Our Views

Overnight Market Brief – 20 January 2025

US core CPI rose 02% in December Month-over-Month, below consensus and November’s 03% Stocks climbed and yields fell as bets were reinvigorated that the Fed will cut interest rates sooner click here to download the PDF file  ...

Overnight Market Brief – 13 January 2025

US nonfarm payrolls increased 256,000 in December, above consensus of 165,000, while the unemployment rate fell to 41% click here to download the PDF file  ...

Overnight Market Brief – 6 January 2025

The US dollar surged to a two-year high against the euro and an eight-month high against sterling on Thursday after robust US jobs market data added to investor confidence click here to download the PDF file  ...

Overnight Market Brief – 30 December 2024

US continuing claims rose to 191 mn, above consensus of 188 mn, in the week ended Dec 14, indicating that unemployed are taking longer to find a job click here to download the PDF file  ...

Overnight Market Brief – 23 December 2024

US Core PCE index increased 01% in November Month-over-Month, below consensus and October’s 02% The monthly advance was the slowest since May click here to download the PDF file  ...

Overnight Market Brief – 16 December 2024

US core CPI rose 03% in November Month-over-Month, in line with expectations Shelter costs have cooled from the previous month click here to download the PDF file  ...

Quarterly Investment Outlook – Q1 2024

Patience has often been said to be a virtue In today’s markets, patience has the added benefit of making time work in your favor due to high interest rates Risk free rates are at levels unseen in a decade The more time that goes by, the more intere...

Quarterly Investment Outlook – Q3 2023

The last quarter saw markets delivering yet another period of pain to investors A surge in risky assets saw many market participants being caught out by extremely bearish positioning and rush to add to risk assets, only to see equities falling by ~7%...

Quarterly Investment Outlook – Q2 2023

Investors who were rushing out of equities to stay in cash came rushing back in as risk assets rallied against consensus expectations Bank failures in the US were contained by regulators and the US debt ceiling eventually found bipartisan consensus H...

Quarterly Investment Outlook – Q1 2023

Monetary policy is a very blunt tool and may be ill-equipped to deal with all the intricacies of something as large and complex as the US economy By raising interest rates aggressively to combat inflation, the Federal Reserve runs a high risk of brea...

Quarterly Investment Outlook – Q4 2022

2022 was a historic year, where numerous stocks once held to be darlings fell over 75% Worse, assets which were once thought to be safe also faced historic drawdowns as fixed income had its worst year in well over multiple decades As we go into 2023,...

Quarterly Investment Outlook – Q3 2022

The Fed Chair’s acknowledgement that economic pain may be required to bring down inflation stands in marked contrast to prior rosy projections of a soft landing While inflation may have indeed peaked, we remind investors that peak inflation is not ...