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Are We Seeing Reflation?

October 14th, 2024

  • The urgency for US Fed fund rate cuts dissipates.

  • US growth and inflation data continue to surprise to the upside modestly.

  • The Chinese authorities tell a good story about providing support for their economy.

  • Should China follow through on its reflation initiatives, we expect global stock market leadership to shift to the cyclicals

  • There is room for outperformance from developed market cyclicals and consumer stocks linked to China.

  • Europe can only hope for an acceleration of rate cuts in the absence of looser fiscal policy. The ECB will deliver 25bps this week.



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