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MARKET COMMENTARY

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As Bad as it Felt

Jul 6, 2022

8:28 am

• Asset markets have a poor quarter • Equity losses focused on tech and economic sensitive sectors • Investment grade bonds maintain the momentum of losses seen in Q1 • High yield and Emerging market debt performs likely equity with heavy losses • Investors move into the third quarter fearing recession and hoping that central…

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One Swallow Does Not Make a Summer

Jun 29, 2022

8:50 am

• A positive week in the markets provides some stability but does not indicate that all is well • Growth data remains weak and inflation threatening • Central banks remain hawkish and vigilant • Government bonds in US and Europe find support and sit in a defined trading range • We are on wage inflation…

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Earnings – Afterall, it’s the bottom line that counts

Jun 27, 2022

9:03 am

The long earnings season has ended with decent performance amid challenging market conditions. The outlook, though, remains mixed as companies battle high input costs and supply-side issues. Total sales for the Nifty 200 universe grew 21% YoY, primarily led by Oil & Gas, Metals, Financial Services, and IT. EBITDA ex-BFSI increased 11.1%, marred by intense…

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Help Less Central Banks

Jun 21, 2022

11:03 am

• Central banks are all at sea with reactionary and often poorly signalled rate shifts • The probability of global recession steps up as economic data disappoints • Surveys of US smaller companies show unprecedented stress in the economy • Bank shares look vulnerable after performance that has been in line with the market •…

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