market-commentary

MARKET COMMENTARY

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Stuck in the Grey Zone

May 9, 2023

2:00 am

• Economic data points to robust growth and persistence of inflation • Bonds price recession – investor worry building in high yield spreads • Dollar weakness has helped gold to push higher • Emerging market may see the earlier peak in policy rates and be the first to benefit from a cut in rates. Recent…

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Investment Strategy

May 5, 2023

9:31 am

• Continued macro ambiguity as both growth and inflation remain elevated. • US corporate earnings have surprised positively but could enter an earnings recession. • Indian corporate earnings have been mixed so far. • In uncertain times, revisiting overall strategic asset allocation may be prudent. • A slowdown in private market deal velocity suggests more…

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No New Reign in Prospect for UK Asset Markets

May 2, 2023

9:17 am

A recent improvement in investor sentiment cannot disguise persistent structural weaknesses • UK economy has rebounded from its winter freeze • Structural challenges, though, leave the outlook quite uncertain • UK is struggling to position itself as relevant in the global economy • Interest rates have a bias to be higher than expected, which should…

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It’s a Fuzzy World

Apr 25, 2023

5:44 am

• The market is split between two distinct views on inflation – higher for longer and heading lower quite soon • Despite talks of a recession, global growth has surprised to the upside; and modestly, inflation too • US corporate results so far are much better than (downgraded) expectations • ETF flows suggest investors making…

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