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MARKET COMMENTARY

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More of the Same – Unfortunately

Jul 5, 2021

10:35 am

• US nonfarm payroll data shows solid growth and inflation • IMF forecasts a US 10-year yield of 1.9% by year-end • Risks to the upside in oil prices and the energy sector • Global warming still evidently out of control • Our strategy–long equities, short duration, and long value Global macro data continues to…

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Review of June and Q2 Asset Market Returns

Jul 2, 2021

1:06 pm

Review of June asset class returns US equities continued to lead equity market returns in June. US equities +2.2% contributed most of the Global Equity return of 1.7%. Asian markets were largely on the backfoot with a very modest return from Japan (+0.5%) and Asia ex Japan (-0.1%). Ongoing localised COVID related lockdowns, and a…

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Back to Normal?

Jun 28, 2021

11:12 am

• Singapore leadership’s vision of COVID as an endemic and not a pandemic gives us a glimmer of hope that we will finally overcome the challenges of the past 18 months • Greater mobility and interaction between people could further facilitate the move to a more vibrant global economy • Hopes of further momentum in…

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Much Fuss About Dots

Jun 21, 2021

10:39 am

• Markets reacted sharply to rising dots at the Fed • We find it difficult to square the near-term moves in long term US government bond yields with the likely direction of the markets over the medium term • Equities were overbought and vulnerable to the Fed news…but the medium-term still appears constructive • More…

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