- FMCC’s breakfast talk “Investing in 2026: Risks, Returns, and What’s Next” saw investors urged to diversify beyond US markets.
- Speaker Jean‑Marie Mercadal highlighted Europe as a key opportunity, pointing to the potential for double‑digit earnings growth.
The France Macau Chamber of Commerce (FMCC) hosted a breakfast sharing session last Wednesday themed “Investing in 2026: Risks, Returns, and What’s Next” featuring Jean‑Marie Mercadal, CEO of Syncicap Asset Management.
Addressing FMCC members, Mercadal urged investors to broaden their focus beyond the United States, saying it is “time to diversify beyond American markets” as valuation and growth prospects are improving elsewhere.
Mercadal highlighted Europe as a key opportunity, pointing to the potential for double‑digit earnings growth. He also said Chinese equities look “historically cheap,” adding that emerging Asia offers further upside for investors willing to reassess regional allocations ahead of 2026.
Asked whether today’s rapid AI expansion signals a bubble, Mercadal drew comparisons to the dot‑com era but cautioned against a direct replay of 2000.
“It is comparable, but we are not in a bubble to the extent that it was in 2000,” he told participants. He noted that many headline internet companies at the peak of the dot‑com cycle were not profitable despite soaring prices, while today’s leading AI firms generally generate profits – one reason he believes conditions are less extreme.
Still, he warned that the industry’s shift toward more capital‑intensive models could increase market volatility. With AI agents multiplying – from Copilot and ChatGPT to DeepSeek – Mercadal added that competition may eventually narrow to a small number of survivors, prompting heavy investment by major players.
The session concluded with macroeconomic forecasts and a call to consider diversification, including exposure to rare metals. FMCC thanked Mercadal and the event’s attendees as well as venue sponsor Sofitel Macau at Ponte 16 for their support.
