Monthly report

September 01, 2023 - 1 min read

 

In this latest edition of our monthly report:

Recession or stagflation ?

  • Economic growth;
  • Emerging markets and energy;
  • Stagflation;
  • Where are we now?;

 

Assessment of the economic situation
The financial health of listed companies in the second quarter is better than expected. In the absence of any major news during the summer period, tourism is running at full speed, boosted by high oil prices.

  • The crisis in China continues;
  • Inflation eases in the economic data;
  • Jackson Hole;

 

Financial markets during the month
After a positive July, the market consolidated in August. Profit-taking, low volume and the FED’s ever-watchful eye on economic data left the door open to a further rate hike(s).

  • Techno stocks rebound again…;
  • The US 2-year rate briefly dipped back below 5%.;
  • Inflation-linked bonds and gold;

 

Comments on investment decisions
Investor positioning is around 50% equities. During the second quarter, institutional investors increased their equity weightings, but more recently, have reduced them. The market has been affected by these decisions in low volumes. Our neutral/defensive approach is justified.

  • Equities;
  • Bonds;
  • Precious metals, listed real estate (REIT);
  • Currencies;

 

Performance summary

  • Equity performances, and
  • Performance of bonds, currencies and commodities.

 

Click here to read our weekly financial markets update report.

 

Disclaimer
This document is solely for your information and under no circumstances is it to be used or considered as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. All information and opinions contained herein has been compiled from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy or completeness. The analysis contained herein is based on numerous assumptions and different assumptions could result in materially different results. Past performance of an investment is no guarantee for its future performance. This document is provided solely for the information of professional investors who are expected to make their own investment decisions without undue reliance on its contents. This document may not be reproduced, distributed or published without prior authority of PLEION Investment Adviser Ltd.