Webinar: A new phase in global growth

Stock markets have performed well this year, driven by a strong recovery in company earnings.

We expect economic growth to remain robust, as consumers spend savings accumulated during lockdowns. Increased corporate investment should support growth over the medium term.

Inflation is likely to moderate from current elevated levels, though it is likely to settle at higher levels than we saw before the pandemic.

This economic backdrop, and modest earnings growth, should continue to help equities. However, performance is unlikely to be as strong as it has over the past year.

We expect bond markets to remain under pressure as central banks begin to normalise monetary policy.

Within equity markets, key themes we are focusing on include:

• Energy transition: governments are set to spend $30 trillion on renewable energy infrastructure over the next 15 years, creating exciting investment opportunities.

• Technology: the digital economy continues to grow and technology companies remain very profitable.

• The continued rise of China: despite near-term headwinds, rising incomes, focused investment and innovation mean longer-term prospects remain attractive.

• Private assets: we believe they can enhance risk-adjusted returns and provide access to opportunities that are not available in public markets.

The opinions contained herein are those of the author and do not necessarily represent the house view. This document is intended to be for information purposes only. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Cazenove Capital does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. This does not exclude or restrict any duty or liability that Cazenove Capital has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. Cazenove Capital is part of the Schroder Group and a trading name of Schroder & Co. Registered Office at 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For your security, communications may be taped and monitored. 

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James Brennan

James Brennan

Portfolio Director