Momentum Investments have released their macro research note titled, Top ten surprises of 2024. Looking back, prepared by the Momentum Macro Research Team. Sanisha Packirisamy, Economist at Momentum Investments, provides a summary of highlights from the team.

With Donald Trump taking office, investors need to pay attention to which campaign trail promises become policy priorities. This will have implications for the economy, equities and bonds. In this article, Schroders experts consider the current state of play and lay out what they are watching most closely.
George Brown, Senior US Economist at Schroders, says, “We continue to find market expectations for the US economy too pessimistic. The consumer is in good shape and, with the labour market cooling rather than collapsing, household spending should continue to drive growth. US GDP numbers for Q3 2024 were revised up, and Q4 looks to have been pretty solid in terms of growth.”

George Cheveley, Co-Portfolio Manager for Ninety One’s Global Natural Resources strategy, explores the key factors that could shape the sector in 2025 and beyond.

As we look ahead to 2025, Sandile Malinga, CIO Multi-Asset at M&G Investments, unpacks the key considerations for South African investors.

“You don’t have to know a man’s exact weight to know if he’s fat.” Buffett’s point, which serves as a guiding principle for stock valuations, is that one doesn’t need precise calculations to discern whether the stock market is expensive or cheap. On a balance of probabilities, the returns from U.S. stocks over the medium—to long-term will likely be muted. Investors need to face the reality of this situation and asses different investment strategies they can utilise to navigate this environment. Simon Fillmore, chief investment officer at Independent Securities, outlines an equity strategy against the current macro environment.