Global economic conditions remain resilient, driven by AI CAPEX, boosting equity markets and pushing global bond yields higher.
Iran’s leverage in the Strait of Hormuz appears to be weakening, with regional trade routes showing a remarkable recovery via creative shipping methods.
Meanwhile, Australia faces an economic malaise characterised by persistent home-grown inflation, negative productivity growth, and too much government spending.
Investors should carefully navigate concentrated equity markets, monitoring total portfolio exposure to the 'AI factor', and continue to seek alternative investments with uncorrelated investment drivers.