Portfolio Perspectives from the CIO Office: March 2024

In this month’s edition of Portfolio Pespectives, the key messages for investors are:

  • We remain late cycle but believe a “soft landing” is still plausible
  • The services sector, not manufacturing, has a more significant impact on the global economy
  • As long as the Services Purchasing Managers Index across the US, Eurozone, Japan and China remain above 50, a “hard landing” is unlikely
  • Retail spending continues to support the services sector because employment conditions remain strong
  • Inflation remains sticky and Central Bank interest rate cuts may take longer than the market expects
  • There is a risk that the Reserve Bank of Australia will have to raise interest rates
  • Consider adding Global Small Caps to your portfolio

To access the full Portfolio Perspectives for March 2024, download the PDF here, along with the charts & commentary.


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