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MARKET COMMENTARY

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How Can 0.1% Feel So Good?

Nov 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…

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Investment Strategy

Nov 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…

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A Festival of Confusion not Light

Nov 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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Nothing is For Certain

Nov 7, 2023

10:22 am

• The market’s positive reaction to last week’s news flow was exaggerated by the closing of an enormous, short treasury position in the market • Given elevated volatility in asset markets now is not the time to take outsize risk positions • We see signs of weakening US growth, however the read through is not…

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