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Heartwood Investment Management's Strategy Review

Market Review  Global stock markets largely trod water over May and June with increased volatility and escalating trade-tariff rhetoric between the US and China. Bond markets continued to struggle even though risk aversion escalated in the latter part of June, while precious metals failed to capitalise on safe-haven demand. More resilient economic and earnings data, predominantly from the US, continue to drive the global growth backdrop. Output gaps and full employment indicators now point to a maturing, not peaking, economic cycle, which has been given added impetus by recent growth in capital expenditure and fiscal spending at a time when it...