
Amid conflict, disparity and market disagreement, equities march on
The global macro and market environment continues to be defined by a growing tension between surface-level resilience and more structural fragilities.
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The global macro and market environment continues to be defined by a growing tension between surface-level resilience and more structural fragilities.

Equity markets have continued to confound investors this year, delivering first half returns that many would have welcomed over the full year amid an energy shock that few could have foreseen.

It has been a month defined by a widening gap between resilient fundamentals and increasingly uncertain macro conditions.

Investment and commodity markets spent March whipsawed by daily developments in the Iran war, while nervously following President Trump’s daily running commentaries.

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While there has been market volatility to greet investors into the new year, we continue to maintain a relatively constructive view on risk assets and see scope for further gains in the year ahead.

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