October 2024 - Monthly House Views

A multi-pace global economy

The global economy is set to slow over the next few quarters, but stark differences will persist between regions. Robust growth in the United States should ease as the jobs market comes off the boil. Meanwhile, industrial challenges and political uncertainty are impacting the fragility of the euro area economy, resulting in economies counting on a boost from falling inflation and synchronised rate cuts. Elsewhere, it remains to be seen whether China's latest stimulus package can reignite domestic demand. What does this mean for investors and how does it impact our asset allocation?