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MARKET COMMENTARY

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Risk-off Sentiments and a Case for Consolidation

Nov 25, 2025

12:00 am

• Consolidation not collapse • US Labour market stronger than expected but the Fed may still cut • Russia/Ukraine talks push weakness into the oil market • French and UK budget challanges • Japan keeps pushing with growth • Rupee weakness has policymakers on the back foot Equity markets plunged 2-3% last week as investors…

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Someone Turned Up the Political Noise and Markets Heard It

Nov 19, 2025

11:23 am

• UK fiscal inconsistency pushes gilt yields higher and sterling lower • Elements of the US president’s popularity base begin to peel away • Protest participation is approaching levels where institutional actors start exhibiting a shift in behaviour • US data blackout impairs monetary policy visibility and raises policy error risk • Nvidia, major retailers,…

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Investment Strategy

Nov 18, 2025

6:33 am

• Indian Inc.’s Q2FY26 earnings better than expected so far; Earnings growth likely to pick up in H2FY26. • Midcap valuations have eased from September 2024 peak; their earnings growth relatively strong. • Protest participation is approaching levels where institutional actors start exhibiting a shift in behaviour • Long-term fundamentals for Gold and Silver remain…

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Tech Taps the Bond Market

Nov 11, 2025

12:00 am

Global Growth on Track… In the absence of hard US economic data, conviction about global economic growth remains elusive. Yet, as we noted last week, there are signs that global growth is trending in a positive direction. The latest US ISM Services survey came in marginally stronger than expected, providing a sharp contrast to the…

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