GAM's Active Thinking 19 May 2023

NFTs are beginning to regain popularity, supported by increased competition in the marketplace and well known brands leveraging the technology to build deeper customer relationships. GAM Investments’ Pieran Maru discusses the future of NFTs.

US retail sales for April bounced back from the previous two months declines, rising 0.4% over the month to USD 686 billion with seven of the 13 retail categories rising. This was, however, below estimates of a 0.8% advance.

Directionally markets remain in relatively tight ranges as they have done since the banking issues in March. There are a lot of issues which remain unresolved such as the likelihood of an imminent US recession, the easing of inflation and end of central bank tightening, the debt ceiling debate and the pace of recovery in China. The market is discussing these issues but there is not enough new material information at the moment to draw a strong view and dominate market direction.

Gam Investments’ Niall Gallagher considers why the market remains too pessimistic on European banks and outlines five reasons why he believes the sector represents an opportunity.

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