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James Cheo from HSBC shares his insights on current market trends. He observes a cautious approach by investors due to uncertainties with Donald Trump's policies. James emphasises the resilience of the US economy with strong consumer spending, tight labour markets, and the Federal Reserve's rate cuts as favourable factors for the equity market.
James recommends broadening investments beyond technology in the US, favouring financials and industrials due to potential benefits from deregulation and fiscal policies. In Asia, he suggests a nuanced strategy, staying neutral on China and overweight on India, focusing on domestically oriented companies for resilience in 2025.
Regarding bonds, James advises a flexible approach, targeting five-year durations and a balanced mix of high yield and investment grade. He anticipates a possible strong US dollar with the Federal Reserve's rate decisions impacting its trajectory. Gold maintains its role as a portfolio diversifier amid economic uncertainties.
