Jessica Fannin

Amity’s outlook remains that the global economy is transitioning into an early expansion phase, driving an acceleration in corporate earnings. While markets have recently sold off due to growth concerns – amplified by the Trump administration’s tariffs, which are perceived as anti-growth – we view this volatility as temporary. Our leading indicators continue to signal an expansionary shift in the business cycle.

At the same time, lower oil prices are easing cost pressures, creating a more supportive backdrop for global demand. These factors should help sustain economic momentum and reinforce the medium-term outlook for equities, even as short-term uncertainty persists. China’s stimulus measures remain a tailwind for emerging market assets, while US tariff threats, though disruptive in the short term, are still viewed as a negotiating tactic rather than a structural risk.