Top Down: Cautious stance still warranted despite calm markets

26 May 2023

Every month, our Asset Allocation Committee meets to discuss and debate our market outlook. How has our asset allocation changed month-on-month? Here Sebastian Orsi, Senior Research Analyst, presents our views.

It’s only a few weeks since our last Top Down (26 April), so the broad themes running through markets are unchanged: the outlook for a ‘soft landing’ in the US, slowing but still high inflation, and earnings resilience. 
There has been relative calm within the US regional banking sector. The Q1 earnings season continued as it began, better than expected. Markets seem relatively sanguine about the potential for an agreement to raise the US debt ceiling, although nothing has been confirmed at the time of writing. 

With these tailwinds global equities have generated 3.7% returns in euro terms over the period. Fixed income markets have also generated positive returns, +0.2% for the euro aggregate bond market.

To explore our views, read our latest edition of  Top Down.


Previous editions of Top Down

Explore some of our previous editions of Top Down to see how our asset allocation views have changed this year.  

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