GAM's Active Thinking 15 November 2024

Flavio Cereda, Investment Manager, Luxury Equities, discusses the market segmentation of the luxury sector and explains why he prioritises growth over value. To choose the right names, it is important to identify who is buying luxury. The distinction between who buys luxury and where they buy it is also crucial.

China’s stock markets have surged since September’s stimulus announcement. Valuations, combined with more optimism, could yet support the rally. But the lack of bold reforms thus far suggests that waiting before significantly committing could be the best approach for investors. Julian Howard analyses the key factors that could in time drive a sustained improvement in China’s outlook.

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US Consumer Price Index (CPI) inflation for October came in at 2.6% on the previous year. Although this was firmer than the previous month's 2.4% figure, there was a certain amount of relief from some quarters that it was not worse (ie even higher).

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