DWS: Optimistic about the AI capital expenditure boom, upgrades US stocks rating to "neutral"

```htmlGolden Ten Data, May 12th｜DWS Global Chief Investment Officer Vincenzo Vedda stated that the European market is more easily affected by supply concerns arising from the Iran conflict, while the US market greatly benefits from the AI capital expenditure boom. As a result, the rating for European stocks has been downgraded to "neutral," and the rating for US stocks has been upgraded to "neutral." He pointed out that factors supporting US stocks not only come from better profit outlooks but also include the possibility of a Fed interest rate cut, although such a cut may not occur until 2027. In contrast, the possibility of rate hikes in the Eurozone is currently higher. If there is no further military escalation in the Gulf region, strong performance is believed to provide additional support to the stock market. In the medium to long term, DWS remains optimistic about gold; gold prices are expected to continue being supported by several structural factors, including ongoing purchases of gold by central banks and persistent concerns regarding the outlook for the US dollar. However, if the stock market performs strongly and yields remain high, this may limit the short-term upside space for gold prices.```