We expect to see a sustained economic recovery. While the ongoing supply chain challenges are posing some downside risks, stagflation remains a low probability scenario.

We retain our neutral stance on equities amid relatively stretched market valuations but expect Japan stocks to outperform. Meanwhile, we continue to seek defensive carry through credits as the upward pressure on treasury yields will likely weigh on the performance of sovereign bonds.

View the full November 2021 Research Report, please click here.

Disclaimer
Please read the full disclaimer here. This advertisement has not been reviewed by The Monetary Authority of Singapore.