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Article | Global Markets Overview

Global Markets Overview: May 2023

By David Hoile | May 18, 2023

In this issue of Global Markets Overview, we examine current asset market pricing and positioning portfolios to minimize surprises.

Portfolio priorities for a surprise-free future:

  • Demand and supply conditions in the major advanced economies remain out of balance; inflation, interest rates, and growth are likely to remain volatile in 2023/24.
  • Asset market pricing implies a rapid fall in inflation to central bank targets, cuts in policy rates, and only a moderate slowdown in economic and corporate earnings growth. We think this understates the potential for higher than expected inflation, higher than expected interest rates, and/or lower than expected growth.
  • We believe diversity with downside protection and active management continues to be the best way to maximise the chance of investment success.
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Senior Director, Investments

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