Investment Commentary

Surveys and hard data show the global economy growing at a healthy pace with minimal inflation risk. Activity accelerated in Q2 and our expectation of 3.4% GDP growth – marginally higher than last year – should be achieved in 2018. Although stronger US growth will...

The global economy remains on track for another year of strong GDP growth - currently estimated to be 3.4%.  After temporary influences dampened growth in Q1, the pace has picked up in Q2 although marginally weaker business surveys suggest momentum, particularly...

Financial markets had a volatile first quarter, with equities rising sharply in January on expectations of synchronised global growth and another year of exceptional corporate profitability. The technical correction triggered in early February by US wage data was then...

Global equities were shaken in early February by higher than expected inflation data and rising market interest rates.  After a largely straight run for over a year, exceptionally low levels of volatility suggested markets had become too complacent and consolidation...

Robust economic growth, low inflation and an accomodative monetary policy supported a strong momentum rally in risk assets in January. The S&P 500 - spurred on by US tax cuts - rose 150 points to 2,823, while other equity markets recorded more modest gains, with the...

For the first time since the financial crisis in 2008, the global economy enjoyed a period of synchronised growth in 2017. Leading indicators suggest that this momentum should continue in 2018. The improvement in economic conditions has driven company profits higher,...

The global economy is firing on all cylinders, and this appears set to continue in 2018.  With inflation still well below target, policymakers are keen to promote growth while gradually removing stimulus measures. The sharp increase in corporate profitability has...

Robust global growth, low inflation and negative real interest rates should provide a supportive backdrop for financial markets.  Global GDP is expected to accelerate again next year to 3.4% - well above the 2.5% achieved in 2016.  Although inflation remains below...

Synchronised global growth, low inflation, favourable financial conditions and higher corporate profits have supported risk assets for much of 2017. The linear rise on the S&P 500 continued in September with the index gaining 48 to close at an all-time high of 2,519. ...

The synchronised global expansion continued in August despite increasing tension between North Korea and the US. Most financial markets regained their composure by month end with the FTSE100 gaining 59 to 7,430.  The S&P 500 was unchanged at 2,471 – the narrower based...