7th July 2026
BNP Paribas: View from the markets: Fair weather outlook
Increased US share issuance is a sign of equity market exuberance, with investors focused on the exceptional outlook for earnings.
By Chris Iggo, Chair of the Investment Institute and CIO for AXA IM Core, BNP Paribas Asset Management
Investors have benefitted from excess capital being returned to them in the form of share buybacks in recent years. And along with healthy dividend payments, this has supported equity market liquidity.
There may be some disruption to that because of an increase in companies going public, but US stock fundamentals remain very strong. The upcoming second quarter earnings season should confirm that.
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