Opportunity in a volatile world

Events over the past year have heightened our conviction that we have entered a new macroeconomic regime, fundamentally different from the past few decades in which globalisation and the technology revolution created very benign market and economic conditions. We uncover three key shifts in the markets. 1. Supply-side dynamics. 2. Potential for a recession. 3. Rising energy concerns. Against this backdrop, we offer our insights on global equities, global bonds and real assets and identify where opportunity may lie in this new, volatile world.