Vol. 3Q24 – Newsletter

Pivotal Moments await both in China and the US – 3Q 2024

• Fed cut 50bps in September and are 99.7% likely to have a further 25bps cut in November. Is the rate cut justified? We try seeing it from macro data perspective in the Markets section.  On the US Presidential Election, do investors really want Trump to emerge the winner?  We compiled a list of S&P returns for all 16 presidents since FDR and share our three key observations in the Outlook section.

• Also, is this China’s “whatever it takes” moment?  We delve into the measures policy makers seemed determined to make the pro-market and pro-economy initiatives count this time.

We hope you will enjoy this read. Please reach out if you would like to discuss our funds further.