Image:
Janet Mui, head of market analysis at wealth manager Brewin Dolphin
War is raging in Ukraine. The yield curve has briefly inverted. The Bank of America Merrill Lynch (BoAML) fund manager survey shows investors hold the most pessimistic economic view since 2008. Inflation is running at 8.5% in the US. The cost-of-living crisis is just starting, and the list goes on.
There is increasing doom and gloom in the investment community. We are turning more cautious on the macro-outlook and are raising defensive elements in portfolios, but it is too soon to be outright bearish....
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