Week of 2 - 6 November 2026 | The great mid-term rotation

In this edition of Amundi's Weekly Market Directions:  

  • Over the past few weeks, we have seen a rotation away from US tech due to scrutiny of the massive capex and results of the US mid terms.
     
  • By contrast, global defensive sectors and some regions such as India posted gains.
     
  • This rotation underscores the importance of a global, diversified approach that avoids concentration in US tech.
     
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Monica Defend

Monica Defend

Head of Amundi Investment Institute

The strong rotation fuelled by the US mid-term election results and investor scrutiny of massive corporate capex, is a reminder of the need to diversify outside the AI theme across regions and sectors.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 9 November 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 9 November 2026

Doc ID: 6095804