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Amidst an abnormally tranquil macro environment and elevated valuations, investors are asking whether the time has come to fade risk assets. The latest Global Outlook from Barclays Research argues that the answer is "no".

Ajay Rajadhyaksha, Head of Macro Research, and Aroop Chatterjee, Director, Head of FX Strategy, North America, discuss the outlook for Q3, as outlined in our recent publication Global Outlook: Hakuna matata. Our analysts argue that despite the abnormally tranquil macro environment, investors should resist the contrarian temptation to retreat from risk assets, in part because safe assets are similarly richly valued. "Equities might not be cheap, but vast parts of fixed income are far less attractive, and cash is not going to return much for a long time," Rajadhyaksha explains in the report.

The tranquil macro environment is a reflection of a benign economic outlook, a sharp reduction in European political risk, and the slowdown in U.S. inflation, which lowers the risk of a quicker-than-expected Fed cycle.
Ajay Rajadhyaksha, Head of Macro Research
About Global Outlook

Barclays’ Global Outlook, published quarterly, provides an assessment of all major economies and markets, and outlines recommendations for investors. Further views from Global Outlook: Hakuna matata are now available to Investment Bank clients on Barclays Live or on the Barclays Live App.

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Q2 Global Outlook

Global Outlook recommends investors stay the course on risk assets.

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