As much as bottom-up stockpickers say it is business models and cash flow not macroeconomic conditions that drive long-term share prices, there’s no escaping interest rates, inflation and the US election for anyone playing along in markets.
The big one in the near-term is the US Federal Reserve’s rate cuts. Rates markets expect a 25 basis point cut next week to kick off the downcycle, and follow on cuts in November and December to round out the year.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
