Foreword by CIO
We are pleased to share our Mid-Year Investment Outlook report for 2024.
Earlier this year, we discussed the potential for the US economy to extend its recovery from the depths of the pandemic in 2020. We highlighted that any decline in the S&P 500 would likely be limited, advising you to invest in secular themes like Artificial Intelligence during periods of market weakness.
Looking ahead, the Fed’s interest rate decisions remain a top-of-mind concern for investors. While inflation has lasted longer than expected, it is projected to fall as service prices soften. Combined with a cooling US labour market, this could lead the Fed to cut rates towards the end of the year. Unless a recession or financial crisis intervenes, this will also likely spur the next leg-up in risk assets.
Nonetheless, we can still expect sporadic market volatility due to ongoing geopolitical tensions around the world, as well as the upcoming US elections. History tells us that such event-driven volatility tends to be short-lived, and often presents buy-on-dips opportunities for investors.
Our latest report includes in-depth insights into macro trends, asset class views and asset allocation strategies, equipping you with the knowledge to navigate the current investment landscape effectively.
It is also important to make tactical adjustments to your portfolios while keeping your long-term objectives in mind. I highly encourage you to speak with your Senior Client Advisor for tailored advice on managing your investment portfolio to capitalise on emerging market opportunities.
Here’s wishing you continued success in the second half of the year and beyond.
Dr Neo Teng Hwee
Chief Investment Officer
UOB Private Bank
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