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The global monetary system is beginning to fragment, with the US dollar, renminbi and gold increasingly performing different functions rather than competing to become a single dominant reserve currency. Louis and Romain argue that the dollar may retain its role in finance and invoicing even as trade shifts toward the renminbi and savings migrate toward gold. This emerging structure could have important implications for the US yield curve, the dollar and gold, while strengthening Hong Kong’s role as the key financial gateway between rival systems.

Chinese equities have performed creditably over the last two years, but Louis says they may just be getting going. In this deep dive on the Chinese market, he considers the outlook at the macro and sectoral level. Momentum investors, he says, can focus on AI, tech hardware, industrials and materials. Carry investors can look to high-dividend-yielding stocks and banks. Meanwhile, mean-reversion investors may find value in internet names, real estate stocks and consumer names.

The war in Iran has shattered assumptions that policymakers had about the management of national energy policy and therefore the basics of running a modern economy. Louis assesses what kind of energy relationships will develop as a result of this conflict and considers what this means for those who must allocate portfolio capital during the rupture.