Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
2026 Global Macroeconomic Outlook: clearer picture, better growth
Our 2026 macro outlook highlights key themes across global economies and commodities, what we'll be watching closely in the new year, and portfolio takeaways for investors to consider.
Takeaways from China’s NPC Meeting & upcoming drivers for Greater China equity market
In addition to the recent breakthroughs in AI and humanoid robot development, we observe other positive catalysts that further support the region’s market.
Five Macroeconomic Themes for 2025: a Global Economy in Transition
2025 is shaping up to be a year of transition. With that in mind, we explore five key forces that we believe will drive the global economy and markets this year. Return to this page periodically for additional timely insight and resources to help guide you through 2025.
2026 Outlook Series: Greater China Equities
Greater China equity markets registered a strong equity rally in 2025 to date, driven by technology breakthroughs, demand for localisation, go-global demand, and upward earnings growth revisions. We reiterate a positive view on Greater China equity markets going into 2026 as we believe Mainland and Taiwan are well-positioned to drive high-quality growth to the next level.
2026 Global Macroeconomic Outlook: clearer picture, better growth
Our 2026 macro outlook highlights key themes across global economies and commodities, what we'll be watching closely in the new year, and portfolio takeaways for investors to consider.
Asian Fixed Income: Are we at a turning point?
This outlook analyses the near-term tailwinds propelling returns in Asian fixed income, as well as the structural fundamentals and shifting geopolitical trends that could support the asset class over the long-term.
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