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Macro and Markets Review for May 2024

Jun 4, 2024

8:39 am

There was quite a dispersion of economic data surprises around the world through May. Europe was the positive standout, with evidence of ongoing improvement in economic growth. Japan’s economic data deteriorated sharply at least until right at the end of the month when retail sales beat expectations. However, generally through the month Japan saw disappointing…

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Peaking Markets Range Trade

May 28, 2024

11:42 am

• Market debate remains on stickiness of inflation and slow pace of US rate cuts • US market concentration in big tech signals potential problems, but the sector continues to deliver • Old economy stocks struggle • UK’s Independence Day general election US bank leaders’ statements of caution We generally don’t echo the opinions of…

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No Easy Bets Except Maybe in Tech

May 21, 2024

10:13 am

• We still worry about US stagflation • We remain positive on European equities – lower inflation helps • Chinese equities challenged by weak data, but government action in the real estate sector provides support • Japan disappoints on growth but equities helped by reform • NVIDIA quarterly results likely to show that growth momentum…

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Investment Strategy

May 15, 2024

9:34 am

• Fed almost rules out a rate hike; the market still expects two rate cuts, starting September 2024. • Geopolitical tensions escalated in the Middle East in April but now seem to have stabilized. • India’s PMIs are near all-time high, underscoring its economic resilience. • Q4FY24 earnings of Indian companies are broadly in line…

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