For equity investors who are selective and active, such disparity and potential mispricing create opportunities.
The macro trends we’ve observed following the pandemic signal that the era of synchronised global growth is over. A new regime has emerged in which growth cycles vary significantly and unpredictably worldwide.
Parts of the global economy that were once expected to drive global growth, such as China, have stalled. At the same time, markets that seemed on the verge of recession, like the US, have proved surprisingly resilient. Some regions remain in the doldrums.
