"The bear case argued for homebuilders: sticky mortgage rates, worst affordability in 25 years, and aggressive price discounting threaten margins despite recent stock resilience."

"The constructive case presented for industrial and infrastructure cyclicals points to recovering transport indicators and multi-year project tailwinds, suggesting the cyclical economy is nearing a bottom."

"Ferguson's re-domiciling from the UK to the US created an index-forced selling dislocation unrelated to corporate fundamentals."