The Private Office Winter Update

We are pleased to enclose our Winter Update covering the period from April to June 2023.

With the global fight against inflation ushering in higher interest rates, the economic environment has remained challenging. Growth in most regions is currently slowing or even slightly negative.

However, as this scenario had been so well signalled by central banks it was also highly anticipated by the markets, with lower growth expectations being factored into security prices. In spite of the tighter economic conditions, global share markets have continued to deliver positive returns.

In this update, we explore some of the drivers of the recent quarterly returns and commentary on the current exuberance surrounding artificial intelligence. We also provide context about the potential impact of recessions on investment returns.

In the feature article we highlight the rising threat of financial scams and the importance of remaining vigilant against them. We also highlight a few information hygiene habits which can help protect our wealth from bad actors.

Looking ahead, we are starting to see inflation pressures ease, both here and overseas. As this trend strengthens, we will eventually begin to see more stimulatory central bank policy settings aimed at supporting and boosting growth in 2024 and beyond.

We look forward to reporting on these developments and keeping you informed on how the markets perform in our Spring Update due out in October.

Please click here to read our Winter update.