Macro and Markets Monthly July 2023

Aug 3, 2023

10:28 am

In the early part of the month, the financial markets had fretted that global growth bordered on a mild recession. However, several data points from the US brought comfort. A robust sector quarter GDP report and evidence of a rebound in industrial confidence had economists upgrading their 2023 growth forecasts. Inflation is well off the…

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Growth Challenges the Markets

Aug 1, 2023

5:11 am

• US economic data shows much more strength in growth than previously thought • Inflation data has been at the lower end of expectations, but may re-accelerate • A US 10-year bond yield of 4% is a challenge for US equity valuations • European equities look better value after the 10% relative correction • The…

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Look out for What they say, not What they Do

Jul 25, 2023

6:17 am

• The Fed should raise rates by 25bps and signal that they are not necessarily done • US economic growth appears to be re-accelerating • The ECB to follow the Fed and leave open the possibility of a further rate rise in September • The Bank of Japan is still in two minds about tightening…

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Portfolio Commentary

Jul 21, 2023

5:53 am

The Unmissable in Stock Investing • There’s a systematic positive trend in the Indian economy and markets. • India’s pre-liberalisation corporate governance was in a state of disarray. • Liberalisation heralded a new epoch in Indian economics and corporate governance. • The Satyam scandal stirred the nation and necessitated a complete revamp of corporate governance…

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