Global Research Unlocked

Global Takes from the Investor Summit in Dubai

An interesting time to explore other shores
We recently hosted a two-day Global Investor Summit in Dubai. Panels as well as formal and informal discussions touched on everything from the investment merits of Dubai and the Gulf Cooperation Council (GCC) to US policy to evolving views on non-US markets. Michael Hartnett discusses his latest views on international markets and how investors are reacting to uninspired price action from US stocks. With so many investors coming in to 2025 with a US exceptionalism portfolio, US policy risk has them reassessing regional positioning. But risks for non-US markets aren't absent either and Michael discusses his preference for international even amidst tariff risks.
 
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Improving small biz could be good news for software but bugs lurk

Improved SMB macro positive for software but risks exist
Small businesses have faced challenges, from higher costs to difficult hiring to higher rates and mixed demand. The Bank of America Institute examines the bank's proprietary data to better understand the US economy. Based on data through February, the Institute found that for the first time in three years, deposit growth among small clients surpassed balance growth, a sign of improved profitability. Taylor Bowley from the Institute discusses what's driving that improvement but cautions that tariffs and other risks are important to watch. Brad Sills discusses how small business makes up the majority of revenues for several software companies, so the health of these businesses is critical. Sluggishness in small business profitability over the last several years means that improvements, should they persist, could boost growth for these companies. Brad also discusses why software companies catering to small businesses have certain advantages that companies with larger customers do not.
 
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Alternatives to US markets EMerge strong out of the ’25 gate

Tariff fears, years of US optimism create opening for EM
David Hauner has been bullish on emerging markets since the US Presidential inauguration, and that view has gotten more attention with performance of markets so far this year. Investors have been seeking out markets outside of the US and recent US policy uncertainty is one of the many factors causing this shift. David points to improvements in China and Europe, the inability for the dollar to rally further, off-sides positioning in EM, especially relative to the US, and still some positive catalysts ahead. He discusses markets where he still sees risks from tariffs as well as those where he believes investors may benefit from having exposure today. Hear why David believes that for EM in 2025, "things are really looking up".
 
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.