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The strong rally in equity markets, both domestically and globally, appears to have lost steam as the progress on disinflation seems to have slowed particularly in the U.S. Inflation remains a key risk to investment markets in 2024. If the downward trend in inflation continues to stall, central banks are less likely to cut interest rates. This could have significant implications for company earnings and global economic growth in the second half of the year.

Can equity markets continue to move higher, then?

In this edition, Emmanuel Calligeris, Chair of the DWA Investment Committee, and Monik Kotecha, Chief Investment Officer of Insync Funds Management, offer their outlook on market valuations. They also touch on the U.S. fiscal deficit and its implications for global financial markets in the long term. Tune into this episode to hear their insights of recent equity market movements and the economic challenges faced by Australia.

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Welcome to the first Ground Control of 2024!

As we look back, 2023 ended with strong momentum, with both the equity and bond markets delivering solid returns. Just a few months ago, the investment landscape was fraught with concerns over "higher for longer" interest rates. With inflation on a downtrend, however, the spotlight has shifted towards the trajectory of rate cuts. Following a notable rally in both domestic and international equity markets as we enter 2024, we ask ourselves - what will be the forward paths of inflation and interest rates, company profits and market valuations.

In this edition, Emmanuel Calligeris, Chair of the DWA Investment Committee, and Grahame Evans, Director of DWA Managed Accounts, will offer their insights on the outlook for 2024. They will cover a variety of topics, including expected interest rate reductions in the U.S. and Australia; the economic implications of the U.S. election; Australia's vulnerability to global economic shifts – especially the potential impact of China's slowing growth; and India's rising significance as an economic powerhouse. We anticipate a stronger first half, followed by a more volatile second half.

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