrative and delivery has moved back to center stage.

In this week’s report, we examine how this shift played out across macro data, earnings season, and sector dynamics shaping global markets.

The full analysis is available here on our website.