Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
Chief Investment Strategist
Summary: USD extended its slide for a second consecutive week as disinflation and peak rate narratives remain front and centre. This week’s US PCE data and Eurozone CPI should further reaffirm those trends, supporting a risk-on and dollar-negative sentiment. However, China momentum will get a PMI test and any reversals could propel the dollar higher once again.