Axiome Quarterly Q4 2024
OCTOBER – DECEMBER 2024
Following September’s blow-out quarter, performances were mixed for December. Equities in general performed well but some interest rate sensitive asset classes suffered, and currency had a large impact on returns.
Varying macroeconomic conditions were the key driver of the performance differences. In the US, markets backed off the view that the Federal Reserve will slash interest rates over 2025 given ongoing strength in the US economy and upside inflationary risks following Trump’s election. In contrast, large cuts are still seen as necessary in New Zealand, Europe, China and most other countries given weak economic conditions.
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