Maggie Lake Talking Markets Episode 2: Is Energy The Trade of 2026? With Vincent Deluard.
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Jan 7, 2026 
Vincent Deluard, Director of Global Macro Strategy at StoneX Group, is a leading macro strategist known for his insights on market trends. In this discussion, he dives into Venezuela's impact on Latin American markets and why he believes energy is the standout trade for 2026. Vincent also shares predictions about a resilient labor market and a dovish Federal Reserve, while exploring hot tips on gold, China, and European fixed income. An engaging mix of current events and future forecasts awaits!
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Energy As 2026's Core Trade
- Vincent Deluard argues energy is his highest-conviction trade for 2026 due to underappreciated supply constraints and geopolitical shifts.
- He expects U.S. energy firms and oilfield services to benefit first from ramping production and required investment.
Prefer Services And Majors Over Spot Oil
- Position toward energy services and U.S. majors because multiples can re-rate ahead of realized production gains.
- Expect earnings to follow valuation repricing, so favor companies involved in actual drilling and capex.
Checks As Political And Economic Tool
- Deluard expects a deluge of fiscal checks from the Trump administration funded by tariff and tax revenues to boost consumption.
- He sees this as a political tool to shore up support and stimulate the economy ahead of midterms.