Outlook 2024 Mid-year Update

We published the global chapter of the ISA Outlook 2024 on
November 14, 2023, just before euphoria about a potential
‘V’-shaped property market turnaround emerged. Interest rates
fell quickly as financial markets priced in several US Federal
Reserve (Fed) rate cuts in 2024. For a time, it looked as though
our prediction that it would take a little longer for markets to
digest a renewed spike in rates would not age well.


In this Mid-Year Update, however, we look back to find an outlook
with an uncanny resemblance to that of six months ago. This is
not because nothing has changed, but because the mood has gone
full circle. The landscape remains characterized by interest rate
volatility, soft fundamentals in some markets, and gaping quality
divides, but also by pockets of considerable strength. Another
factor that has not changed is that financial conditions (i.e.,
interest rates) remain the dominant driver of the market, and
that political and geopolitical uncertainties are in focus in
many countries.





Contributors:


Brian Klinksiek


Global Head of Research and Strategy





Eduardo Gorab


Head of Global Portfolio Research and Strategy