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India now represents approximately 17% of the global population (behind only China) and ranks 6^th in global GDP, with thriving manufacturing, technology, and service sectors¹.
The IMF recently projected that the Indian economy will grow 12.5% in 2021,

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Major global market trends
Reflecting the improving economic outlook, global equities continued to move higher in March, though so too did bond yields. Commodity prices, by contrast, corrected a little, which perhaps reflected a tightening in Chinese credit conditions. Despite the ‘risk-on’ sentiment,

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Interest rates – a less orderly increase!
After gradually increasing over recent months, long-term bond yields rose more sharply in February, with the U.S. 10-year rate rising 34 basis points (bp) to 1.41%. Australian 10-year bond yields rose a staggering 78bp to 1.92%,

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Interest rates – gradual lift likely
Long-term bond yields lifted notably last month, with the U.S. 10-year rate rising 0.15pp to 1.07%. Australian 10-year bond yields rose 16pp to 1.13%, with the 10-year spread remaining steady at around 6pp. Rising yields saw the Bloomberg AusBond Composite Index decline 0.4% in January,

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Prior to November’s Presidential election, we discussed three possible outcomes and some of the potential investment implications of each scenario.
Having won both seats in Georgia’s Senate run-off elections, the Democrats have now gained control of both the White House and Congress (via the vice-presidency tiebreaker) – giving them a stronger platform for the legislative action necessary to implement their agenda for government.

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Interest rates – gradual lift likely
Long-term bond yields continued to creep gradually higher in December as the prospect of further significant near-term monetary stimulus eased in line with an improving global economic outlook. U.S. 10-year government bond yields ended the month at 0.92%, and Australian 10-year rates at 0.97% –

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The Reserve Bank of Australia’s (RBA’s) pledge to keep interest rates on hold until inflation is sustainably back within its 2 to 3% target band could be tested over the next year with a potentially large rebound in house prices.
As seen in the chart below,

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Key global market trends – stock rebound!
After two months of consolidation, global equities powered ahead in November, reflecting positive COVID-19 vaccine news and a seemingly clear winner of the U.S. Presidential election. The gains came despite rising COVID-19 cases in both Europe and the United States and the re-imposition of some social distancing restrictions.

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On 6 October 2020, Treasurer Josh Frydenberg released Australia’s 2020-21 Federal Budget.
The objective of this Budget is pretty simple – economic recovery – by increased spending, lower taxes, job training and re-skilling workers.
A stimulatory Federal Budget on a standalone basis is beneficial for the sharemarket.

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Although still subject to some legal disputation, markets so far have confidently concluded that Democrat Joe Biden will be the next U.S. President. This note assesses the current U.S. political situation and the potential investment implications of a Biden presidency.
Why a re-run of the 2000 contested election is unlikely
Despite long-feared legal challenges from President Trump,

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