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Macro and Markets Monthly – November 2023

Published Dec 5, 2023

November 2023 – A Quite Extraordinary Month Comment November was quite an extraordinary month when markets more than reversed the losses for October. We provide additional insights into the happenings in our monthly posted below. The one stand out was the market participants’ firm belief that the peak in inflation and policy rates is firmly…

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Portfolio Commentary

Published Nov 30, 2023

India’s evolving housing landscape • From a sectoral perspective, Nifty Realty was the best-performing index and the only index to post gains, ending 5% up for the last month. • In our view, this is not a short-term upswing but a structural play in the Indian housing market. • Several factors have led to the…

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No Cold Turkey

Published Nov 28, 2023

• Extraordinary rally in risk markets over the month • Equities look vulnerable to profit-taking • Complacency evident in the equity market with VIX at 3-year low • US 10-year bond yield looks to have bottomed out ahead of Treasury auctions this coming week • German budget is disarray – eurozone growth at risk The…

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How Can 0.1% Feel So Good?

Published Nov 21, 2023

• US CPI data beats expectations by 0.1% and markets rally • The markets have almost priced a perfect outcome of a soft landing and unwinding of inflation • It’s too early to judge how things will work out, but the loosening of monetary conditions could lead to an unwanted rebound in inflation • The…

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