Your Finance Update- March Summary
22 March 2023
Is this a bear market rally or are we off to the races?
The start of 2023 has been generally positive for markets. While the rally has been a welcome relief from the tumultuous market environment in 2022, the key question is whether the recent rally has legs or whether it is simply a bear market rally with more volatility to follow as we progress into 2023.
The market has been skittish over the past 12 months with any positive news on the inflation front, such as any sign that inflation is moderating, resulting in the market rallying. While the most recent rally has partially been driven by some evidence that we are closer to reaching peak inflation, we have also seen liquidity pumped into the market which has no doubt supported market returns. Central banks have been generally decreasing their balance sheets with key central banks such as the US Federal Reserve moving from a quantitative easing policy to a quantitative tightening policy. This has reduced the overall liquidity that’s supporting markets. However, we have also seen some central banks, notably the Bank of Japan (BoJ) and the People’s Bank of China (PBOC), add liquidity to markets in recent months, which markets have liked. We do not believe that this trend is structural and that the direction of inflation and potential impact on economic growth will be the key driver of markets as we progress throughout 2023.
Our base case remains that the third quarter of 2023 will be ‘d-day’ for markets as the direction which company earnings will take, due to the impact of higher interest rates, will be clearer. The most recent company reporting season suggests that there is evidence of slowing in demand, however this is not consistent across all sectors and companies.
Overall, we believe that market returns may trend sideways for the full year with a possible downturn later in the year. In such an environment being able to pick out the ‘winners’ from the ‘losers’ will be increasingly important as simply riding the broader market to generate returns will be more challenging.
Market Developments during February 2023
February saw the S&P/ASX 200 Accumulation Index finish negatively after its strongest month on record in January. The main driver of the negative performance was the persistently high CPI figures in the US and the evaluation of earnings season in the Australian market. Utilities (+3.4%) and Information Technology (+2.7%) were the top performers, whilst the Materials (-6.6%) and Financials (-3.1%) sectors were the biggest laggards in the month.
The Utilities and Information Technology sectors led all sectors as several companies reported robust earnings or positive corporate actions (i.e., Origin Energy). In contrast, the Materials and Financials sectors were the worst performers as concerns around the global macroeconomic outlook and policy response, coupled with the evaluation of earnings reports resulted in selloffs within these sectors.
Investors continued to grapple with the inflation-driven interest rate outlook facing central banks globally and the implications that this may have on the future economic outlook.
Resilient economic data in February resulted in a rise in bond yields and a decrease in equity markets. With renewed inflation concerns, US equities stumbled with the S&P500 declining 2.4% during the month.
The European Central Bank, Bank of England, and Federal Reserve announced rate hikes at the beginning of the month. The overall message from their accompanying statements was that inflation remains excessively high despite recent declines and that central banks must continue their efforts.
Economic data suggesting a postponed recession prompted investors to adjust their forecasts for the peak in interest rates and future rate cuts, given the potential lengthier route to target inflation.
Despite the typical positive correlation between robust economic data and stock market performance, equity markets had priced in anticipated rate cuts and were more dismayed by the possibility of reduced monetary easing than they were encouraged by the delayed recession.
Across the globe, a rebound of consumer confidence helped the Eurozone stay positive with the FTSE 100 returning 1.8% and the DAX 30 returning 1.6%, while the Hang Seng Index fell 9.9% driven by escalating geopolitical tensions.
In a continued bid to reduce inflation to target levels, the Reserve Bank of Australia has raised the cash rate for a ninth month in a row, with a 25 bps increase announced in February. This brings the current February cash rate to 3.35%. Meeting minutes noted uncertain global outlook, upward surprises on inflation and wages, and the substantial increases in rates so far. The bond market reflected the rate rise with yields rising over the course of the month. Australian 2Yr and 10Yr Govt Bond yields rose by 49 bps and 30bps, respectively, leading to the Bloomberg AusBond Composite 0+ Yr Index to return -1.3% over the month. The Australian CPI inflation over the year to December 2022 was 7.8%.
Globally, fixed income markets were much the same. The US. Federal Reserve announced another 25bps rate rise on February 1, bringing the target cash rate to 4.5%-4.75%. US 2Yr and 10Yr Bond yields rose by 41bps and 69bps respectively. Similarly, U.K. 2Yr and 10Yrs Gilt yields rose by 61bps and 37bps, respectively, following the BoE decision to raise the Bank Rate by 50bps.
REIT’s (listed property securities)
The S&P/ASX 200 A-REIT Accumulation index sold off in February after a strong start to the calendar year in January, with the index finishing the month -0.4% lower. Global real estate equities (represented by the FTSE EPRA/NAREIT Developed Ex Australia Index (AUD Hedged)) also regressed, returning -3.6% for the month. Australian infrastructure performed well during February, with the S&P/ASX Infrastructure Index TR advancing 1.9% for the month.
The Australian residential property market experienced no change (0%) month on month in January represented by Core Logic’s five capital city aggregate. Melbourne (-0.4%) and Brisbane (-0.4%) were the worst performers whilst Sydney (+0.3%) advanced during the month for the first time in twelve months.
Your Finance Update- February Summary
20 February 2023
Your Finance Update - February Summary
Positive start to the year - what more is to come?
Over the course of 2022 our message to investors has been simple. Markets are in a period of transition and with transition comes some pain. The rapid shift from record-low interest rates and liquidity-fuelled markets, to one of higher interest rates and central banks shrinking their balance sheets has impacted markets. This has been coupled with the ongoing effects of Covid on economies, notably China and the unexpected conflict in Ukraine. Both events contributing to rising inflation which has been the topic du jour for all of 2022.
What can we expect from markets in 2023?
We should hit peak inflation in 2023. Central banks around the globe have been aggressively raising rates to curb inflation. In Australia, the December CPI figure hit 7.8% with the cash rate target reaching 3.10%. Cyclical indicators have been broadly trending down and we are yet to see the full impact of rate rises on households. We believe that demand will show more material signs of slowing in the second and third quarter of 2023, which should see inflation stabilise.
Mild recession is a possibility
The inverted yield curve is suggesting that a recession is on the cards. Historically, recessions have occurred 12 to 18 months after the yield curve has inverted. While the likelihood of a recession is elevated, the relatively strong labour market is expected to reduce the risk of a deep prolonged recession. We do however expect segments of the economy to be hit harder than others, such as the construction industry, which has already experienced a downturn following rises in interest rates. Conversely Australia’s exposure to materials and the reopening of China from strict Covid lockdowns is expected to benefit things such as iron ore exports.
Company earnings to slow second half of 2023
We are yet to see the full impact on demand of interest rate rises. While the savings ratio has been declining as households increasingly dip into their savings, households are still spending, with travel spending being the big winner. However, our expectation is that we will observe a slowdown in demand in the second half of the year as many household budgets get a jump in their mortgage repayments as their fixed rate loans roll-off and they move towards the higher variable rate. This should see a slowdown in discretionary spending which should show up in company earnings later in the year.
Range trading market
Markets have started 2023 on a positive note. Some of acute issues that adversely impacted markets in 2022 have subsided. Energy prices, which rose sharply following the Russian invasion of Ukraine have fallen with European gas prices falling by over 27% in January alone. Furthermore, the consumer is still buoyant despite higher interest rates.
As 2023 progresses and the impact of rising rates makes its way through the economy and company earnings come under increased pressure, we may see the market pull back. Net-net it is plausible that 2023 may be a relatively flat market characterised by spikes in volatility both to the upside and the downside.
Market Developments during January 2023
The Australian market commenced the year convincingly, with the S&P/ASX 200 Accumulation Index rising by 6.2% and every sector finishing positively apart from the Utilities (-3.0%) sector. The gain represents the best start to the year since the inception of the Index. The Consumer Discretionary (+9.9%) and Materials (+8.9%) sectors led the market, as investor optimism around the future cash rate and inflation trajectory in an Australian and global context buoyed the broader market.
The Utilities sector was the biggest laggard as investors pivoted away from more defensive sectors in favour of more cyclical exposures. The Consumer Discretionary sector performed robustly as companies reported earnings. The Materials sector performed strongly as several commodities continued their recent rally on the back of the China re-opening demand. Further, the volatility in the Australian market was relatively subdued. Broadly speaking, the more ‘growth’ oriented and interest-rate sensitive sectors exhibited solid performance as investors weighed up the potential for central bank policy rate cuts in Australia and other global economies.
Global equities started on a positive note as optimistic views around inflation fed through to possibilities around a reduction in central bank tightening. Emerging markets outperformed developed market counterparts returning 3.8% (MSCI Emerging Markets Index (AUD)) versus a 3.0% gain according to the MSCI World Ex Australia Index (AUD).
Investor confidence was elevated during the month as global macro data surprised to the upside combined with China reopening earlier than expected. This was reflected by the Hang Seng Index and the CSI 300 Index, returning 10.4% and 7.4% respectively (in local currency terms) for the month. In the US, over a third of companies have reported, with earnings in aggregate being 0.6% above consensus and the S&P500 Index posting a monthly return of 6.3% (in local currency terms).
In Germany, the DAX 30 Index reported a gain of 8.7% for the month (in local currency terms) as it continued to benefit from the easing of supply disruptions, a decline in the risk of gas rationing and further fiscal support.
With no RBA meeting in January, there has been a pause on rate hikes, with rates expected to rise once again in February. This led to Australian 2- and 10- year Government bond yields falling by 23bps and 50bps, respectively. The fall in bond yields resulted in almost every fixed income sector being in the green, resulting in the Bloomberg AusBond Composite 0+ Yr Index to return 2.7% over the course of the month. Inflation has now risen to 7.8%, over the past 12 months to December, and CPI rose 1.9% this December quarter according to ABS data.
Subsequently the RBA increased rates at their 7 February meeting by 25 basis points to 3.35 per cent. The December inflation figures were cited as a factor in this increase and the RBA observed that GDP growth, a tight labour market and wages growth are also factors being taken into consideration when making interest rate decisions.
Globally, fixed income markets showed a mixed story, with US markets bracing for another rate hike in the next Federal Reserve Meeting on February 1. US 10-year Bond yields rose 37bps and US 90 Day T-Bill yields rose 30bps. In the United Kingdom, markets also await the return of the BoE meetings in February, with the current January bank rate sitting at 3.50%. Over January, U.K. 2 Year Gilt yields fell 11bps and U.K. 10 Year Gilt yields by 34bps.
REIT’s (listed property securities)
The S&P/ASX 200 A-REIT Accumulation index had a strong start to the calendar year advancing during January, with the index finishing the month 8.1% higher. Global real estate equities (represented by the FTSE EPRA/NAREIT Developed Ex Australia Index (AUD Hedged)) also finished strongly, advancing 8.2% for the month. Australian infrastructure performed well during January, with the S&P/ASX Infrastructure Index TR advancing 1.9% for the month.
The positive start to the year is a welcome sight for REIT investors, as the listed property sector suffered a material decline in 2022. 2022 was the worst-performing year for REITs since the global financial crisis. Capital raising is expected to be a prominent theme in Q1 this year with the significant change in debt markets and cost of capital. In the global REITs market, we have already seen eight capital offering instruments in January, raising a total of $4.1bn in capital, in contrast to the $250m raised in December.
The Australian residential property market experienced a –1.1% change month on month in January represented by Core Logic’s five capital city aggregate. Brisbane (-1.4%), Sydney (-1.2%), Melbourne (-1.1%) and Adelaide (-0.3%) all performed poorly whilst (0%) stayed relatively neutral.
Your Finance Update - January Summary
18 January 2023
Your Finance Update - January Summary
2022 – What a Year! 2023 - What can we expect?
As the saying goes, “what a year!” As the world slowly emerged out of Covid lockdowns, two central themes have dominated 2022, inflation and geopolitics. Domestically the annual CPI figure has exceeded 7%. It has been a similar story across most economies globally. Years of low interest rates, central bank driven liquidity in the form of quantitative easing, severe supply chain disruptions caused by Covid lockdowns and the Russian invasion of Ukraine placing pressure on commodity prices have all contributed to the current inflationary environment. As a result, interest rates have gone up, with key central banks committed to raising rates until inflation shows signs of abating. The rising interest rate environment has fuelled volatility in markets, with no asset class spared, as assets have repriced for the higher interest rate environment. Needless to say, it has been a challenging time for diversified portfolios as equities and bonds have both sold off.
Additionally, as the market has tried to digest the prospect of higher inflation, we also witnessed a sharp rotation into sectors and stocks that were viewed as being beneficiaries of higher inflation. This is evident in the surge in energy stocks, with sectors such as healthcare and technology selling off irrespective of the quality of the company.
Despite the challenging market environment there have been some bright spots. Alternative assets have generally benefited from the increased market volatility and dispersion in returns. Unlike traditional assets, higher volatility is more conducive to alternative strategies, such as relative value approaches, as they can exploit market inefficiencies. Value-based investment approaches have also turned around a decade of underperformance relative to growth-style investing as growth stocks, which are viewed as longer duration assets, have been sold off. We have also seen many active approaches able to add value in this challenging period for markets as active investment managers have been able to sift through the market as assets have indiscriminately sold off. Finally, bonds which have been difficult to invest in for years due to the low interest rate environment are beginning to show signs of value as bond yields have risen.
In 2023 the themes of inflation and heightened geopolitical risk are expected to continue to be key focal points. However, the narrative will increasingly focus on the prospect of a recession as the impact of higher interest rates makes its way through the economy impacting households and ultimately demand which we expect will make its way to corporate earnings by Q3 in 2023.
At this stage our base case is not for a deep recession in Australia. However, on a global level Europe remains at greater risk of a deep recession as high inflation combined with energy security concerns resulting from geopolitical risks associated with the war in Ukraine continue to impact European markets. Central banks appear to be comfortable with the prospect of a recession as long as inflation is controlled. Against this backdrop we have been gradually neutralising our key active asset allocation exposures away from risk assets in favour of bonds.
The year ahead will be challenging with markets likely to range trade. Our dynamic asset allocation has added significant value over recent years as the decision to be long equities and underweight bonds was a relatively simple one. We expect that bottom up manager and stock selection will be a greater contributor to returns in 2023 as we continue to see increased dispersion in returns within asset classes as market volatility remains.
Market Developments during December 2022
The Australian market concluded the year with the S&P/ASX 200 Accumulation Index falling by -3.2% and every sector finishing negatively. The Materials (-0.9%) and Utilities (-1.2%) led all sectors, as the broader market ‘Santa Claus Rally’ faded in December and investors evaluated potential global macroeconomic uncertainty moving forward into 2023.
The Consumer Discretionary (-7.0%) and Information Technology (-5.4%) sectors were the biggest laggards as the prospect of further hawkishness from global central banks weighed on investors. The Materials sector was the most robust performer as commodities were relatively steady amidst China reopening optimism and higher gold spot prices. Despite the broader market sell-off, volatility was relatively muted as Australian investors repositioned themselves for 2023 after a strong month in November. In 2022, Energy (+49.0%) and Utilities (+30.0%) were the strongest performers, whilst Information Technology (-33.7%) and Property (-20.5%) were the biggest fallers. Overall, the broader market decline ultimately meant that the Australian market finished the year with a decrease of -1.1%.
Global equities ended 2022 with a monthly decline across most major indices. Emerging markets continued their relative strength against their developed market counterparts, recording a -2.6% loss according to the MSCI Emerging Markets Index (AUD) versus a -5.5% loss according to the MSCI World Ex Australia Index (AUD).
MSCI World Ex Australia Index (AUD) closed 2022 down -12.5%, and MSCI Emerging Markets Index (AUD) down -14.3%.
Across key global regions, there were few safe havens for investors to park their money, as the war in Ukraine, disordered supply chains, rampant inflation, and another year of Covid turned markets on their head. China’s CSI 300 Index had approximately one-fifth (-19.8%) of its valued wiped in 2022, followed closely by the USA’s S&P 500 index (-18.1%).
In its final meeting of the year, the Reserve Bank of Australia has again raised interest rates by 25bps bringing the target cash rate to 3.1%. Australian 2- and 10- year Government bond yields rose this month by 35bps and 52bps, respectively. The rise in bond yields resulted in almost every fixed income sector being in the red, resulting in the Bloomberg AusBond Composite 0+ Yr Index to return -2.06% over the course of the month.
The Australian unemployment rate however remains steady, supporting the growth outlook of the economy.
Globally, fixed income markets show a similar story, with US 10-year Bond yields up 27bps while US 90 Day T-Bill Yields remained relatively steady. On their December 14 meeting, The Federal Reserve raised the target federal funds rate to 4.25%-4.50%, with a rate hike of 50bps.
REIT’s (listed property securities)
Local and Global REITs sold off during December following two positive months. Domestically, the A-REITs index (represented by the S&P/ASX 200 A-REIT Accumulation Index) ended the month -4.1% lower. The index has returned –20.5% on a total return basis YTD to 31 December. Global REITs outperformed the local REITs index, albeit still experiencing a drawdown of –3.8% during the month. Domestically, infrastructure (represented by the S&P/ASX Infrastructure Index) has followed the trend in A-REITs, returning –1.44% in December bringing YTD performance down to 18.5%.
December was relatively quiet across the A-REITs sector. Some activity includes Dexus (ASX: DXS) announcing the sale of six properties with combined proceeds of $483m, two of which were trading properties. Centuria Industrial REIT (ASX: CIP) announced the settlement of a 50% interest in a portfolio of eight existing CIP assets for $180.9m to an investment vehicle sponsored by Morgan Stanley Real Estate Investing.
The Australian residential property market experienced a –1.2% change month on month in December represented by Core Logic’s five capital city aggregate. Brisbane (-1.4%), Sydney (-1.4%), and Melbourne (-1.2%) were the worst performers. Perth (+0.2%) was the only city within the five to advance. The %YoY change for Core Logic’s five capital city aggregate as of 31 December 2022 is –7.1%.
2022-23 Labor Government's Federal Budget: Building a better future
26 October 2022
On Tuesday, 25 October, the Labor Government delivered the second Federal Budget for the year, following the May election and change in government. The main themes of this budget were stated to:
- provide responsible cost-of-living relief that delivers an economic dividend;
- build a stronger, more resilient and more modern economy;
- begin the hard task of budget repair to pay for what is important.
Only a small number of tax measures were delivered in this budget, mostly making good on the pre-election commitments to strengthen the laws targeted at multi-national corporations and strengthen tax integrity.
The budget now forecasts a cash deficit of $36.9 billion (1.5% of GDP) for 2022/23, and a redistribution of expenditure signals the new Government's change in focus.
Key budget announcements
- No changes
- Electric car discount – exemption of electric cars from FBT and import tariffs.
- Taxation of COVID grants – additional grants listed as being non-assessable, non-exempt income.
- Thin capitalisation – a partial rewrite of the rules.
- Digital currencies – confirmation that digital currencies will be excluded from the taxation treatment of foreign currencies.
- Additional funding provided for ATO compliance activities.
- Audit cycle – the proposal for a 3-year audit cycle of SMSF’s will not proceed.
- Downsizer contributions – minimum age to decrease from 60 to 55.
- Residency rule changes – deferred from 1 July 2022 until the ultimate legislation receives Royal Assent.
- Paid parental leave – expanded from 1 July 2023, allowing either parent to claim the payment. Then, from 1 July 2024, the program will be expanded by an additional 2 weeks a year until it reaches 26 weeks from 1 July 2026.
- Child care subsidy – maximum rate to be increased from 85% to 90% for the first child in care. The rate will increase for all families earning less than $530,000 in household income.
- Regional first home buyer scheme – establish a fund to support eligible first home buyers in a regional area to purchase their first home with a minimum 5% deposit.
- Penalty units – increasing from $222 to $275 from 1 January 2023.
Electric car discount
The Government has announced that, from 1 July 2022, it will exempt battery, hydrogen fuel cell and plug-in hybrid electric cars from fringe benefits tax and import tariffs if they have a retail price below the luxury car tax threshold for fuel-efficient cars ($84,916 for 2022/23) and providing the car has not been held or used before 1 July 2022. Employers will still need to include these exempt benefits in an employee’s reportable fringe benefits amount.
Taxation of COVID grants
The following COVID related grants have been added to the list of grants eligible to be treated as non-assessable, non-exempt income (meaning business are not required to pay tax on them):
- Victoria Business Costs Assistance Program Four – Construction
- Victoria Licenced Hospitality Venue Fund 2021 – July Extension
- Victoria License, Hospitality Venue Fund 2021 – Top Up Payments
- Victoria Business Costs Assistance Program Round Two – Top Up
- Victoria Business Costs Assistance Program Round Three
- Victoria Business Costs Assistance Program Round Four
- Victoria Business Costs Assistance Program Round Five
- Victoria Impacted Public Events Support Program Round Two
- Victoria Live Performance Support Program (Presenters) Round Two
- Victoria Live Performance Support Program (Suppliers) Round Two
- Victoria Commercial Landlord Hardship Fund 3
- Australian Capital Territory HOMEFRONT 3 and
- Australian Capital Territory Small Business Hardship Scheme.
The only announced significant rewrite of taxation legislation under this budget is to the thin capitalisation provisions. These rules essentially limit tax deductions in relation to debt for certain cross-border investments where certain limits are exceeded.
Under current legislation these limits are the greater of the amounts allowed under:
- the safe harbour debt test
- the arm’s length debt test and
- the worldwide gearing debt test.
It is now being proposed to:
- replace the safe harbour debt test with a new test where debt related deductions would be limited to 30% of profits (using EBITDA — earnings before interest, taxes, depreciation, and amortisation – as the measure of profit)
- allow deductions limited under this new profits-based test to be carried forward and claimed in a subsequent income year (up to 15 years) and
- replace the worldwide gearing test and allow an entity in a group to claim debt-related deductions up to the level of the worldwide group’s net interest expense as a share of earnings (which may exceed the 30 per cent EBITDA ratio).
The Government has confirmed its intention to introduce legislation to ensure digital currencies are not taxed under the rules for foreign currencies unless a digital currency is issued by or under the authority of a government agency.
Additional funding provided for ATO compliance activities
While the Government has continued with its pre-election promise to crack down on multi-national tax avoidance and tax compliance by providing significant additional funding to a number of ATO programs, many of these programs apply to small businesses.
- As a result, it is anticipated that there will also be a significant increase in the number of small business taxpayers receiving additional scrutiny from the ATO under these programs.
The Government has announced it will not be proceeding with the 2018-19 budget announcement to allow self-managed superannuation funds with a good compliance history to have a 3-year audit cycle. Instead, the requirement for annual audits will remain.
The Government has confirmed it will reduce the minimum eligibility age to make a downsizer contribution from 60 to 55 years of age.
Under this concession, an individual can make a one-off post-tax contribution to their superannuation of $300,000 per person ($600,000 per couple) from the proceeds of selling their home (noting there are certain conditions that need to be met).
Residency rule changes
The previously announced self-managed super fund residency rule changes have been delayed from 1 July 2022 to a yet to be determined date, after the associated legislation received Royal Assent.
These measures are intended to extend the safe harbour for the central management and control test from a 2-year to a 5-year period and to remove the active member test from both self-managed superannuation funds and APRA funds.
Paid parental leave
The Government has announced it will expand the paid parental leave scheme from 1 July 2023 by making it more flexible. It will do this by making either parent able to claim the payment and both birth parents and non-birth parents eligible to receive the payment if they meet the criteria. Parents will also be able to claim weeks of the payment concurrently so they can take leave at the same time.
From 1 July 2024, the Government will start expanding the scheme by two additional weeks a year until it reaches a full 26 weeks from 1 July 2026.
Both parents will be able to share the leave entitlement, with a proportion maintained on a “use it or lose it” basis, to encourage and facilitate both parents to access the scheme and to share the caring responsibilities more equally. Sole parents will be able to access the full 26 weeks.
Child care subsidy
The Government has announced it will increase the child care subsidy rate from 85% to 90% for a family's first child in care and increase the rate for all families with less than $530,000 in household income.
The rate will lift from 85% to 90% for families earning with household earnings less than $80,000, and the subsidy rate will taper down one percentage point for each additional $5,000 in household income, until the $530,000 maximum limit is reached.
Families will continue to receive the existing higher subsidy rates for multiple children aged 5 or under in child care, with higher rates to cease 26 weeks after the older child’s last session of care, or when the child turns 6 years old.
Regional first home buyer scheme
The Government has announced it will establish a Regional First Home Buyers Scheme to support eligible citizens and permanent residents who have lived in a regional location for more than 12 months to purchase their first home in that location with a minimum 5% deposit. This will be limited to 10,000 places per year to 30 June 2026.
From 1 January, the Government will increase the Commonwealth penalty unit from $222 to $275.
For more information visit budget.gov.au. If you have specific questions about how this budget may impact you or your business, please speak with your local Boyce accountant.
Please note that the budget measures will only take effect once they become law.
WEBINAR - Economic Update with Thomas Pickett-Heaps
13 October 2022
On Thursday 13th October, Boyce Financial Services hosted a webinar with Thomas Pickett-Heaps giving an economic update.
Covered in this webinar was
• Market updates
• Macroeconomics theme shaping the market
• Portfolio construction
The webinar was recorded and can be viewed below.