Important information
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All investing involves risk, including the risk of loss.
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.
The Dow Jones Industrial Average is a price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange.
Earnings per share (EPS) refers to a company’s total earnings divided by the number of outstanding shares.
The Federal Open Market Committee (FOMC) is a committee of the Federal Reserve Board that meets regularly to set monetary policy, including the interest rates that are charged to banks.
The FTSE 100 Index includes the 100 largest companies in terms of capitalization listed on the London Stock Exchange.
Inflation is the rate at which the general price level for goods and services is increasing.
Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers.
The MSCI Europe Index captures large- and mid-cap representation across a universe of developed market countries in Europe.
The MSCI Emerging Markets Index (USD), represents the performance of large and mid-cap stocks across 24 emerging market countries, all denominated in US dollars.
The Nasdaq Composite Index is the market-capitalization-weighted index of approximately 3,000 common equities listed on the Nasdaq stock exchange.
The Nikkei 225 Index is a price-weighted average of 225 top-rated Japanese companies listed in the first section of the Tokyo Stock Exchange.
A policy rate is the rate used by central banks to implement or signal their monetary policy stance.
The profitability of businesses in the financial services sector depends on the availability and cost of money and may fluctuate significantly in response to changes in government regulation, interest rates and general economic conditions. These businesses often operate with substantial financial leverage.
Purchasing Managers’ Indexes (PMI) are based on monthly surveys of companies worldwide and gauge business conditions within the manufacturing and services sectors.
The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The STOXX® Europe 600 Index represents large-, mid-, and small-capitalization companies across 17 countries of the European region.
In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.
The Tokyo Stock Price Index (Topix) is a free-float-adjusted market-capitalization-weighted index measuring the performance of large-cap stocks listed on the Tokyo Stock Exchange.
The opinions referenced above are those of the author as of July 25, 2025. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.