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Executive summary

  • In the US, the recent murkiness in the economic currents likely puts a Fed turn out further than we had previously expected.
  • In Europe, our view is that inflation will fall sharply in coming months and that the ECB will stop short of raising rates beyond what is currently discounted by markets.
  • In the UK, forward-looking indicators suggest a meaningful slowing of inflation and lackluster economic activity, which should slow further as past monetary tightening gains its full traction.
  • In China, growth is on track for the 5% target this year with government officials intent on stabilizing growth and market sentiment.

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The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

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