Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Macroeconomics

<ul>
<li>Russia is at a turning point. This together with its size, mineral riches, cheap valuations and common sense suggest investors should be looking to enter the market.</li>
<li>The end of the Ukraine and the re-integration of Russia into world trade and financial markets will be a turning point for the country. </li>
<li>At home the war time economic boom is winding down. High interest rates and inflation are dampening demand and growth will slow this year. Even so Russia’s outlook is brightening.</li>
</ul>


Russia is at a turning point. This together with its size, mineral riches, cheap valuations and common sense suggest investors should be looking to enter the market.
The end of the Ukraine and the re-integration of Russia into world trade and financial markets will be a turning point for the country. 
At home the war time economic boom is winding down. High interest rates and inflation are dampening demand and growth will slow this year. Even so Russia’s outlook is brightening.


Cross Asset Strategy

<ul>
<li>Overweight Malaysian equites but hedge against the US dollar. The bias is toward high tech, AI, industrials and consumer discretionary stocks.</li>
<li>The Malaysian business cycle is set to strengthen. The profit cycle is stabilising. The investment upcycle is supported by rising FDI and infrastructure spending. </li>
<li>Expect the Johor-Singapore Special Economic Zone agreement will give fresh impetus by hastening economic integration and moving Malaysia up the value-added chain.</li>
</ul>


Overweight Malaysian equites but hedge against the US dollar. The bias is toward high tech, AI, industrials and consumer discretionary stocks.
The Malaysian business cycle is set to strengthen. The profit cycle is stabilising. The investment upcycle is supported by rising FDI and infrastructure spending. 
Expect the Johor-Singapore Special Economic Zone agreement will give fresh impetus by hastening economic integration and moving Malaysia up the value-added chain.


<ul>
<li>The Chinese economy is yet to bottom and the corporate sector’s troubles are far from over. The same goes for the property sector. Consumers are still risk averse.</li>
<li>Trading Post has a neutral stance on equities as an asset class but is a selective buyer of certain stocks and growth sectors.</li>
<li>These include AI, high tech – software and hardware, robotics and electronics. An underweight on consumer discretionary,  property and export cyclicals as well as bonds and the rmb maintained.</li>
</ul>


The Chinese economy is yet to bottom and the corporate sector’s troubles are far from over. The same goes for the property sector. Consumers are still risk averse.
Trading Post has a neutral stance on equities as an asset class but is a selective buyer of certain stocks and growth sectors.
These include AI, high tech – software and hardware, robotics and electronics. An underweight on consumer discretionary,  property and export cyclicals as well as bonds and the rmb maintained.


<ul>
<li>From a business cycle perspective, Trading Post is overweight global equities, and underweight sovereign bonds. Within global equities the bias is towards growth and momentum stocks.</li>
<li>In favour are industrials, energy, European &amp; US defence, tech hardware companies and consumer discretionary in the second half of the year, along with export cyclicals.</li>
<li>Expect the Fed to cut interest rates once this year and the ECB by 125bp in total and for the BoJ to raise by 75bp. </li>
</ul>


From a business cycle perspective, Trading Post is overweight global equities, and underweight sovereign bonds. Within global equities the bias is towards growth and momentum stocks.
In favour are industrials, energy, European &amp; US defence, tech hardware companies and consumer discretionary in the second half of the year, along with export cyclicals.
Expect the Fed to cut interest rates once this year and the ECB by 125bp in total and for the BoJ to raise by 75bp. 


<ul>
<li>On European equities be discerning. While there are some green shoots the European economy is fragile. Value and quality stocks are recommended. </li>
<li>Sector bias is towards consumer staples, tech hardware and defence before moving into consumer discretionary and industrials later in the year. .</li>
<li>Japan - overweight equites – industrials, banks and consumer discretions -  unhedged and underweight government bonds.  </li>
</ul>


On European equities be discerning. While there are some green shoots the European economy is fragile. Value and quality stocks are recommended. 
Sector bias is towards consumer staples, tech hardware and defence before moving into consumer discretionary and industrials later in the year. .
Japan - overweight equites – industrials, banks and consumer discretions -  unhedged and underweight government bonds.  


Westbourne Research Services
Macroeconomic, Geopolitical and Policy Forecasting

Time To Consider Russia

Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...

Sharmila Whelan

Reason to Overweight Malaysia

Invest in overweight Malaysian equities as a hedge against the US dollar, with a focus on high tech, AI, industrials, and consumer discretionary...

Sharmila Whelan

China Business Cycle Investment Signals

Chinese economy still struggling, Trading Post cautious on equities but bullish on AI, high tech, robotics, and electronics. Consumers remain risk...

Sharmila Whelan

2025 Global Investment Recommendations

O/w global equities, particularly growth and momentum stocks. and by sector - industrials, energy, defense, tech hardware, and consumer...

Sharmila Whelan

Overweight Europe and Japan Equities

Focus on European value and quality stocks. Sector bias towards consumer staples, tech hardware, and defense. Overweight Japan equities in...

Sharmila Whelan

Time To Consider Russia

​Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...

Sharmila Whelan

Reason to Overweight Malaysia

​Invest in overweight Malaysian equities as a hedge against the US dollar, with a focus on high tech, AI, industrials, and consumer discretionary...

Sharmila Whelan

China Business Cycle Investment Signals

​Chinese economy still struggling, Trading Post cautious on equities but bullish on AI, high tech, robotics, and electronics. Consumers remain risk...

Sharmila Whelan

2025 Global Investment Recommendations

​O/w global equities, particularly growth and momentum stocks. and by sector - industrials, energy, defense, tech hardware, and consumer...

Sharmila Whelan

Overweight Europe and Japan Equities

Focus on European value and quality stocks. Sector bias towards consumer staples, tech hardware, and defense. Overweight Japan equities in...

Sharmila Whelan

Investors should consider entering the Russian market as the country reaches a turning point with the end of the Ukraine conflict and re...

Invest in overweight Malaysian equities as a hedge against the US dollar, with a focus on high tech, AI, industrials, and consumer discretionary...

Chinese economy still struggling, Trading Post cautious on equities but bullish on AI, high tech, robotics, and electronics. Consumers remain risk...

O/w global equities, particularly growth and momentum stocks. and by sector - industrials, energy, defense, tech hardware, and consumer...