Q4 outlook: Pushing through bottlenecks
We are marginally more cautious as the Chinese economy becomes unsettled and supply-chain issues persist, but retain our belief that we are in the middle of the cycle, not approaching the end.
Over the next few months, the inflation outlook is set to be dominated by what happens on commodity markets.
After cruising along for months, the S&P 500 saw a correction in September. Several narratives are intruding on what had been a sanguine outlook for global equities and a postpandemic recovery, which clearly will determine how we position ourselves into year-end