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No Tantrum Just Taper

Oct 6, 2021

9:28 am

The first half of this fiscal year is now behind us. Indian equities are up about 20% over the last 6 months, despite the second wave. Economic activity has rebounded sharply, the same is reflected in resilient earnings as well. Market participants, including us, will be watching the trajectory of both the macro data and…

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All for Nothing

Oct 5, 2021

8:20 am

• Both equities and bonds end almost flat for the third quarter • EM equities the standout; China down 18%, India up 12% • Equities need some better news, and a potentially significant reduction in COVID restrictions would help • Japanese equities still have a lot of potential • Energy prices have further upside Although…

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The Fed’s Dots Go for Lift-off

Sep 28, 2021

6:55 am

• The Fed’s policy stance has undergone a subtle but significant hawkish shift • Bond markets noticed, and yields rose • The start of higher rates may now be in 2022, and not 2023 • US government shutdown talks gain momentum • Evergrande, no news is not good news Last Wednesday’s Fed meeting brought a…

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Not So Evergrande

Sep 22, 2021

5:54 am

• Evergrande situation deteriorates hitting markets early Monday • Market action in early trading in Asia suggests that the situation is threatening to run out of control. • Left to its own devices, a market-driven solution could cause serious systemic damage • The question of contagion leads to another pertinent question that the market will…

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