The recent market environment has been shaped by geopolitical tensions, sector rotations and shifting growth expectations. As a result, global equity strategies with a growth bias have experienced a more challenging period in terms of relative performance. However, the current environment may create a combination of structural growth and more attractive valuations. We take a short look at how our DPAM B Equities NEWGEMS Sustainable actively managed fund has fared and discuss our perspective on its outlook.

Inflation is, by definition, a lagging statistic. By the time official CPI prints confirm that price pressures are rising or easing, markets have already spent weeks, often months or even years, trying to anticipate that outcome. That is why fixed income investors spend so much time on market-based measures of inflation expectations. They are imperfect, but they offer a forward-looking view of where inflation is expected to settle across different horizons. So before asking what inflation means for markets today, it is worth starting with how those expectations are measured, and how they help investors and policymakers judge the appropriate central bank response.

The strikes in Iran and across the Middle East carry severe human consequences for the region. For the markets, the key question concerns the potential impact on oil prices, inflation, growth and asset pricing.