Overview
We are cautiously optimistic on the global economic outlook shaped by central bank policy shifts, inflation moderation and geopolitical realignments. The Federal Reserve’s recent rate cut has prompted a more constructive stance on risk assets, particularly equities, with earnings resilience expected to drive returns. Inflation remains above target, but is no longer seen as a major threat to the Fed’s easing cycle.
Overall, while risks remain – from labour market deterioration to geopolitical tensions – the policy backdrop and earnings resilience support selective risk-taking and diversified positioning.