Housing

After a sharp five-year correction, China's top-tier housing markets will likely bottom out late next year. The rest of the country, however, will keep struggling with oversupply.

AI capex is supporting the global economy but also generating collateral damage for rate-sensitive sectors such as housing, as well as highly indebted governments. Maintain a benchmark allocation to equities for now and look to get more defensive next year.

The Fed hiked rates last week, but Fed officials expect this tightening cycle will involve no more than three 25-basis point hikes, contingent on inflation coming down quickly in 2027. We’re inclined to agree.

News flash: Young urban professionals are not gasping under the weight of an impossible rent burden. Investors should not be led astray by lightly examined popular narratives.