2024 AGF Outlook

By AGF Management Limited

After a year marked by volatility, members of AGF’s Investment Management team highlight the key themes, events and opportunities we believe will shape global markets in the year ahead, including the ongoing impacts of elevated inflation and interest rates as well as expectations around future rate cuts:

1. How High for How Long?  The anticipated end to the rate-hiking cycle of the past two years could be an important tailwind for financial markets in 2024. But how much of a boost it gives may largely depend on the economic backdrop that unfolds and how low central banks are willing to go if they do start cutting rates.
2. Asset Class Roundup. Equities / Fixed Income / Currency / Real Assets / Private Markets
3. Racing Uncertainty. The 2024 U.S. presidential election could have far-reaching implications for financial markets. Here’s an “early-days” primer on what investors need to know about the race to the White House.
4. The Slow Divorce in Emerging Markets. The bifurcation of equity returns was striking between some of the world’s developing nations in 2023. Here’s why an emphasis on strong fundamentals may hold the key to investing in EM’s changing landscape going forward.
5. Growing Pains. Being a growth investor hasn’t always been easy of late, but better times could be ahead if the current rate-hiking cycle is truly near an end.
6. Who’s Going to Fund the U.S. Deficit? Higher yields may entice investors to step up their buying of U.S. Treasuries and the timing couldn’t be much better.
7. Cutting Through the Noise. AGF Investments’ new Macro Regime Model analyzes thousands of data points to develop a picture of the current macro environment, but also its likely direction going forward.
8. What if There’s a Recession (And Central Banks Start Cutting Rates)? AGF Investments’ analysts explain how an economic downturn and/or looser monetary policy in the United States and other parts of world could impact the equity sectors they know best in 2024.

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