market-commentary

MARKET COMMENTARY

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Stabilising the Unstable

Jul 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…

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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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