Investment Commentaries

Quarterly Investment Market Outlook (2024 Q1)

·Macro Economy:

Federal reserve signals green light for rate cut; US cyclical indicators signal economic downturn into contraction phase; Asian and emerging markets' economic outlook boosted by rate cuts and weakening dollar

Note: Please refer to corresponding Risk Disclosure statements.
·Asset Allocation:

US Stock Market - Caution marks the start of the year; European and UK Stocks - US economy still holds the edge over Eurozone and UK; Asian Stocks - Attractive valuations across the Asian region; Bond Market – Opt for higher credit-rated investment-grade bonds; Forex - Expecting the end of major Central Bank rate hike cycles, entering an era of rate cuts
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· Investment Focus:

Markets await Fed's rate cut, possibly in June; AI stocks sizzle in US market, seize long-term opportunities; focus on economic goals & policies from “Two Sessions”, capture benefiting sectors; Hong Kong stocks enter earnings season, choose top performers wisely

Note: Please refer to corresponding Risk Disclosure statements.
· FX Focus:

BOJ may consider comprehensive reform of its ultra-loose monetary policy, Yen supported mid-term; Euro pressured as European rate cut expected sooner than Fed; NZ reserve bank eyeing November for rate cut, supporting NZD
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