- Recovering corporate earnings, benign monetary conditions and prospects of rising dividends continue to support equity markets.
- Decision on Bond tapering in the US is not expected in the upcoming FOMC meeting in September due to the disappointing jobs data for August.
- US non-farm payroll addition of 235K jobs in August was drastically below forecasts of 750K.
- With economic growth beginning to moderate, earnings growth in 2022 would be more benign at between 9 to 10% in the US and Europe.
- We hold certain funds that pursue a quality/ growth approach in their strategy and they are expected to come back in favour.
- Overall we are positioning the portfolio for a more moderate growth environment and as such continue to take profits in certain parts of the equity market and build cash.
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