Waiting to embrace "risk on" - August Big Picture Call [video + AI summary]
- Speakers: Tian Yang (Head of Research) and Jonathan Petersen (Macro Strategist)
- The US labor market is cooling, and the key risk is that tariffs hit corporate margins and spur broad-based layoffs. So far, this is not the case and with most coincident data staying resilient, our base case is that the economy will muddle through. Outside the US, leading indicators for China and the Eurozone are improving.
- With the broader growth and global liquidity backdrop favorable for risk assets, we are waiting for confirmation from August labor market data before fully embracing a “risk on” asset allocation.
- The attached AI summary provides the key takeaways that can be read in less than 5 minutes.
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