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.

Gary Dugan

Market Insights

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.

(4) GCIO_19sept

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.

Macro and Markets Monthly August 2023

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.

Still robust growth and more inflation

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. 

Positively Negative

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.

Central Bankers Attempt to Climb Out of a Hole

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.

marketing sdax

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…


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… 

US not ready to Samba

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… 

Gary Dugan

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… 

Growth Challenges the Market

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…


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…


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…


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…

Central Bankers Still Hard at Work

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…

Gary Dugan

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…

Taking a Breather

13 Jun 2023

The Skipping Fed

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

The Skipping Fed

6 Jun 2023

Goldilocks faces off to the Fed Wolf

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

Goldilocks faces off to the Fed Wolf

30 May 2023

Inflation Fight

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

Inflation Fight

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  …

Japan Inc is back

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  …


9 May 2023

Stuck in the Grey Zone

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

Stuck in the Grey Zone

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 …


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 …

The Peaking of the United States of America

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 …

Gary Dugan

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.

Q1 2023 market review from SDAX