Equity Market Review: Shaky momentum, nascent rotation

研报英文原文证据摘录

Equity Market Review: Shaky momentum, nascent rotation

Equity Research

Equity Strategy

5 June 2026

Equity Market Review

Shaky momentum, nascent

rotation

Momentum in AI/Semis feels more shaky. Given crowding in

European Equity Strategy

the space, upcoming liquidity events and policy risk into Emmanuel Cau, CFA

FOMC meeting, hedges seem wise with volatility near lows. +44 (0)20 3134 0475 emmanuel.cau@barclays.com

While it remains hypothetical, a US-Iran deal may amplify Barclays, UK

momo unwind and accelerate rotation into Europe & cyclical Magesh Kumar Chandrasekaran, CFA

laggards. +44magesh.kumarchandrasekaran@barclays.com(0)20 3134 5983

Barclays, UK

Emmanuel Makonga

Weekly market commentary +44emmanuel.makonga@barclays.com(0)20 7773 2593

Shaky momentum...Semis and memory-exposed stocks Barclays, UK  Equity Market Review

have largely driven the melt up in global equities ytd. But Arihanth Bohra Jain Our weekly pack contains key

their performance is starting to look extended, with MSCI charts on performance valuation +91 (0)22 6175 1406

World Semis index up ~50% over the past two months, the and technicals arihanth.bohrajain@barclays.com

second highest reading since Nov 2001. Fatigue is visible Barclays, UK

and support from fast money/CTA positioning, an

important driver of the rally since March lows, may be loosing steam given elevated levels now.

Meanwhile, a pickup in equity supply from large IPOs and capital raises in the Tech space will

suck in liquidity. On the macro front, the calendar is getting more eventful with key central bank

meetings in the next few weeks. Most notably, Kevin Warsh is set to chair the Fed for the first

time, when strong US activity data suggest the economy is running hot and high oil prices are

pushing up inflation.