Merryn Talks Money Why Europe’s Banks and Energy Stocks May Lead the Next Rally with Blackrock's Helen Jewell
29 snips
Dec 8, 2025 Helen Jewell, International Chief Investment Officer at BlackRock with over 20 years in financial services, shares insights on why 2025 was surprisingly strong for global equities. She discusses the resurgence of European banks and the rise in energy infrastructure demands powered by AI. Highlighting selective opportunities, Jewell emphasizes the appeal of UK small caps and cautious optimism despite risks like market complacency. Her insights underscore the importance of diversification and strategic investing in the evolving landscape.
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Broad-Based, Fundamentally Backed Rally
- 2025's rally was unusually broad with 80% of major indices returning double digits across sectors.
- Markets repeatedly dipped then recovered, supported by real company earnings and deployed capital.
Why Investors Keep Buying Dips
- Buy-the-dip behaviour is sustained because fundamentals back earnings growth and companies hold real cash.
- Momentum players and higher investor capital create a psychological and monetary floor supporting dips being bought.
Deep Seek Drove Global Rotation
- The Deep Seek moment made investors realise the US wasn't the only AI story and prompted global diversification.
- Investors shifted into earnings growth plays like defence and valuation plays like European banks.
