Dec 21, 2023 9:06 am
The performance marathon • There are several ways to skin the cat in equity markets, and not all of them are right all the time. • The fundamentals of the Titans portfolio continue to be solid. • If we break down the recent lag in the portfolio performance, it has primarily been because of non-participation…
Read MoreDec 19, 2023 8:59 am
• A dovish Fed meeting drives lower bond yields across tenors and countries • However economic data not universally supportive • Japan’s economy shows strength, but the BoJ still unlikely to materially move their current policy stance • Be careful in bond markets, limited near term value after the strong rally The doves at the…
Read MoreDec 16, 2023 10:49 am
• Global markets have rallied over the last six weeks, led by a decline in US inflation and a dovish Fed. • Concerns arise from the rising US fiscal deficit and upcoming high levels of speculative-grade non-financial debt maturities. • Chinese economy is stabilizing; Emerging market economies in Asia are looking strong. • • We…
Read MoreDec 12, 2023 8:44 am
• US economic data regains strength after recent loss of momentum • Fed meets this week but is unlikely to move policy or alter its messaging to the markets • European economic data is weak and gives ECB room to make an earlier-than-expected cut in interest rates • El Nino creates potentially large problems for…
Read MoreDec 5, 2023 8:35 am
November 2023 – A Quite Extraordinary Month Comment November was quite an extraordinary month when markets more than reversed the losses for October. We provide additional insights into the happenings in our monthly posted below. The one stand out was the market participants’ firm belief that the peak in inflation and policy rates is firmly…
Read MoreNov 30, 2023 10:42 am
India’s evolving housing landscape • From a sectoral perspective, Nifty Realty was the best-performing index and the only index to post gains, ending 5% up for the last month. • In our view, this is not a short-term upswing but a structural play in the Indian housing market. • Several factors have led to the…
Read MoreNov 28, 2023 8:50 am
• Extraordinary rally in risk markets over the month • Equities look vulnerable to profit-taking • Complacency evident in the equity market with VIX at 3-year low • US 10-year bond yield looks to have bottomed out ahead of Treasury auctions this coming week • German budget is disarray – eurozone growth at risk The…
Read MoreNov 21, 2023 7:37 am
• US CPI data beats expectations by 0.1% and markets rally • The markets have almost priced a perfect outcome of a soft landing and unwinding of inflation • It’s too early to judge how things will work out, but the loosening of monetary conditions could lead to an unwanted rebound in inflation • The…
Read MoreNov 17, 2023 10:02 am
• US Q3 2023 GDP number exceeded forecasts, but our outlook remains cautious. • Eurozone GDP contracted in Q3, 2023, poised to enter a technical recession next quarter. • China’s recovery remains lacklustre despite attempts at monetary revival. • The Indian economy continues to be resilient amid strong festive demand. • We expect Indian equities…
Read MoreNov 16, 2023 7:57 am
• Fed flip flops on guidance adding to the volatility of markets • US household inflation expectations on the rise • Equities recover a good measure of their recent losses but look vulnerable to cuts in earnings • US inflation report this week may add to the volatility • Latam serves up good news on…
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