Markets in a Minute
with Gary Dugan

Gary Dugan is a seasoned investment professional with a 37-year track record as a Managing Director and Chief Investment Officer at some of the world’s leading banks and wealth managers in Europe, Middle East and Asia.

He is currently the CEO & CIO at The Global CIO Office and partners with SDAX to provide the latest market and financial insights.

Digital Asset Exchange Singapore

Market Insights

28 November 2023

No Cold Turkey

The financial markets have maintained their recent upward run, which has been fueled by a stream of seemingly positive developments that have boosted equities and high-yield bonds. However, we caution against the current wave of optimism, which could face a sharp reversal if the widely anticipated gentle economic deceleration fails to materialise.

GCIO 28 nov

21 November 2023

How Can 0.1% Feel So Good?

Last week witnessed a notable boost to investor sentiments as the 0.1% outperformance of U.S. inflation data versus expectations prompted a discernible uptick in risk appetites. The impact resonated through the global bond markets, with a significant decline in yields—U.S. 10-year notes receded by 20 basis points (bps), paralleled by a steeper 30 bps reduction in New Zealand. 

Private Equity Investment Singapore

14 November 2023

A Festival of Confusion not Light

As we celebrate the Festival of Light, investors are in search of greater clarity amid the haze of conflicting economic data and central bank statements. Best of luck to you navigating these uncertain times.

Private Equity Investment Singapore

7 November 2023

Nothing is For Certain

It does not feel like an environment for elevated risk taking. While the markets enjoyed the outcome of the FOMC meeting and the subsequent soft US employment report, as investors (and the central bankers) we are still living from data point to data point in the US at present.

Private Credit Singapore

2 November 2023

Monthly Review of Macro and Market Performance

Through October, data reports for the global economy showed stronger-than-expected growth in the United States and some stabilisation in China. Third quarter US GDP growth came in well ahead of expectations at 4.9%. Still, strong consumer spending growth was a positive feature (Chart 1). 

Asset Fractionalization Singapore

31 October 2023

Strong US Growth too Hot to Handle?

Astute investors following the US economy would find the current trend of robust growth and persistent inflation concerning. That economic dynamic has had the Federal Reserve appear worried, too, and as we approach this week’s FOMC meeting, it’s widely anticipated that the Fed will keep the interest rates unchanged. 

Asset Fractionalization Singapore

24 October 2023

Mounting Headwinds to Markets

In our latest presentation to a discerning group of private clients and investment professionals, we conducted a poll regarding the outlook for inflation in the United States over the next two years. The query posed was straightforward: Where will US inflation stand in two years? The results were telling, with only a mere 20% of the respondents envisioning a scenario where inflation hovers within the Federal Reserve’s target range of 1% to 3%.

Alternative Investment Singapore

17 October 2023

It doesn't get any better, it gets tougher

The Middle East is at the centre of global geopolitics once again – and this time for some very unfortunate reasons. Whether the developments will have a bearing on the financial markets is something that only time will tell, but the profound human suffering that has affected so many lives will certainly affect our collective psyche. 

Digital Asset Exchange Singapore

10 October 2023

Don't get Anchored on the Wrong Past

In times such as these, investors need help in gauging the true value of the markets. For them, one of the toughest calls to take is estimating the fair value of the US 10-year government bond yield. In the past five years, the US 10-year government bond yield has ranged between as low as 0.51% and (very recently) as high as 4.8%.

Private Equity Investment Singapore

3 October 2023

A Quarterly Turning Point

The third quarter saw almost all asset classes end in the red. While global growth has remained robust, neither equities nor bonds could make any headway during the quarter as markets remained worried about central bank policies and the persistence of inflation.

Private Equity Investment Singapore

26 September 2023

A Wake Up Call from the Fed

The US and, to a large extent, the world economy are finally coming to terms with the somewhat perplexing reality of resilient growth and persistent inflation. While markets have long wished for interest rates to decline, the Fed has found little room to maneuver in the face of rebounding growth and an improving unemployment situation.

Private Markets Singapore

19 September 2023

Policy Makers Still Hard at Work

The Federal Reserve is unlikely to announce a further rate increase at its Wednesday meeting. However, the release of a fresh round of economic projections from the central bank will shape the mood of the market. We expect the Fed to signal that a further rate hike in the near future cannot be ruled out.

Asset Fractionalization Singapore

14 September 2023

Macro and Markets Monthly August 2023

The global economy has become one of marked contrasts between the robustness of US growth and the struggles of Europe, particularly China. Robust economic data out of the US in the early phase of the month led to economists upgrading their GDP forecasts.

Fractionalisation Singapore

12 September 2023

Still robust growth and more inflation

Do not underestimate one of the key agreements at the G20 meetings in Delhi India, the announcement of a landmark India-Middle East-Europe Economic Corridor. The initiative has huge potential implications.

Fractionalisation Singapore

5 September 2023

Positively Negative

August saw a repeat of the 2022 syndrome. Like in 2022, both equities and bond markets delivered negative returns in August. The basic tenet of a diversified multi-asset portfolio is that equities and bonds are negatively correlated. 

Fractionalisation Singapore

29 August 2023

Central Bankers Attempt to Climb Out of a Hole

Few surprises emerged from the foothills of the Teton Range in Jackson Hole last week. For some time now, it has been evident that policy makers are still concerned about the persisting inflation and the signs of a re-acceleration in growth in the United States.

Fractionalisation Singapore

22 August 2023

Maybe we should talk about 5%

The “shock” of a reacceleration in global growth even as core inflation persists and remains sticky is pushing investors – and economists – to consider levels of long-term interest rates that were previously unthinkable.

Fractionalisation Singapore

15 August 2023

Testing Times

Some economists drew comfort from last week’s US inflation report, but we believe it still does not paint a rosy picture. Core inflation, which peaked at 6.6% year-on-year last September, is still at 4.7%, indicating it remains sticky and high…

Fractionalisation Singapore

8 August 2023

US not ready to Samba

The US asset markets managed to pull themselves out of a bit of a tailspin last week. Investors sold off both equities and bonds and the recent dollar rally lost some momentum… 

Portfolio Diversification Singapore

3 August 2023

Macro and Markets Monthly July 2023

In the early part of the month, the financial markets had fretted that global growth bordered on a mild recession. However, several data points from the US brought comfort… 

Private Credit Singapore

1 August 2023

Growth Challenges the Market

There was a lot of news and central bank action to digest last week. Growth remains robust, inflation a little less threatening – good news for the markets but buy wisely… 

Portfolio Diversification Singapore

25 July 2023

Look out for What they say, not What they do

There are widespread expectations that the Fed will impose a 25 basis point rate hike this week, but the markets will be more keen on what the Fed has to say rather than what it actually does…

Tokenised Assets Singapore

18 July 2023

Taking the Edge off the Risks

Last week’s good US inflation report, which showed prices increased at their slowest pace in two years, somewhat blunts the risks of very high interest rates and has reinforced the…

Tokenised Assets Singapore

11 July 2023

It's Getting Hot Out There

Last week was unprecedented at least on one count: the World witnessed the highest average temperature on record, not once, but thrice during the week…

Tokenised Assets Singapore

4 July 2023

Central Bankers Still Hard at Work

It was amply clear from the speeches at the ECB’s annual policy conference in Sintra, Portugal that the battle against inflation is far from over. Speakers after speakers were unanimous in their views that a lot was required to be done…

Tokenised Investments Singapore

28 June 2023

Geopolitics to the Fore Again

The events unfolding in Russia over the past few days have highlighted the fragility of global geopolitics…

Tokenised Investments Singapore

20 June 2023

Taking a Breather

As we had suspected, the Fed took a breather last week choosing to temporarily pause its rate hike cycle…

Tokenised Investments Singapore

13 Jun 2023

The Skipping Fed

The FOMC board members appear convinced about not increasing interest rates at this week’s meeting…

Tokenised Investments Singapore

6 Jun 2023

Goldilocks faces off to the Fed Wolf

Investors’ interpretation of current economic data has been rather perverse. Equity markets have …

Tokenised Investments Singapore

30 May 2023

Inflation Fight

The market’s wishful thinking is not coming to fruition. Inflation continues to be a problem …

Real Estate Tokenisation Singapore

22 May 2023

Japan Inc is back…

As expected, the US headline inflation rate fell to 4.9% in April.  With an increase in the Fed funds rate and  …

Real Estate Tokenisation Singapore

16 May 2023


As expected, the US headline inflation rate fell to 4.9% in April.  With an increase in the Fed funds rate and  …

Private Markets Singapore

9 May 2023

Stuck in the Grey Zone

Recent economic data have neither painted a picture of exuberance nor of utter despondency. Investors …

Digital Asset Exchange Singapore

26 Apr 2023

Modest Market Returns in the Past Week as Inflation Pressure Persists

Last week was relatively quiet in both the bond and equity markets, with only modest returns. However …

Digital Asset Exchange Singapore

18 Apr 2023

The Peaking of the United States of America

In meetings with many global investors last week, I was struck by the tangible change in attitude regarding …

Digital Asset Exchange Singapore

11 Apr 2023

History is Not on the Side of a Fed Rate Cut

Looking back at the history of the circumstances that led to a cut in rates by the Fed, it is evident …

Digital Asset Exchange Singapore

3 Apr 2023

Q1 2023 Market Review- Better Than It Seemed

Growth forecasts have continued to inch up, and the overall inflation scenario still needs to improve.

Private Equity Investment Singapore