As inflation cooled, central banks transitioned from rate rises to a rate cutting cycle, monetary policies loosened and growth gradually slowed. Where do we see things going from here?

US policy initiatives are coming thick and fast. Europe’s under pressure from proposed tariffs and US/Russia discussions around Ukraine have unsettled its leaders.

Japanese equities have enjoyed strong returns in recent years. Have investors missed the boat? We think not and remain constructive on the outlook from here.