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Global equities extend rally as inflation cools for a fourth month
Developed market indices closed higher after softer core inflation prints reinforced expectations of an easing cycle beginning next quarter. Technology and industrials led gains, while defensives lagged.
Gold breaks new highs as central banks keep accumulating reserves
Official sector demand added a further 214 tonnes last quarter, keeping bullion well supported. Strategists see continued portfolio diversification into hard assets through the remainder of the year.
Investment grade credit spreads tighten to two-year lows
Strong demand for high quality corporate paper has compressed spreads, prompting managers to shorten duration selectively and rotate toward higher rated issuers.
Emerging markets see largest monthly inflows since 2021
A weaker dollar and improving earnings revisions in Asian technology names drove $18.4bn of net inflows into EM equity funds, with India and Taiwan the primary beneficiaries.
Energy transition capex reaches record $2.1 trillion
Grid infrastructure and storage accounted for the largest share of spending growth, a tailwind for electrical equipment manufacturers held across sustainable mandates.
Why balanced portfolios are outperforming again
With bond yields still elevated, the 60/40 construct is delivering positive real returns with materially lower drawdowns than concentrated equity exposure.