Thematic Trends for H2

volatility is the big one here that impacts markets because of how it played out last year. So what this means for H2 is that we need to forecast what themes will be dominant in the coming six months and how they'll interact with each other. Will there be a US recession? Will the Fed pivot? Will Europe have enough natural gas? Will China's economy recover? These are the big questions that we're talking about right now. We can still assess whether the medium-term trends are pointing to positive or negative outlooks for the various assets that straddle these different thematic trends. Our top ideas for H2 are as follows.