Intellectual Capital

High rates and inflation are likely to drive slower global growth this year, while China’s disappointing recovery from COVID continues to weigh on trade; inflation should continue to fall, but the trajectory is uncertain given the stickiness of services inflation and the potential for geopolitics to disrupt the glidepath to a soft landing; multiples, meanwhile, have expanded and spreads have narrowed, presenting little room to absorb negative news; diversification and discipline are key.

This month, we discuss a renewed – but narrow – equity rally, credit spread tightening, and Japanese opportunities.

Expect the current AI-driven technology wave to follow similar patterns to previous waves, like the mobile wave and the cloud computing wave: it will change our lives and give birth to a fresh set of era-defining tech companies.

This month’s news roundup looks at the continued influx of private equity investment into London’s office sector, evidence of increased confidence in the UK’s commercial property market and a strong end to the year for high-value commercial and residential transactions.

This month we discuss a strong rally across fixed income and equity markets as peak-rate optimism turned the page on two months of market retreats.

From the continued growth in workers returning back to the office, to discounted prices for prime locations, this month’s news round-up looks at what is driving the high-demand for top-quality assets in London.

This month we discuss the rocky ride for equity markets as interest rates storm higher, the case for duration over credit, and the risk that war engulfs the Middle East and pushes up commodity prices.