Possible scenario
Equipment Supercycle
25% Chance
The grid buildout becomes a multi-year demand shock for transformers, high-voltage switchgear, power electronics, copper, aluminum, and engineering contractors. China’s domestic equipment makers benefit first, while global suppliers of grid components see order books tighten.
Initial impacts
- Copper Up
- 10-year Treasury yield Up
Secondary impacts
- Non-Energy Materials +1.3%
- Industrials +1.1%
- Utilities +0.2%
- Technology -0.2%
Portfolio impact
S&P 500+0.3%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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