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The US elections are taking place today, with many forecasting its outcomes. All eyes will be fixated on who the next president of the world’s largest economy will be and policies they will put in place. With policy reforms come global changes. These changes also have an impact on the local economy. We reached out to our local managers - through the assistance of our research team - to get their views on what the US elections mean for the local market and economy. Attached is a compilation of their responses. #USelections #SAEconomy

The US economy added 12 000 jobs in October 2024, well below a downwardly revised 223 000 in September and forecasts of 113 000. It is the lowest job growth since December 2020 when 243 000 jobs were lost, due to the impact of strikes at Boeing.   Source: Trading Economics, US Bureau of Labour Statistics   #USNonFarmPayroll #JobGrowth

Most US consumers still believe that high interest rates are weighing down homebuying conditions. This is according to a survey of consumers by the University of Michigan Institute for Social Research, based on a nationally representative sample that gives each household in the US an equal probability of being selected.  Source: University of Michigan, RTT News #USConsumerSentiment #Homebuyers

UK inflation has dropped to 1.7% and below the Bank of England’s 2% target. The last time the inflation rate was below the target was in 2021. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1% in October 2022. High inflation is one of the main factors behind contributing to the ongoing cost of living crisis in the UK. Source: Office for National Statistics, Statista #UKInflationDrops #UKCostOfLivingCrisis #GlacierInvest

Inflation is much cooler than it was in 2022, when the US economy was rebounding from the Covid pandemic. The US Fed is expected to continue reducing interest rates at future meetings to mitigate the degree to which borrowing costs are restricting economic growth - though stickier inflation may keep them from cutting rates in larger increments. Source: Bloomberg, Bankrate #USInflation #USFederalReserve

Offshore investing made simple. Glacier’s theme in the breakaway session at the Sanlam BlueStar Conference 2024 explored the many good reasons intermediaries should include offshore in their clients’ portfolios. Kritz Coetzee, Head of Glacier Business Development (South) unpacked the many benefits of diversification, foreign exchange and, importantly, exposure to a universe of more than 300 000 global funds. He demonstrated that participation in offshore markets is no longer debatable. Hildegard Wilson, Head of Investment Solutions at Glacier Invest illustrated how Navigate International provides easy access to offshore investing by taking all of the heavy lifting out of portfolio construction for intermediaries.  #SanlamBlueStarConference2024 #NavigateInternationalbyGlacierInvest

Sanan Pillay, FRM takes a closer look at hedge funds. Recently, some of the stalwart local hedge fund managers, such as Fairtree and X-Chequer, launched retail versions of their existing hedge fund offerings.   Please reach out to the Glacier Invest team for more information on the H1 2024 Fund Manager Insights.   #IndustryInsights #GlacierInvest #DFM #DiscretionaryFundManagement

Chinese policymakers have been trying to revive the economy without resorting to the stimulus China deployed in previous downturns. Growth has slowed to the worst pace in five quarters, testing the leadership’s tolerance for missing its annual target for the second time in three years.   Source: BNN Bloomberg   #ChineseEconomy #GovernmentSpending #GlacierInvest

Pearlene Govender, CFA highlights how, in emerging markets, managers continue to be constructive on India, focusing exposure on areas where they believe they can access strong growth at reasonable valuations.   Please reach out to the Glacier Invest team for more information on the H1 2024 Fund Manager Insights.   #IndustryInsights #GlacierInvest #DFM #DiscretionaryFundManagement

In this edition of our Industry Insights Report, Mothepu Mothae speaks about how most fund managers have turned positive on local listed equities. Specifically, they see ‘SA Inc’ stocks as ‘undervalued’ and offering more breadth (wider opportunity set) than global markets such as the US, where technology stocks have dominated market performance.   Please reach out to the Glacier Invest team for more information on the H1 2024 Fund Manager Insights.     #IndustryInsights #GlacierInvest #DFM #DiscretionaryFundManagement