0:00
233 was a year of a recession that never came, interest rates that went up far more than
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anyone was expecting, and a bond market which was frankly went from euphoria to panic and
0:10
back again. So it was an exciting year for fixed income. It's been a tough year with a lot of volatility but it looks like interest rates have peaked
0:19
and inflation probably is on the way down and therefore we're going to see a downward trend
0:24
for interest rates. That is good for markets. Ultimately we have increased interest rates
0:28
there's going to be a sort of lagging effect of that. So whilst we may get interest rate cuts next year
0:33
particularly you're going to see more profit warnings, companies get into financial difficulties, some of the zombie companies are going bust
0:38
I think it's going to be a pretty uncomfortable world. But most particularly, I think what you will see
0:41
is capital intensive businesses start to do better. So already the Putsi 100 has already been pretty much the best
0:47
before we start market since September 2020, outperformed by the US just recently
0:53
but generally it's right there