Global Macro Insights

The report highlights that the Middle East conflict is the dominant source of global market uncertainty, influencing inflation, growth, and hawkish central bank policies. Despite this, the firm maintains a positive outlook on select emerging markets and continues to track its 'global rewiring' thesis.

Key Takeaways

• 1.Uncertainty surrounding the Middle East conflict continues to dominate global economic outlooks, driving volatility and shifts in monetary policy expectations.
• 2.Central banks are becoming increasingly hawkish as inflation data show upward pressure from higher energy prices, leading to a potential end of the global easing cycle.
• 3.The firm maintains its 'global rewiring' thesis, observing a realignment of global trade and political relations, including shifts in US-China relations and defensive trade measures by the EU.

Table of Contents

• Summary
• General market and economic overview
• Outlook and positioning