Jul 31, 2025 11:26 am
Macro good | Micro to improve gradually The Nifty 50 extended its winning streak for the fourth straight month in June 2025, rising 3.1% to close at 25,517, marking its first close above the 25,000 mark since September 2024. Year-to-date, the index has returned 7.9% in CY 2025. Over the past 12 months, large-cap and…
Read MoreJul 29, 2025 9:30 am
• The markets are still focused on the positives, but we do not advocate extended risk-taking • Fed to hold rates despite President Trump’s visit complicating the narrative • UK-India shows the way forward on free trade • Japanese equities continue to march higher, ignoring the political noise • Cambodia-Thailand border disputes a challenge for…
Read MoreJul 23, 2025 11:00 am
• Markets seem to be stuck in some sort of a holding pattern as investors navigate tariff-induced uncertainty • US growth at hand surprises to the upside, but inflation remains a concern • Fed’s Beige Book paints a sober picture of the US economy amid concerns of trade-driven price pressures • Japan’s upper house elections…
Read MoreJul 18, 2025 5:21 am
• The market seems to be wanting to price in expectations that tariffs are still a distant challenge… is that wishful thinking? • Economic surprises have been to the upside with some houses upgrading global growth forecasts • Rate cuts are still likely even if the scale is may be modest in the US; the…
Read MoreJul 16, 2025 7:09 am
• Global equity markets resilience masks a backdrop of heightened volatility and uncertainty. • In the U.S., economic activity is slowing but has not yet collapsed. • India’s macro indicators remain mixed, with a pickup in demand crucial for sustained growth. • Valuations of Indian equities remain elevated, constraining future returns. • In our deep…
Read MoreJul 8, 2025 10:04 am
• Strong US employment reports deflate hopes for early Fed rate cut • A Big Beautiful Bill looks unlikely to set the US economy on an immediate growth trajectory • A slow start to the expected second half global economic slowdown • European and Asian equities still stack up as relative winners in the second…
Read MoreJul 3, 2025 11:34 am
Q2 2025 was marked by exceptional roller coaster of geopolitical and macro news flow.From tariffs to war in the Middle East and central banks cutting interest rates. The data shows that it was a quarter of marked good returns from most asset classes but it was also a quarter of exceptional worry and angst amongst…
Read MoreJul 1, 2025 10:15 am
The past few weeks have seen growing confidence priced into financial markets regarding forthcoming rate cuts by the U.S. Federal Reserve. This optimism stems from two core drivers: first, the evolving macroeconomic landscape, and second, mounting political pressure from the U.S. government urging monetary easing. As of now, futures markets are assigning an almost 100%…
Read MoreJun 24, 2025 7:07 am
• US attack on Iranian nuclear facilities adds another level of risk to markets • The reaction of oil prices will set the tone of markets with Straits of Hormuz threatened • Neither bonds or equities were over extended into this weekend’s event • The dollar and particluarly gold the early beneficiaries • From last…
Read MoreJun 17, 2025 9:42 am
• Israel Iran conflict injects more inflation into the global economy • Oil at risk of further upside wiping out the recent weakness and its benefit to asset prices • Fed is likely to signalits ongoing reluctance to cut rates • Bonds range trading – we remain short duration • UK equities make a new…
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