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Waiting for the Tariff Hammer—But Markets March On

Jul 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…

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Investment Strategy

Jul 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…

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Big but not so Beautiful

Jul 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…

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Quarterly Review of Macro and Markets for Q2 2025

Jul 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…

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