Economic Commentary – Q3, 2024

A change in cycle

The outcome of the US Presidential election is likely to have a significant impact on global markets but is not reflected in the valuation included with this report. We will be reflecting on the result in due course, but this current commentary focusses on events up to the end of October, rather than speculating on the outcome or the immediate impact of the results. Through the Summer and into Autumn, we have experienced escalating geopolitical tensions, inflation rates declining, steady GDP growth, robust employment rates and global central banks with divergent strategies.