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CIO Insights 4Q24: In a Sweet Spot

The Value in Bitcoin Volatility

Trump 2.0 – Winners & Losers

Credit: Soft-Landing Until Proven Otherw

Credit:Soft-Landing Until Proven Otherwise

The ASEAN Portfolio

CIO Industry Guide: November 2024

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As the Fed continues to cut rates, Chief Investment Officer Hou Wey Fook foresees a soft landing that is constructive for risk assets

Dear valued clients, In the two quarters leading up to now, we have expounded our case that risk assets were in play. Going into 4Q, risk assets should remain in a sweet spot as the surprise 50 bps rate cut will increase the odds of a soft landing. Since then, bond and equity indices have trended upwards. More recently within equities, non-tech laggard sectors have started to outperform US Tech. Notwithstanding this, we stay convinced of our longer-term &ldquo;barbell&rdquo; strategy comprising secular growth equities on one end and income generating assets on the other. Even with the recent moves, Big Tech continues to shine in the growth end of our portfolio. Unlike the dot-com boom during the 1990s, the AI revolution today is being funded by free cash flow rather than debt. This is clearly demonstrated in the hyperscaler companies of Alphabet, Amazon, Meta, and Microsoft, which remain flush with cash from their well-established and profitable businesses &ndash; and we maintain that the AI revolution is in its infancy and holds immense growth potential. On the broadening theme, we like ASEAN equities as they will be a beneficiary of lower rates and a weaker US dollar. While they have been laggards for several years, it is now time for ASEAN equities to shine. On the income end of the portfolio, longer-duration, investment-grade bonds will provide constant cash flow, with potential for capital gains as the Fed embarks on monetary easing. We also go overweight on Singapore REITs for their attractive valuation and sound financial metrics. Last but not least, alternatives will continue to feature in our portfolio as gold, hedge funds, and private assets offer a non-correlating source of returns, or alpha. Do enjoy the read, and I wish you a fruitful final quarter of investing. 
Hou Wey Fook,&nbsp;CFA Chief Investment Officer Download the PDF to read the full 4Q24 CIO Insights report.

With the arrival of a new era of monetary easing, we believe the situation today mirrors that of 1995 &ndash; from both economic and technological standpoints

Asset Allocation 4Q24 – Sweet Spot

<div style="text-align: justify;">
The Fed easing cycle today mirrors that of 1995. The economic resilience and Fed cut, overlaid with game-changing technological advancements driving productivity gains, will be tailwinds for risk assets.
<ul>
<li>Gold, ASEAN equities, and Asia REITS will see strong momentum in an environment of falling bond yields and dollar weakness</li>
<li>Risk assets that demonstrate resilience in demand despite overall macro moderation and/ or beneficiary of falling bond yields will thrive amongst growth moderation without recession</li>
<li>Maintain preference for bonds over equities</li>
<li>Lower US treasury yields and dollar weakness benefits Southeast Asian economies</li>
</ul>
</div>
 Figure 1: Yen carry trade unwinding appears to be over &ndash; for now <img src="/iwov-resources/aics/images/AICS/CIOweb/202410/CIOInsights4Q24_AAFig1.jpg" alt="" width="955" height="457" /> Source: Bloomberg, DBS
&nbsp;
<div>Download the PDF to read the full&nbsp;Asset Allocation report.</div>
<div>Click&nbsp;<a href="../102024/CIOInsights4Q24.xml">here</a>&nbsp;for the full 4Q24 CIO Insights publication.</div>

Stay up to date with our comprehensive coverage of global industries

<div style="text-align: justify;">Trump's presidency forms the backdrop of this issue of the CIO Industry Guide.</div>
 
Trump 2.0
Lower taxation and deregulation to benefit energy and financials while placing pressure on domestic retailers as potential tariffs hikes lead to higher import costs.
Earnings Beat
Communication services, technology, and healthcare posted highest earnings beats in recent reporting season; S&amp;P 500 poised for robust earnings growth of c.13% in 2025.
Winning Streak
Fund flows into tech stay robust amid strong interest in artificial intelligence plays. Financials and consumer discretionary have also attracted significant inflows, ranking just behind tech.
Mixed Messaging
<div style="text-align: justify;">US economic resilience and upcoming festive season serve as tailwinds for consumption and tourism plays, but mixed macro outlook for China fuzzies the picture. Download the PDF to read the full report.</div>

We examine the cross-asset impacts of a second Trump presidency

Asset Allocation | Trump 2.0 – Winners & Losers

Red Sweep: Seismic change in US policies on the cards. The Americans have spoken. With Trump winning both the electoral college and popular vote, Americans have made themselves clear on who they want as the next President of the United States. The recapturing of the Senate means that Republicans are on course to vastly reshape Capitol Hill in the years to come while Democrats confront a looming existential crisis. Clearly, the election outcome shows that concerns over the economy and illegal immigration ranks high on voters&rsquo; agenda and so, expect significant policy changes to come as Trump assembles a new team to steer his presidency.
The Trump victory has already seen &ldquo;Trump trades&rdquo; going into overdrive with S&amp;P 500 up 2.5%, US Dollar Index (DXY) rallying 1.6% and UST 10-year yield up 16 bps. Expect dollar strength to stay as the markets price in higher bond yields on expectations of rising tariffs and bond issuances to fund the taxation cuts. A Trump 2.0 will bring sweeping policies changes and these are the likely scenarios:
&nbsp;
<ul>
<li>
<div style="text-align: justify;">Tax Cuts: To revitalise domestic manufacturing and jobs creation, Republicans are on course to lower corporate tax rates from 21% to 15% for US-based companies. This reduction in tax burden not only enhances the competitiveness of US companies, it also helps drive innovation as companies reinvest these savings into their businesses. The Republicans are also on course to expand the Tax Cuts and Jobs Act (TCJA) across all income levels, which will support US domestic consumption. However, such tax cuts come at a price. According to estimates from the Committee for a Responsible Federal Budget, the tax reduction for individuals/business and the extension of TCJA will translate to USD9.35tn increase in fiscal costs.</div>
</li>
</ul>
<div style="text-align: justify;">
<ul>
<li>Trade War: Trump&rsquo;s protectionist stance is set to be revived and this could encompass the imposition of a blanket 10% tariff on most imports, along with significantly higher tariffs of up to 60% on Chinese goods. This, along with renegotiations of trade deals like the USMCA, are expected to escalate trade tensions. On a global level, the IMF cautioned that the tariff hikes could potentially reduce global GDP by 0.8% in 2025 and 1.3% in 2026. But that said, we are also mindful that election rhetoric may not necessarily translate into actual implementation given the potential for retaliation from trade partners, and above all, Trump&rsquo;s transactional style of policy making. The situation remains fluid on this front.</li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li>National Debt: Republican sweep is expected to add a net c.USD7.75tn to the national debt from 2026 to 2035, driven by policies such as the extension of TCJA and a reduction in business taxes. To fund these taxation cuts, the Republicans will: (a) Increase revenue from tariffs, (b) Implement cuts to entitlement programs like Medicare and Medicaid which provide healthcare for seniors and low-income earners, (c) Eliminate energy-related tax credits used to incentivise renewable energy development. However, these initiatives will nonetheless be insufficient to offset revenue losses from the tax cuts.</li>
</ul>
</div>
<ul>
<li>
<div style="text-align: justify;">Geopolitics: Expect geopolitical fragmentation to deepen, with exporters to the US to experience margin pressure. But the eventual outcomes remain fluid given the likelihood of retaliation from US&rsquo;s major trading partners. Our economists, meanwhile, holds a sanguine view for Asia on the basis of the region&rsquo;s strong ties with US and China. The region&rsquo;s openness to trade and strong balance sheets will put them in good stead during Trump 2.0.</div>
</li>
</ul>
&nbsp;
Figure 1: AxJ and China equities performance <img src="/iwov-resources/aics/images/AICS/CIOweb/202411/241107CIOPFig1.jpg" alt="" width="1444" height="581" />
 Source: Bloomberg, DBS 
 Download the PDF to read the full report.

Keep abreast of market moving events with CIO's weekly bulletin

Multi-Asset Weekly: Global Equities Slump As Post-Election Rally Fizzles Out

Equities: Post-election rally fizzles out
Worries about interest rates see markets pull back. Markets have retreated off their highs post-Donald Trump&rsquo;s victory in the US elections. The Dow, S&amp;P 500 and NASDAQ were down 1.2%, 2.1%, and 3.1% respectively for the week, on worries that interest rate cuts might come slower than anticipated due to robust economic growth and a solid labour market in the US. European stocks also had a tough week with the STOXX 600 retreating -0.7%; healthcare stocks fell 3.0% post-Trump&rsquo;s nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human services.
Asia equities followed suit with the Nikkei 225, SHCOMP, HSCEI, and Hang Seng falling 2.2%, 3.5%, 6.5%, and 6.3% respectively last week. Market catalysts for the upcoming week include NVIDIA&rsquo;s earnings, as well as China&rsquo;s loan prime rate release, both of which are scheduled to happen on Wednesday (20 Nov). Japan will also release key macro data, including trade data on Tuesday (19 Nov) and October inflation figures on Friday (22 Nov).
Topic in focus: Lacklustre earnings season for Nikkei 225. We are approaching the end of the earnings season with c.98% of the companies having reported their earnings (as of 15 Nov 2024). Unfortunately, the results this quarter have been underwhelming with a mere 42% of companies reporting positive earnings surprises. This marks a significant decline compared to the previous quarter where 61% posted earnings beat. Utilities, financials, and health care sectors produced the highest positive earnings surprises at 100%, 71%, and 62% respectively.
From a sectoral perspective, we continue to advocate exposure to financials, especially Japan banks. After years of being bound by near-zero rates, the sector is poised for a turnaround as interest rates begin to normalise. This shift is expected to drive a meaningful improvement in net interest margins for Japan&rsquo;s banks. Japan megabanks are especially well-positioned to benefit from this trend due to their broader deposit bases which amplify the gains from widening lending spreads. As a result, net income and return on equity (ROE) continue to show steady expansion, driven by better returns from higher rates and a more optimised balance sheet. Additionally, Japan banks are responding to government pressure by unwinding their large holdings of equity stakes in domestic corporations. For example, MUFG and SMFG Inc have announced plans to divest JPY1.32tn (USD8.5bn) worth of strategic shareholdings in Toyota. This helps reduce risk exposure and free up the banks&rsquo; capital, enabling them to drive further growth.
Figure 1: Disappointing earnings season for Nikkei 225 <img src="/iwov-resources/aics/images/AICS/CIOweb/202411/241118CIOWeeklyFig1.jpg" alt="" width="694" height="385" /> Source: Bloomberg, DBS
 Download the PDF to read the full report which includes coverage on Credit, FX, Rates, and Thematics.

CIO Asset Allocation

Multi-Asset Weekly: Red Sweep Gives Global Equities a New Hope

Multi-Asset Weekly: US Equities Dip Under the Weight of Investor Sentiment

Multi-Asset Weekly: Rising Yields Halt Stock Market's Rally

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We see strong momentum in utilities, consumer staples, and healthcare

US Equities 4Q24 – Positioning for Fed Pivot

<div style="text-align: justify;">Significant sectoral rotation in preparation for Fed&rsquo;s pivot. This change in the Fed&rsquo;s policy stance triggered huge shifts in portfolio positioning during 3Q24 as data from EPFR Global shows investors rotating from tech-related sectors to defensive plays and domestic cyclicals</div>
<ul>
<li style="text-align: justify;">Utilities, consumer staples, and healthcare will see strong momentum in an environment of growth moderation and falling bond yields</li>
<li style="text-align: justify;">Earnings surprise came at c.80%, driven by strong momentum in technology, consumer staples and healthcare</li>
<li style="text-align: justify;">Tech sell-down on the S&amp;P 500 presents opportunities for investors to jump onto the AI bandwagon</li>
<li style="text-align: justify;">Broadening US rally and lower yields will also underpin momentum in US small caps</li>
<li style="text-align: justify;">Investors rotate from tech-related sectors to defensive plays and domestic cyclicals</li>
</ul>
Figure 1: US sectoral rotational in play <img src="/iwov-resources/aics/images/AICS/CIOweb/202410/CIOInsights4Q24_USFig1.jpg" alt="" width="1802" height="664" /> Source: EPFR Global, DBS
&nbsp;
<div>Download the PDF to read the full US equities report.</div>
<div>Click&nbsp;<a href="../102024/CIOInsights4Q24.xml">here</a>&nbsp;for the full 4Q24 CIO Insights publication.</div>

Brace for additional reductions and further cuts in the coming months

Europe Equities: When It Rains, It Pours

Bleak growth outlook. The European Central Bank (ECB) has cut its benchmark interest rates by 25 bps for the third time this year, bringing the deposit facility rate to 3.25%. The ongoing disinflationary trend was cited as the primary driver for the consecutive rate cuts. Driven by a sharper drop in energy prices and softer services inflation, Euro Area inflation continued its decline, falling below the ECB&rsquo;s 2% target to 1.7% in September, down from 2.2% in August. 
Meanwhile, the region&rsquo;s Purchasing Managers' Index slipped into contractionary territory. Core member countries, particularly those heavily reliant on manufacturing, are grappling with a mix of challenges, including rising competition and sluggish demand for key exports such as automobiles and capital goods. This has resulted in a slower recovery in exports and dampened investment sentiment across the bloc. Notably, Germany, Europe&rsquo;s largest economy, has downgraded its growth outlook, now forecasting a 0.2% contraction in 2024, a reversal from the previously expected 0.3% growth. This marks the second consecutive year of negative growth, following a 0.3% contraction in 2023. 
In light of these developments, we have revised our rate cut projections, now anticipating an additional reduction in 4Q24, followed by further cuts in the first half of 2025 to bring the neutral rate to 2.0%. There are also growing discussions within the ECB on whether rates should be lowered below neutral to further stimulate the sluggish economy. 
Earnings coming in short. Europe equities had a dismal start to October as the earnings season fell short of expectations, prompting downward revisions in forecasts. Of the 56 companies in the STOXX 600 that have reported earnings so far, 26 have missed expectations. As a result, the initial earnings growth forecast for FY24 has been slashed from 4.3% to 1.8%. Looking ahead, we anticipate that the 9% earnings growth forecast for next year will also be revised downward, given weak corporate guidance and ongoing headwinds from tariff negotiations. 
In response to the EU's decision to impose tariffs of up to 45% on Chinese-made electric vehicles (EVs), China's Ministry of Commerce has announced provisional anti-dumping measures on brandy imports from the EU. Additionally, China is conducting investigations into EU pork and dairy imports and is considering raising tariffs on imported large fuel vehicles. With China being EU's second largest trading partner, accounting for approximately 6% of total trade, these retaliatory actions are likely to create further challenges for European economies and corporations. 
Figure 1: Of Pork, Dairy and Brandy - China imports from Europe <img src="/iwov-resources/aics/images/AICS/CIOweb/202410/241024CIOP2Fig1.jpg" alt="" width="1444" height="581" />
Source: Bloomberg, DBS 
Delayed positive impact from China stimulus. China is a crucial market for many European industries. While Beijing's recent announcements of large-scale stimulus measures ignited some optimism, the lack of specificities has left uncertainty on whether China can restart its growth engine. Furthermore, overhang from China-Europe trade tariffs, coupled with US restrictions on technology exports to China, are likely to delay positive repercussions. 
French luxury giant LVMH reported weak quarterly sales, primarily driven by sluggish demand in China. Although semiconductor equipment maker ASML exceeded earnings expectations, it issued a cautious outlook due to the uncertain environment. According to calculations from Reuters data, approximately 10% of European corporate earnings are derived from China/Asia, underscoring the region's importance in contributing to Europe's economic fortunes. 
Energy prices a concern for the region. Ongoing turmoil in the Middle East is adding to volatility in energy markets with concerns mounting over potential threats to critical energy infrastructure in the region. As supply risks increase and climate uncertainties persist, the upcoming winter season could drive energy prices higher. This poses a significant risk to the global disinflationary trend and could limit the ECB's ability to implement further rate cuts which are crucial for supporting the region&rsquo;s slowing economy. 
Given these challenges, we maintain a cautious stance on European markets, particularly in light of economic headwinds and disappointing corporate earnings. However, we remain optimistic about long-term structural themes with quiet luxury, technology, and healthcare continuing to be our investment preferences, while renewables present fresh opportunities. 
 Download the PDF to read the full report.

We favour a selective approach and companies with strong underwriting growth

Global Insurers: Steer towards Growth Driven by Trump 2.0

Trump&rsquo;s presidency favours life insurers. With Donald Trump&rsquo;s second term in office, we expect rising interest rates and inflation, driven by his aggressive trade policies and increased pressure on European defence spending. These macroeconomic shifts are likely to have mixed implications for global insurers. For life insurers, a higher-for-longer interest rate environment is expected to provide some tailwinds. Rising yields on 10-year government bonds across major markets should support the sale of savings and investment-linked products and enhance recurring investment yields of insurers. Life insurance claims are less sensitive to inflationary pressures as life policies typically have longer durations and more stable claims patterns. Property and casualty (P&amp;C) insurers are likely to face greater challenges due to claim costs which are more exposed to inflationary pressures. This could pressure underwriting margins, particularly if inflation persists at elevated levels.
Eyeing policy stimulus in China. In China, the potential impact of rising tariffs under a second Trump term may be less severe than previously anticipated. While tariffs may increase pressure on China&rsquo;s export sector, demand from emerging markets and China&rsquo;s efforts to reduce its trade deficit could help offset the impact. Moreover, the Chinese government&rsquo;s ongoing policy stimulus measures are expected to provide substantial support to economic growth and market sentiment. The recent announcement of a RMB6bn debt swap plan, aimed at addressing bad debt in local government financing vehicles (LGFVs), is a key step in stabilising the financial system. Additionally, the planned capital injection into major China banks should facilitate loan book expansion, supporting economic activity across both public and private sectors. Combined with consumption-driven stimulus measures, these actions are likely to result in stable economic growth in China. Insurers in China stand to benefit from a reduction in concerns around LGFV and property risks, while an improved consumption outlook should support premium growth, particularly in the life and health insurance segments.
Selective names with robust growth and diversified business portfolio. We continue to favour Asia-Pacific regional and China insurers which are well-positioned to capitalise on secular growth opportunities in the Asia life insurance market. This sector is expected to outpace global peers in terms of growth, driven by favourable demographics and rising middle-class wealth. Additionally, insurers with strong ties to the high-net-worth (HNW) segment in Asia stand to benefit from an increasing customer base and closer connections across China and ASEAN countries. Any upside surprise in China&rsquo;s policy stimulus could further catalyse a re-rating of regional and China insurers. We also see attractive opportunities in global insurers with strong market positions and a balanced business mix that can pass rising claim costs to customers and maintain strong premium growth. Companies with significant exposure to Asia&mdash;particularly those offering attractive shareholder returns (dividend yield &gt;5%, plus share buyback)&mdash;remain our top picks in the global insurance space.
Figure 1: US/EU/JP 10-year government bond historical yield and DBS forecasts <img src="/iwov-resources/aics/images/AICS/CIOweb/202411/241120CIOPFig1.jpg" alt="" width="1444" height="581" />
 Source: Bloomberg, DBS 
 Download the PDF to read the full report.

Japan Equities 4Q24: Supportive Earnings

There and back again. The BOJ&rsquo;s surprise rate hike, resurgent recessionary fears, and a sharp unwinding of the yen carry trade sent Japan equities on a whipsaw, returning them to historic highs after briefly wiping out their gains for the year.
<ul>
<li style="text-align: justify;">Semiconductor and IT services sectors, as well as financials sector will see strong momentum from BOJ normalisation</li>
<li style="text-align: justify;">Increase in defence spending presents opportunities for the heavy machinery sub-sector within industrials</li>
<li style="text-align: justify;">Current elevated uncertainties and currency volatility will weigh on risk appetites and corporate investments in the near term</li>
<li style="text-align: justify;">Full-year EPS growth is projected at 13% and 18% for 2024 and 2025 respectively, outpacing historical averages</li>
</ul>
Figure 1: TOPIX valuations are below their 10Y averages <img src="/iwov-resources/aics/images/AICS/CIOweb/202410/CIOInsights4Q24_JapanFig1.jpg" alt="" /> Source: LSEG Datastream, DBS 
<div>Download the PDF to read the full Japan equities report.</div>
<div>Click&nbsp;<a href="../102024/CIOInsights4Q24.xml">here</a>&nbsp;for the full 4Q24 CIO Insights publication.</div>

Keep abreast of the latest equity research

Equities Weekly | India Equities – Opportunities Arise with Trump 2.0

<div style="text-align: justify;">India equities: Opportunities arise with Trump 2.0. India's growth continues to gain momentum, driven by key catalysts like infrastructure investments, efforts to enhance human capital, streamlined direct subsidy transfers, productivity gains from digitalisation, expansion into high-value-added sectors like semiconductors, and a growing presence in global value chains. This growth is expected to improve in quality, supported by stable macroeconomic balances and evolving trade dynamics. </div>
<div style="text-align: justify;">The Sensex recently fell to a five-month low, 10% below its 26 Sep peak, due to tepid earnings, foreign investor outflows, and inflation concerns. Trump's victory has disrupted the Asian market rally, with a strengthening dollar and rising bond yields. However, India may benefit from potential shifts in global trade dynamics. India was also less reliant on the pre-election Fed cuts and China&rsquo;s stimulus measures. </div>
<div style="text-align: justify;">Looking ahead, robust domestic liquidity and the possibility of interest rate cuts as food-driven cyclical inflation subsides present further opportunities. India&rsquo;s role as a major US services outsourcing hub and increasing focus on infrastructure investment from the market&rsquo;s large industrial firms are key growth drivers. To balance high valuations and capitalise on growth, we find small- and mid-cap funds appealing, especially to liquidity-rich domestic investors. Improved regulatory oversight could enhance risk management in these funds. </div>
<div style="text-align: justify;">Bifurcation in equity fund flows: Bifurcation continues in fund flows (as of 13 Nov) with Developed Market (DM) Equity Funds attracting USD60.6 bn of inflows while Emerging Market (EM) Equity Funds registered USD5.1bn outflows. Within the DM space, US Equity Funds notched its sixth consecutive week of inflows at USD55.8bn as markets anticipate pro-business policies such as deregulation and tax reforms after Trump&rsquo;s victory. In the EM space, China Equity Funds registered outflows of USD5.1bn as concerns over persistent deflation, weaker-than-expected industrial production, and fears of potential US tariffs erode investor confidence.</div>
 Figure 1: Sensex performance by market cap (Indexed)
<img src="/iwov-resources/aics/images/AICS/CIOweb/202411/241120EquitiesWeeklyFig1.jpg" alt="" width="1371" height="530" /> Source: Bloomberg, DBS Equity Research Highlights
<img src="/iwov-resources/aics/images/AICS/CIOweb/202411/241120EquitiesWeeklyTable1.JPG" alt="" width="954" height="824" /> Download the PDF to read the full report.

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For Chief Investment Officer Hou Wey Fook, a soft landing in the US bodes well for risk assets

Video 3Q24: Risk Assets in Play

<div style="text-align: justify;">In this video, DBS Chief Investment Officer Hou Wey Fook discusses the following: </div>
<ul>
<li style="text-align: justify;">Our call for portfolios to engage with risk assets has paid off this year, as reflected in the continued run in equities and the compression of credit spreads</li>
<li style="text-align: justify;">We see a Goldilocks economy panning out in the US due to tapering growth and inflation, resulting in a soft landing that will lead to the Fed graudally cutting rates</li>
<li style="text-align: justify;">We continue to advocate for excess cash to be deployed in well-balanced portfolios comprising public equities, bonds, and alternative asset classes</li>
<li style="text-align: justify;">Stay with quality companies with deep moats for equities, investment-grade with longer duration for bonds, and overweight gold and private assets</li>
</ul>
 Click <a href="../062024/CIOInsights3Q24.xml">here</a> for the full 3Q24 CIO Insights publication.

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DBS Chief Investment Officer Hou Wey Fook shares his insights for the coming quarter

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DBS Chief Investment Officer Hou Wey Fook highlights the importance of putting excess cash to work in portfolios for the final quarter of the year

CIO Insights 4Q24: In a Sweet Spot

The Value in Bitcoin Volatility

Trump 2.0 – Winners & Losers

Credit: Soft-Landing Until Proven Otherw

The ASEAN Portfolio

CIO Industry Guide: November 2024

CIO Asset Allocation

CIO Insights 4Q24: In a Sweet Spot

Asset Allocation 4Q24 – Sweet Spot

CIO Industry Guide: November 2024

Asset Allocation | Trump 2.0 – Winners & Losers

Multi-Asset Weekly: Global Equities Slump As Post-Election Rally Fizzles Out

Equity Strategy

US Equities 4Q24 – Positioning for Fed Pivot

Europe Equities: When It Rains, It Pours

Global Insurers: Steer towards Growth Driven by Trump 2.0

Japan Equities 4Q24: Supportive Earnings

Equities Weekly | India Equities – Opportunities Arise with Trump 2.0

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