With the S&P 500® hitting new highs, investors question if fundamentals or hype is fueling the rally. Despite uncertainty, the S&P 500 has delivered strong performance year to date. Its price-to-earnings (PE) ratio now sits at 22x above the nearly 17x long-term average. To some, that screams “overvalued,” but context matters.

BNY Investments Newton’s investment strategists Brian Blongastainer and Carolina Ortega explain why they expect to see a major acceleration in global infrastructure spending over the next decade, driven by new investment opportunities fuelled by the growth in artificial intelligence (AI).

We asked experts across three of our investment firms about the key themes that could be shaping the economy in the second half of 2025 and how they believe their asset classes may fare.

A lot has been mentioned in the financial media around whether the UK is a good place to invest. Newton’s David Cumming outlines some of the reasons he thinks UK companies are providing investment opportunities.

As Europe boosts defence spending in response to rising geopolitical tensions, the technological transformation of warfare is changing how that money is spent, writes Walter Scott investment manager Connor Graham. Now it’s more cybersecurity and sensors and fewer bombs and bullets.