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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Portfolio Commentary

Apr 20, 2023

6:44 am

The manufacturing promise The Indian financial year concluded last month, and the headline indices saw a flat close in a highly volatile year. The broader market saw some divergence as the midcap 100 index closed with a return of 1.5%, while the smallcap 100 index closed in deep red with a negative 14% return. As…

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The Peaking of the United States of America

Apr 18, 2023

6:29 am

• US equities at 60-65% of the global equity market index looks to be emphatically peaking • The experience of the peaking of Japanese equities in late 1980’s and early 1990’s may be relevant • Emerging markets are substantially unrepresented in global equity portfolios given their share of global GDP • We continue with a…

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