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In this edition of Market Watch, Shamik Dhar, Chief Economist at BNY Mellon Investment Management, explores the persistent theme of divergence from 2023 continuing into 2024. Dhar delves into facets, including the weakening US labour market and geopolitical tensions around the Red Sea, that might mitigate the potential for a US soft landing.

In this week’s Market Watch, Shamik Dhar chief economist, BNY Mellon Investment Managementdelves into the comparative market and economic performance of the United States and Europe. Dhar underscores four pivotal factors contributing to the superior performance of the United States, namely consumer robustness, fiscal policy, global interdependence, and fluctuations in international trade behavior. 

The US dollar’s dominance is being questioned. But BNY Mellon Investment Management head of Asia macro and investment strategy Aninda Mitra thinks the currency remains untouchable.

In this week’s Market Watch Shamik  Dhar explores the recent boon of bond markets and bond yields, attributing this to  the markets realisation  interest rates will stay higher for longer. Moreover, Shamik Dhar teases his extensive research piece, Tidal Forces, on long term real interest rates. Find out more.

Rising bond yields are attracting increasing interest from multi-asset investors despite wider fears about inflation and the potential for economic recession, says Newton head of mixed assets investment Paul Flood

Against a much-changed backdrop compared with the past few years, Paul Flood, head of mixed assets investments at Newton, and Alison El-Araby, portfolio manager, look at the challenges and opportunities facing investors.

For years loose monetary policy meant companies could spend cash on essentially what they liked. But the return of higher interest rates has changed that, creating an environment in which income stocks shine, says Newton global income portfolio manager Jon Bell.