2023 Quarter 1
In addition to major central banks committed to fight inflation by raising interest rates, the fallout from recent stress in the banking sector will result in efforts by banks to boost their liquidity and a slowdown in lending which tightens financial conditions.
2022 Quarter 4
Caution and flexibility in portfolios are necessary and with higher yields on bonds, investors can earn better income ensuring less volatility in their portfolios.
2022 Quarter 3
Market volatility is set to continue until geopolitical risks as well as uncertainty over economic growth and monetary policy recede.
2022 Quarter 2
High inflation, central bank rate hikes, and the war in Ukraine contribute to market volatility, risk aversion, and the probability of a recession happening.
2022 Quarter 1
The impact of the war in Ukraine on global supply chains and inflation will contribute to market volatility and slow the economic rebound.
2021 Quarter 4
Local setbacks from COVID-19 may contribute to market volatility and temporarily slow the economic rebound in affected economies.
2021 Quarter 3
Broad progress is made in vaccine rollouts around the globe combating the pandemic for a return to economic normalcy.
2021 Quarter 2
Vaccine rollouts aid the re-opening process; pent-up consumer demand is unleashed; and additional fiscal policy measures are kicking in.
2021 Quarter 1
Vaccine rollouts, additional fiscal and ongoing monetary stimulus, pent-up demand will support growth in 2021.
2020 Quarter 4
The rollout of vaccines will allow for a return to a more normal world albeit the full benefits of this is not likely to be seen until 2023.
2020 Quarter 3
The duration of the pandemic is uncertain but policy stimulus, and pent-up demand argue for a solid recovery once the virus threat passes.
2020 Quarter 2
We expect economic decline to bottom-out in Second Half 2020 but global economic growth will not turn positive until 2021.
2020 Quarter 1
Among all the regions, Europe has been worst hit (so far) by COVID-19 and will likely experience a deeper output contraction than the US.
2019 Quarter 4
Given a backdrop of sluggish but positive earnings growth and heightened volatility in 2020, we remain quality-focused in our stock selection.
2019 Quarter 3
In our opinion, equity markets will be supported by global central banks providing monetary stimulus and a possible resolution to trade-tensions.