The prevailing market narrative appears to be shifting. While the inflation outlook remains on the minds of investors and central banks, the growth outlook is now arguably seen as the most significant source of risk.

July has delivered a tough month for equity markets, compounding what was already a tough first half of the year. With concerns remaining around inflation and the increasing probability of a global recession we share our views for the Focus List in July.

Macquarie (MQG) is a quality business with the proven ability to position itself to take advantage of secular growth opportunities. We think the medium- to long-term opportunity for the Group is significantly stronger than other large cap financials on the market.

As central banks around the world joined a global rush to raise interest rates, we share how we’re balancing the risk/return profile of the Focus List as uncertainty around the risk of recession continues to bite.

Following last week’s hotter than feared inflation read, we explore whether inflation can be tamed without inducing a recession.

As household spending begins to normalise over the next 12 months, we look at the outlook for earnings in a post-COVID world.

May was a tricky time to be an Australian investor with the market falling 3% over the month, underperforming the MSCI World ex Australia (-1.1%). We look at the market’s key concerns over the month and explain the changes we’ve made to the Focus List in June as a result.

After a 25% national price rise from the 2020 COVID dip, Australian house prices are finally beginning to soften. While a significant correction seems likely a “crash” in our view is unlikely. We share our base case and view on house prices into 2023.