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Market Wobbles: Current Positioning & Performance

We are currently having a bit of a market wobble (as has been long overdue) driven by stickier inflation and renewed geopolitical uncertainty in the Middle East.

The risks of stickier inflation is a theme we have discussed extensively during our recent national roadshow and market updates. Most recently, we saw stronger US retail sales overnight, which followed much stronger employment data than forecast last week.  Markets are reacting by pushing rate cuts back to the end of this year, which makes it far harder for equity markets to hold current valuation levels (PE expansion driven by rate cut expectations).

The following charts provide more detail on how the current environment is evolving:

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