Market Rotation

Mar 25, 2025

9:40 am

• Buy-the-dip helps US equities to edge higher, as other markets are quiet • US equities though, are hampered by challenging technicals and weak earnings revisions • Chinese equities slide as India improves • The Fed is on hold, maybe until the end of the year We observed a subtle shift in market dynamics last…

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Focus on What is Important

Mar 18, 2025

8:06 am

• The dip in equity volatility likely suggests investors are getting used to the unpredictability of US government policy making • Through the noise of US policymaking, it’s important to focus on key macro aspects of growth, inflation, and the dollar • US growth is under some pressure, consensus GDP forecasts are on the slide…

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The Logical in Amongst the Illogical

Mar 11, 2025

9:29 am

• President Trump’s erratic policymaking is taking its toll on growth and markets • It is difficult to see logic in Trump’s tariff actions, which can only increase inflation • Therefore, there is logic in investors switching portfolio allocation to non-US markets • There is logic also in worrying about higher inflation and growth, which…

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Investment Strategy

Mar 10, 2025

12:15 pm

• India’s macro and valuations are improving, but equities may remain under pressure in the absence of visibility of earnings recovery. • Large-cap valuations appear fair, while mid-and small-cap valuations remain above historical averages despite recent corrections. • Remain underweight on equities, with a preference for large caps. • Overweight gold amid strong central bank…

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