The Price of Capital is Trying to Tell us Something

Aug 17, 2026

9:20 am

Markets keep pretending the bond problem is about inflation and the Fed. It is not, or at least not only. The uncomfortable truth is that too many credible borrowers now want the same pool of capital at the same time. Governments are running deficits as if savings were limitless, while AI, defence, grids and energy…

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Investment Strategy

Aug 14, 2026

7:13 am

• Middle East risks remain elevated, keeping energy and shipping routes under pressure. • Middle East developments are a key risk to global inflation, even as growth remains resilient. • India’s economic activity remains resilient, while external account pressures have moderated. • Q1FY27 earnings are sustaining the recovery, while valuations remain reasonable. • We remain…

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A Goldilocks Window Opens – But How Wide?

Aug 11, 2026

11:06 am

Weak US jobs data and softer Asian inflation give the Fed some room, but that doesn’t essentially mean a policy pivot. We stay constructively positioned near-term but resist adding to US mega-cap concentration. In our view, Asian tech capex beneficiaries and industrial cyclicals screen better on a risk-adjusted basis. Long-end US yields remain the unresolved…

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The Age of Ambiguity

Aug 4, 2026

6:45 am

Markets can live with bad news. What they can’t live with is ambiguity regarding the rules. That’s the story of this month, and it’s the overarching theme whether it’s Washington or Beijing or Tokyo: the institutions we rely on to navigate war, inflation, and political risk are all, in their own way, choosing to say…

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