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MARKET COMMENTARY

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The Last Good Quarter?

May 6, 2026

12:56 pm

Summary in plain terms: Stock markets are near all-time highs, but the economic backdrop is quietly getting worse — growth is slowing while inflation is about to become significantly more persistent. We think investors should tactically own technology and energy stocks, avoid longer dated government bonds, and prepare for a world where inflation will prove…

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Macro and Markets Review for April ’26

May 5, 2026

9:21 am

April was a month in which markets moved from hoping that the inflation shock would be temporary to accepting that policy may need to stay tighter for longer. Global growth momentum has been lost. Growth surprises have turned decisively weaker. Europe led the deterioration, and the aggregate G10 growth surprise index has now moved firmly…

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Rate Cuts Won’t Reopen the Straits

Apr 29, 2026

12:00 am

Markets enter the week facing the same unresolved equation that has characterised the past two months: a Gulf conflict barely eight weeks old, a Federal Reserve in leadership transition, and an equity market eyeing the certainty that the macro backdrop does not yet support. The temptation to discount the problems — to assume the ceasefire…

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Portfolio Commentary

Apr 27, 2026

6:31 am

Indian Equities: A pause in Leadership, not the end of it • India remains a structural outperformer vs broader EM despite near-term divergence • Corrections of 10–15% in a year have historically led to strong forward returns • Current phase is a reset in valuations and time, not a break in the cycle Indian equities…

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