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Portfolio Commentary

Oct 31, 2025

12:00 am

Macro resilience | Early earnings pickup visible So far in 2025, markets have been shaped by an earnings slowdown, heightened geopolitical tensions, and rising global economic frictions, including India’s own border challenges. Yet amid these headwinds, the country has displayed notable resilience across key macroeconomic indicators. The September quarter reinforced India’s macro resilience despite global…

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The Better News is From Asia

Oct 28, 2025

12:00 am

• US CPI marginally better than expected but still going higher • Threat of further US tariffs on Canada don’t help US CPI • Fed still motivated to cutting rates by 25bps this week • Japan politics positive for the markets • China delivers a plan for the future While US headline inflation came in…

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Gold Flourishes as GFC Like Cracks Emerge

Oct 22, 2025

8:22 am

• Gold – How about $11,000? • Gold price to M2 money supply ratio shows still more upside • The yellow metal’s outperformance versus equities is unprecedented, given equities haven’t fallen • Private Credit has its wake-up call – high-yield spreads widen • China’s Plenum set to spell out the long-term vision • France and…

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When the Good News Runs Out

Oct 16, 2025

6:00 am

• Markets were vulnerable given recent low voaltility • US’s threatened 100% tariffs on China would be playing with fire – there are early signs of a backdown • The world will remain vulnerable to China’s virtual monopoly on rare earth production • Global growth looks to be waning as capital investment growth starts to…

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