“It’s the economy, stupid!”

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• Robust nominal US GDP growth, led by near full employment and elevated profit margins, helped companies to beat analyst earnings expectations
• We explore three key equity risk areas including the bond market, recession concerns and lack of market breadth
• We discuss how if inflation drifts back to lower levels, it would allow investors to focus on economic and company fundamentals