# Resilience With a Dose of Caution

Page: https://stenobird.com/podcast/rbc-s-markets-in-motion-617578/resilience-with-a-dose-of-caution
Text version: https://stenobird.com/podcast/rbc-s-markets-in-motion-617578/resilience-with-a-dose-of-caution.md
Podcast: [RBC's Markets in Motion](https://stenobird.com/podcast/rbc-s-markets-in-motion-617578)
Published: 2026-04-27T20:05:00+00:00
Episode link: https://www.rbccm.com/en/insights/markets-in-motion.page
Audio file: https://episodes.captivate.fm/episode/9f42ccf0-3e4a-4312-9e17-42deb0fbcffa.mp3
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JSON: https://stenobird.com/v1/public/podcasts/rbc-s-markets-in-motion-617578/episodes/resilience-with-a-dose-of-caution
Duration seconds: 445

## Resource

The big things you need to know: First, the three things that stuck out to us in our review of earnings calls last week included outlooks that emphasized resiliency but contained a dose of caution, the conversation on Iran war impacts (present and future) getting underway, and descriptions of cautious but stable consumers. Second, with US equities breaking out to a new 2026 high relative to non-US equities, we note that valuations suggest there’s room for this trade to run and that weak earnings revisions breadth is not a problem unique to the US. Third, funds flows are shifting back to Financials and Growth, which we think makes sense from a valuation and earnings growth perspective.

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## Transcript

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