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17 January 2023 Asset Allocation | Commodities | Credit | Equities | FX | Portfolio Updates | Rates | US

Asset Allocation Update: Turning Overweight Commodities and Neutral Equities

Bilal Hafeez

By Bilal Hafeez
3 min read

2023 has started with a positive tone. Most risk markets from equities to crypto are up, and we identify four driving themes:

1. Investors expect the Fed to end its hiking cycle soon. Both bonds and equities have rallied as a result.

1. China has abandoned its zero-COVID strategy and is doubling down on growth. This has seen Asian equities, commodities and China-linked FX perform well.

2023 has started with a positive tone. Most risk markets from equities to crypto are up, and we identify four driving themes:

1. Investors expect the Fed to end its hiking cycle soon. Both bonds and equities have rallied as a result.

1. China has abandoned its zero-COVID strategy and is doubling down on growth. This has seen Asian equities, commodities and China-linked FX perform well.

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