LionGlobal Says

09 Apr 2026

Macro Movers & Shakers

Growth Inflation Policy
US • The US economy remains relatively resilient, supported by recent data and its status as a net oil exporter.
• Hiring has slowed as companies focus on efficiency rather than expansion.
• Consumer spending dipped temporarily, but the One, Big, Beautiful Bill Act (OBBBA) tax refunds should help support growth ahead.		 • Higher oil prices may lift inflation in the short term.
• The impact is likely to be more manageable in the US than elsewhere.
• Softer demand and a cooling jobs market should help keep price pressures in check.		 • The Federal Reserve (Fed) is taking a wait and see approach, as the board is divided on rates action.
• The Fed has dual mandate to promote maximum employment and price stability, and could look through near term inflation caused by energy.
• Keeping the job market stable remains the priority
Europe • Europe is more exposed to higher energy prices and world growth than the US, which increase growth risks.
• Higher energy costs are weighing on household spending and squeezing company profits.
• As a result, growth remains vulnerable to further energy shocks, and outlook uncertain.		 • Energy costs are pushing up everyday living expenses.
• Inflation remains elevated due to imported energy prices.
• Weaker demand limits the risk of runaway inflation.		 • The market is now expecting European Central Bank (ECB) to hike interest rates 2 x this year.
• Policymakers are cautious after the 2022 energy shock.
• Fiscal policies expand for higher defense spending.
• ECB has a primary mandate of price stability.
Asia • China’s growth is stable but uneven, with a lower target of 4.5 to 5 percent reflecting a focus on sustainability rather than speed.
• Domestic spending remains weak, so exports continue to play an important role in supporting growth.
• Across Asia, countries will be faced with lower growth. while China/HK and Singapore offers relative stability.		 • Inflation pressures in China is welcomed to move it out of its dis-inflation regime. However, much of Asia remain relatively challenged with higher energy and food prices.
• While China is less exposed to global energy shocks, higher oil and gas prices still pose risks for some industries.		 • China still has policy room to support growth if needed, including lowering borrowing costs or easing bank requirements.
• Policy remains focused on long term investment in technology and productivity, rather than large scale consumer stimulus.
• Across Asia, policy outlook has shifted, ready to fight higher energy and food prices
Japan • Japan’s outlook has become more uncertain as higher oil prices raise costs across the economy.
• Elevated energy costs could weigh on business profits and slow growth in the near term.
• Over time, continued government spending is expected to help support economic activity.		 • Higher oil prices are raising inflation risks through energy and import costs.
• Ongoing government spending is likely to add some upward pressure on prices over time.
• Overall, inflation is expected to trend higher, but not sharply.		 • Despite a weak yen, uncertainty favors caution.
• The central bank is more likely to keep rates on hold in the near term with an upward bias.
RISKS
• Oil prices could stay high if conflicts in the Middle East disrupt supply, putting pressure on inflation and growth.
• Ongoing inflation concerns and questions around central banks actions may lead to more interest rate swings and higher yields.
• Further weakness in Markets could be triggered by rerating of valuations across AI-tech companies if earnings growth slows

Sensible Considerations

Valuation based on Price-to book ratio.

At a Glance | General Product Suite

*This is an actively managed ETF
**CPFIS Funds: LionGlobal Short Duration Bond Fund Class A SGD (Dist), LionGlobal Singapore Fixed Income Investment Class A SGD, Infinity Global Stock Index Fund SGD, Infinity Global Stock Index Fund Class C SGD, Infinity U.S. 500 Stock Index Fund SGD, Infinity U.S 500 Stock Index Fund Class C SGD, LionGlobal Asia Pacific Fund SGD, LionGlobal China Growth Fund SGD, LionGlobal Japan Growth Fund SGD, LionGlobal Japan Growth Fund SGD-Hedged and LionGlobal Singapore Trust Fund SGD.
All data are sourced from Lion Global Investors as of 31 March 2026, unless otherwise stated.

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