Market Perspectives May 2024

03 May 2024

Welcome to our May edition of “Market Perspectives”, the monthly investment strategy update from Barclays Private Bank.

In our regular chapters below, we contrast the outperformance of currencies and commodities this year with the raging bull market in equities. As a more hawkish US central bank signals fewer, if any, rate cuts in 2024, can equities keep defying gravity for much longer?

Turning to bonds, shifting expectations around US rate cuts will be crucial to how much more yields climb. In the run up to the presidential election, the so-called term premium could play a bigger role.

 Finally, as extreme weather events proliferate and the world hots up, our latest sustainability chapter looks at how investors might try to limit the effect of climate-change risks on their portfolios. 

As always, we hope you enjoy the articles, and we thank you for entrusting us with your investments.

Jean-Damien Marie,
Head of Investments, Private Bank

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