Equity markets surge again, with S&P 500 reaching new highs, having delivered a return of 21.2% for 2019 year-to-date.
The Chindia strategy is being aligned more closely with that used in the successful Global Leaders strategy.
Global tailwinds along with domestic monetary and fiscal stimulus restore growth optimism, fueling sharp risk market rallies
The Indian government intervenes with the biggest tax reform of the past 28 years’ and the RBI is supportive with an additional 25 bp cut in early October.
US Federal Reserve (the Fed) cuts rates again, effectively reversing policy back to the September 2018 position. They confirm that more cuts going forward will be data-dependent.
Chinese equity markets were flat on the month, trade war rhetoric de-escalated with trade talks being put back on the table.
Heavy lifting by RBI and government backstops had a mixed impact on debt markets
Chinese equity markets continue to see heightened volatility and falling returns as trade wars between the world’s two largest economies escalate.
The trade war between the US and China continued to take centre stage for markets
Union budget & growth pangs spur treasuries, jar equities and credit markets, but leave currency unruffled