We favor US stocks over European and Asian stocks due to macroeconomic tailwinds. The rate hike will be positive for companies with cash generation, good margins and pricing, so we overweight:
- Technology: it is cheap after the falls since the beginning of the year.
- Health: economic cycle approaching its favors, historically more defensive and with good fundamentals.
- Consumer discretionary: We are positive on services, travel and airlines, ahead of a record summer season.
- Renewables: due to rising energy prices and less dependence on Russia.