SocGen raises equity allocation, says investors should buy the dip in gold

Societe Generale boosted its equity allocation to 55% from 50% and cut bonds to 25% from 30%, arguing resilient growth and moderately higher inflation support risk assets and that central banks are unlikely to derail the rally. The bank also made a major commodities overweight, raising the category to 20% from 5% on a multi-year infrastructure cycle and structural themes such as electrification, defense, AI, energy independence and sovereignty. Gold was specifically recommended as a buy-on-dips opportunity. The note favors U.S. equities, including S&P 500 equal-weight exposure, while also adding geographic diversification via China, Japan and the U.K. The call is broadly bullish for equities and commodities, but especially constructive on gold as a tactical entry point after weakness.