Quarterly report
Multi-asset rally is driven by lower rates and the focus shifts from inflation to growth
The outperformance by gold and rate sensitive sectors may signal a regime change. Volatility may continue due to diverging monetary policies and uncertainty
Key highlights:
- Central banks and markets shifted focus from inflation to growth
- Central banks ease as growth slows, resulting in bull steepening yield curves
- Growth disparities drive divergence in monetary easing cycles
- Equities rise, but recent shifts in performance signal a potential regime change
- Another layer of uncertainty that could hold volatility higher: US Elections
- Unusual (to recent history) asset class performance points to need to stay diversified
- Emerging Markets’ macro growth outpace developed economies, but selectivity is key
Published quarterly, this report covers:
- Key macroeconomic influences and their implications for financial markets
- Core drivers across asset classes – and what they are indicating
- Cross-asset analysis – expectations, risk premiums, return and risk, correlations and more · Implications for asset allocation and portfolio construction
- Market analysis provided exclusively via our indices, and LSEG and Lipper flows data – enabling apples-to-apples comparisons across asset classes and global markets
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