Category: Global Markets

Global markets are navigating a period of pronounced central bank divergence, sticky inflation dynamics and shifting supply-chain patterns. That combination is reshaping asset returns, currency flows and sector leadership — and it requires active positioning rather than a passive “set-and-forget” approach.

Why divergence matters
When major central banks move in different directions on policy, cross-border capital flows and currency volatility intensify. Investors chasing yield may push money into higher-rate markets, strengthening those currencies and compressing returns for foreign holders once hedging costs are considered. At the same time, lower-rate jurisdictions can see equity valuations rerate higher as discount rates fall, creating asymmetric opportunities across regions.

Inflation and real rates: the new lens for risk
Inflation that proves persistent changes how bond markets price risk. Real interest rates — nominal rates adjusted for inflation — are a clearer indicator of borrowing costs and corporate earnings pressure than headline figures alone. Sectors with strong pricing power, durable cash flows and modest capital intensity tend to withstand elevated inflation and higher real rates. Conversely, long-duration assets, especially highly speculative growth names priced on distant cash flows, face greater sensitivity to rate shifts.

Currency volatility is an active risk
Currency moves can materially alter returns for global investors. Hedging costs, central bank reserve flows and trade imbalances all play into FX swings.

Practical steps include using currency-hedged equity ETFs in fixed-income-sensitive allocations, maintaining a portion of portfolios in hard assets or local-currency debt for natural diversification, and avoiding one-way bets on path-dependent currency narratives.

Where to look for opportunity
– Quality cash flows: Companies with recurring revenue, strong margins and robust balance sheets typically outperform when rates rise. Look for market leaders with pricing flexibility.
– Value in select cyclical sectors: Industrials, materials and parts of energy can benefit from supply-chain normalization and investment cycles restarting.

Be selective: focus on companies with strong free-cash-flow conversion.
– Alternatives and real assets: Infrastructure, real estate with inflation-linked leases, and commodities often act as hedges against inflation and currency weakness. These exposures can dampen portfolio volatility when traditional bonds underperform.

– Emerging-markets selectivity: Some emerging economies offer attractive real yields and demographic tailwinds, but political and currency risks vary widely. Prioritize countries with improving macro fundamentals and manageable external financing needs.

Risk management and portfolio construction
Diversification remains essential, but construction matters. Shorten duration in fixed-income allocations where yields are attractive, while using laddering to mitigate reinvestment and interest-rate risk. Consider dynamic allocation to cash or cash-like instruments to capitalize on dislocations without committing to long-duration instruments.

Maintain position size discipline and use stop-losses or options to limit downside in concentrated trades.

Stay informed, act pragmatically
Global markets rarely move in straight lines. Monitor central bank communications, commodity price trends, trade policy shifts and corporate earnings cadence. Avoid overreacting to headline volatility; instead, reassess thesis-driven positions and rebalance toward quality, income-generating assets when appropriate.

Taking a proactive, diversified approach that blends quality equities, selective cyclicals, real assets and disciplined fixed-income positioning can help navigate the current environment.

The payoff is portfolios that both capture opportunities created by fragmentation and better withstand shocks from policy and macro surprises.

Global markets are shaped by a complex mix of monetary policy, geopolitics, technology shifts, and changing consumer behavior.

Investors and businesses that understand the main drivers can position themselves to manage risk and capture opportunity as markets evolve.

Monetary policy and inflation dynamics
Central bank decisions remain one of the primary forces moving global asset prices. When central banks tighten policy to combat persistent inflation, bond yields tend to rise and equity valuations can compress, particularly for growth stocks priced on long-term cash flows. Conversely, easier policy can lift risk assets and reduce borrowing costs for companies and consumers. Watch inflation indicators, central bank guidance, and real rates (nominal yields minus inflation expectations) to gauge where policy is headed and which asset classes may outperform.

Geopolitics, trade, and supply chains

Geopolitical tensions and trade policy continue to rewire global supply chains. Companies are diversifying sourcing and manufacturing to reduce single-country concentration, benefiting regions with favorable trade agreements and strong infrastructure.

Sectors tied to reshoring—advanced manufacturing, industrial automation, and logistics—may see sustained demand. Trade disruptions can also push commodity prices higher, affecting inflation and corporate margins.

Technology, productivity, and sector rotation
Technology adoption is a long-running theme that affects productivity and competitive advantage across industries. Areas such as semiconductors, cloud services, artificial intelligence infrastructure, and renewable energy have outsized potential to reshape profit pools.

Market leadership tends to rotate—value sectors like financials and energy can outperform during tighter monetary conditions, while tech and growth names often rebound when liquidity returns.

Commodities and real assets as hedges
Commodities, including energy and base metals, respond to both supply constraints and demand growth. Precious metals and real assets such as infrastructure and real estate can provide inflation protection and portfolio diversification. Investors seeking to hedge against inflationary shocks often consider a mix of inflation-linked bonds, commodity exposure, and high-quality real assets.

Emerging markets and currency risk
Emerging market equities and debt can offer higher growth potential but carry greater sensitivity to global liquidity and dollar strength. A stronger dollar increases funding costs for countries and companies with dollar-denominated debt, while a weaker dollar can boost returns for local-currency assets. Currency management and selective exposure across regions help balance opportunity with volatility.

Practical strategies for navigating global markets
– Diversify across asset classes and geographies to reduce single-market risk.
– Focus on quality: profitable companies with stable cash flows tend to weather volatility better.
– Monitor interest rate trajectories and duration exposure in fixed income allocations.
– Use commodities and inflation-linked instruments to hedge against unexpected price shocks.

– Consider active management or tactical overlays for rapid shifts in macro conditions.
– Rebalance periodically to maintain target risk levels and capture gains from market swings.

Risk awareness and adaptability
Global markets are dynamic. Events that seem idiosyncratic can quickly cascade through connected economies and financial systems. Maintaining a clear investment policy, stress-testing portfolios for adverse scenarios, and staying informed about central bank communication, geopolitical developments, and technological disruptions help investors adapt without overreacting to short-term noise.

For those building exposure to global markets, blending long-term strategic allocations with tactical adjustments informed by macro indicators provides a resilient path forward.

Consulting a financial professional can tailor these principles to individual goals and risk tolerance.

Global markets are balancing a mix of macroeconomic shifts, geopolitical tension, and technological disruption.

Investors and businesses that focus on fundamentals while staying adaptable can navigate volatility and capture long-term opportunity.

What’s driving market moves
– Central bank policy remains a primary influence. Interest-rate expectations and liquidity decisions shape bond yields, equity valuations, and currency flows. Market pricing reacts quickly to signals about inflation and growth prospects.
– Geopolitical risks affect trade, commodity supply, and investor sentiment.

Trade policy, regional conflicts, and sanctions can trigger abrupt re-pricing across sectors and currencies.
– Supply chain realignment continues to alter trade patterns. Companies are diversifying suppliers, reshoring select production, and building inventory resilience, which changes cost structures and investment priorities.
– Technology and energy transitions are redirecting capital. Investments in digital infrastructure, semiconductors, and renewable energy are shifting the composition of equity and fixed-income markets, while also creating new demand for metals and components.
– Commodity dynamics remain important. Energy and food prices respond to weather, policy decisions, and global demand. Commodity price swings feed into inflation and corporate margins.

Implications for investors and corporates
– Equities: Quality companies with durable cash flows and strong balance sheets tend to outperform in uncertain environments.

Growth sectors tied to digital transformation and green infrastructure offer long-term upside but can be volatile.
– Fixed income: Bond markets reflect rate expectations and inflation risk.

Shorter-duration positions reduce sensitivity to rate swings, while selective credit exposure can enhance yield, though with increased credit risk.
– Currencies: FX volatility offers both risks and hedging opportunities. Emerging-market currencies can be sensitive to commodity moves and global liquidity, while major currencies respond to central bank divergence.
– Commodities and real assets: These can provide inflation protection and diversification. Energy and precious metals are common tactical allocations when monetary policy tightens or geopolitical risk rises.

Practical strategies to consider
– Diversify across asset classes and geographies to reduce concentration risk. Global exposure smooths idiosyncratic shocks tied to any single economy.
– Prioritize liquidity. Maintain an allocation to liquid assets to meet margin calls or seize sudden opportunities without forced selling.
– Tilt toward quality and cash-flow stability. Companies with strong free cash flow and lower leverage are better positioned to weather shocks.
– Use active management for tactical allocation changes.

Active managers can rotate exposures quickly around policy shifts and supply disruptions.

– Hedge selectively. Currency hedges and commodity exposure can protect purchasing power and margins for multinational firms.
– Monitor policy and data flow. Central bank communications, inflation data, and major trade announcements often move markets. A disciplined response plan helps avoid reactive mistakes.

Sector and theme focus
– Technology and AI-related infrastructure: Demand for chips, cloud services, and data centers supports long-term revenue potential despite cyclical pullbacks.
– Clean energy and industrial transition: Policy support and corporate commitments continue to drive investment in renewables, electrification, and storage.
– Healthcare and consumer staples: Defensive exposure can provide stability when growth outlooks dim.

Markets will keep reacting to macro signals and geopolitical events, creating periods of rapid repricing and opportunity.

A clear plan that balances diversification, liquidity, and sector-level insight helps investors and companies adapt and thrive through changing conditions.

Global markets are navigating a complex mix of cyclical forces and structural shifts that are reshaping investment priorities and risk management. Investors and corporate strategists need to balance short-term market moves with longer-term secular trends that will influence returns across asset classes.

Key macro drivers
Monetary policy remains a dominant influence. Major central banks’ actions around interest rates and liquidity continue to drive bond yields and equity valuations. Markets react not only to policy moves themselves but to the guidance that shapes expectations for growth and inflation. Inflation dynamics are evolving from broad-based disruptions toward more localized pressures tied to energy, housing, and wage trends. That makes monitoring real-time data and policy signals essential for portfolio positioning.

Trade, supply chains and commodity cycles
Supply chains have moved from being a volatility amplifier to a strategic priority. Firms are diversifying suppliers, nearshoring critical production, and investing in resilience.

Those shifts affect trade flows and demand for shipping and logistics services. Commodity markets are responding to both cyclical demand and structural changes—energy transition policies, agricultural constraints, and mineral demand linked to decarbonization strategies.

Commodities often act as an early indicator for inflation pressures and sector rotation opportunities.

Regional and emerging-market dynamics
Emerging markets present a mixed picture: some economies offer growth momentum and attractive valuations, while others face fiscal and external pressures.

Currency volatility and capital flow sensitivity to global rate moves mean careful country selection and local risk assessment are crucial. Developed markets continue to be influenced by corporate earnings and technology-led productivity gains, but pockets of valuation risk have investors seeking alternatives such as high-quality fixed income, dividend-paying equities, and private assets.

Technology, digitization and financial innovation
Technology adoption is accelerating across industries, affecting productivity and competitive dynamics. Digitization reshapes distribution channels, customer engagement, and cost structures, creating winners and losers within sectors. Financial innovation—payment platforms, tokenization and central bank digital currency (CBDC) pilots—is altering transaction economics and cross-border settlement. Investors tracking innovation-led themes should balance growth potential with regulatory and operational risks.

Geopolitical risk and policy uncertainty
Geopolitical tensions and regulatory shifts are persistent market drivers. Trade policies, sanctions, and strategic competition influence commodity flows, multinational supply chains, and corporate investment decisions. Policy divergence among major economies adds another layer of complexity, creating opportunities in relative-value trades but also increasing headline-driven volatility.

Practical investment principles
– Diversify across asset classes and geographies to reduce concentration risk from any single policy shock or regional disruption.

– Focus on quality: companies with strong balance sheets, pricing power and resilient cash flows tend to navigate volatility better.
– Manage duration risk in fixed income by aligning exposure with rate expectations and liquidity needs.
– Use hedging strategically—currency, options and commodity hedges can protect portfolios during dislocations.

– Prioritize due diligence for emerging themes (e.g., energy transition, digitization) to separate durable structural winners from short-lived trends.

What to watch
Monitor central bank communications, trade and regulatory announcements, commodity supply developments, and corporate earnings cycles for signals about risk appetite and sector rotation.

Market volatility will persist, but disciplined portfolio construction and a focus on fundamentals can help capture opportunities while managing downside risk.

Active monitoring, flexible allocation and a clear risk framework remain the best defenses against uncertainty in global markets, helping investors adapt as macro conditions and structural trends evolve.

Global markets are navigating a complex mix of monetary policy shifts, commodity dynamics, geopolitical tensions, and technological transformation. Investors and businesses that stay attentive to these forces can position portfolios for resilience and opportunity.

Monetary policy and rates
Central banks have been a dominant influence across equity and bond markets. While inflation pressures have eased from their peaks, policy decisions remain data-driven. Markets are sensitive to hints of further tightening or the start of rate cuts, and yield curve moves often presage changes in economic momentum. For fixed-income investors, managing duration exposure and reinvestment timing is critical as yields fluctuate.

Equities and sector rotation
Equity markets continue to reflect a split between growth-oriented technology and more cyclical value sectors. Technology-driven productivity gains, corporate investment in automation, and cloud services underpin long-term earnings potential, while consumer-facing and industrial firms are more sensitive to economic cycles and commodity prices.

Sector rotation opportunities emerge when investors reassess valuation gaps and earnings durability.

Commodities and the energy transition
Commodities remain a strategic hedge and a reflection of supply-demand shifts.

Energy markets balance supply discipline from major producers with demand growth tied to industrial activity. Base metals are influenced by investment in renewable infrastructure and semiconductor supply chains, while agricultural markets respond to weather patterns and trade flows.

Allocating to commodities can diversify portfolios and offer inflation protection.

Currencies and the US dollar
The dollar’s trajectory influences global capital flows, commodity pricing, and corporate earnings for multinational firms. A firmer dollar can pressure emerging-market debt and export competitiveness, whereas a softer dollar often boosts commodity prices and supports dollar-denominated emerging-market assets. Currency hedging decisions should reflect investment horizon and regional exposure.

Emerging markets and regionalization
Emerging markets present heterogenous opportunities. Economies with strong fiscal positions and export diversity tend to outperform when global demand is stable.

Meanwhile, regionalization of supply chains—driven by resilience concerns and policy incentives—creates investment pockets in manufacturing hubs and nearshore alternatives. Political and regulatory developments remain key risk factors.

Geopolitical risks and supply chains
Geopolitical tensions and trade policy shifts continue to shape risk premia.

Companies with flexible supply chains and multi-source procurement strategies have an advantage. Focus on inventory management, regional suppliers, and logistics resiliency reduces operational shocks and supports earnings predictability.

Sustainable and thematic investing
Sustainability considerations are mainstream in capital allocation. Climate transition, energy efficiency, and corporate governance standards influence cost of capital and long-term returns. Thematic exposures—such as clean energy infrastructure, digitalization, and healthcare innovation—offer targeted growth avenues but require active selection to manage concentration and execution risk.

Practical strategies for investors
– Diversify across asset classes, sectors, and geographies to smooth volatility.
– Prioritize financial quality and earnings consistency when volatility rises.
– Manage interest-rate risk by balancing duration and cash allocations.
– Consider selective commodity exposure for inflation protection and cyclical upside.
– Use currency hedging selectively for non-core currency exposures.
– Employ active management or factor tilts to exploit sector rotation and thematic trends.

What to watch next
Monitor central bank communications, inflation indicators, global manufacturing and services activity, and major geopolitical developments.

Earnings cycles and capex trends will reveal whether corporate investment is accelerating, while commodity inventories and trade flows signal supply constraints or easing pressure.

Global markets reward disciplined positioning and a focus on fundamentals. Staying adaptable to policy shifts, technological change, and evolving trade patterns helps capture opportunities while managing downside risks.

Global markets are being reshaped by a mix of monetary policy divergence, geopolitical friction, and structural shifts in technology and energy.

Understanding how these forces interact helps investors navigate volatility and capture long-term opportunities.

Monetary policy divergence and capital flows
Central banks around the world are following different paths based on local inflation dynamics and labor markets.

This divergence drives capital flows, pushes yields apart across countries, and creates currency volatility. Higher-yielding economies tend to attract inflows, supporting their equities and bonds but also risking asset bubbles and sharper corrections when policy shifts. Conversely, economies with easing bias can see weaker currencies and outflows that pressure local markets.

Equities: rotation and valuation dispersion
Equity markets are experiencing rotation as investors reassess growth prospects, interest-rate sensitivity, and geopolitical risk.

Sectors tied to technology and secular growth remain compelling where earnings growth is strong and competitive moats exist, but stretched valuations make them vulnerable to rising discount rates.

Value-oriented sectors—financials, energy, and industrials—often benefit from higher rates and cyclical recovery themes. Geographic dispersion is also notable: markets heavily exposed to commodity exports or domestic consumption are moving differently than export- and tech-heavy markets.

Commodities and the energy transition
Commodity markets are influenced by both demand recovery in large economies and supply-side constraints tied to underinvestment and geopolitical uncertainty. Energy markets remain central to the global macro picture: fossil fuel dynamics still set the tone for short- to medium-term prices, while the transition to renewables creates investment opportunities across battery metals, grid infrastructure, and carbon management solutions.

Commodity-linked currencies and equity markets often outperform when commodities strengthen.

Currency markets and safe-haven flows
Currency moves reflect relative policy paths, risk sentiment, and geopolitical events. Safe-haven currencies and assets benefit during bouts of geopolitical stress or risk-off sentiment, while commodity-linked currencies enjoy rallies when raw material prices rise.

For international investors, currency exposure can significantly alter returns and should be managed deliberately—through hedging, regional allocation choices, or currency-agnostic strategies.

Emerging markets: differentiated risk-reward
Emerging markets are not a monolith. Those with strong macro policy frameworks, manageable external deficits, and exposure to resilient export sectors can outperform, while economies dependent on volatile capital inflows or commodity imports face greater tails. Active selection and a focus on balance-sheet strength are crucial when allocating to these markets.

Portfolio implications and practical steps
– Emphasize diversification across asset classes and regions to reduce concentration risk from policy divergence and geopolitical shocks.
– Manage interest-rate risk by balancing duration; consider inflation-linked instruments where real returns matter.
– Use currency hedging selectively—hedge predictable cash flows, and allow tactical exposure when macro signals favor specific currencies.
– Blend growth with quality value: durable earnings and high cash-flow yields can soften volatility in shifting rate environments.
– Consider tactical commodity exposure to capture supply-driven price moves and to hedge inflation risk.
– Prioritize liquidity and maintain dry powder to take advantage of market dislocations.

Monitoring and risk management
Markets are increasingly sensitive to policy statements, geopolitical developments, and real-time economic data. Investors should set clear thresholds for rebalancing and use scenario analysis to stress-test portfolios under tightening, easing, or stagflationary scenarios. Staying informed about fiscal policy, supply-chain resilience, and technological adoption trends will provide an edge.

A pragmatic, flexible approach—centered on diversification, active risk management, and selective exposure to secular themes—helps position portfolios to weather volatility and benefit from structural shifts across global markets.

Global markets are navigating a period of shifting forces that are reshaping investment strategies and business planning. With central banks following divergent paths, supply chains being reconfigured, and the energy transition accelerating, investors and corporate leaders are adapting to greater complexity—and opportunity.

Central bank divergence and interest rate dynamics
Different monetary policies across major economies are creating varied yield and growth environments. Some central banks are prioritizing inflation control, while others are more focused on supporting growth. That policy divergence affects currency flows, bond yields, and equity valuations. For investors, the result is a more pronounced need to manage duration risk, consider higher-quality credit, and monitor real yields as a guide for asset allocation.

Supply chain resilience and regionalization
The era of hyper-globalized supply chains is giving way to resilience-driven strategies.

Companies are diversifying suppliers, shortening supply chains, and investing in inventory buffers or nearshoring to reduce disruption risk. These shifts benefit certain markets—manufacturing hubs close to demand centers, logistics providers, and industrial automation firms—while creating structural winners among equities and fixed-income instruments tied to reshoring trends.

Commodities, energy transition, and inflation drivers
Commodity markets remain a key lens for understanding inflation and growth. Energy markets are being reshaped by a dual push: gradual decarbonization and the ongoing demand for reliable energy sources. Metals critical to electrification and battery storage are in focus, and agricultural and industrial commodities continue to reflect weather, geopolitical risk, and supply adjustments.

For portfolios, direct commodity exposure or commodity-linked equities can act as inflation hedges, but timing and sector selection matter.

Geopolitics, trade policy, and vote on risk
Geopolitical events and trade policies increasingly influence capital flows. Tariffs, sanctions, and trade agreements drive regional winners and losers, while political developments shape investor sentiment and currency volatility. Active risk management—through hedging, geographic diversification, and stress testing scenarios—helps portfolios withstand sudden shifts in global trade dynamics.

Technology, regulation, and market structure
Technology firms remain central to market performance, but regulatory scrutiny and data privacy rules are shaping sector returns. Meanwhile, market structure evolves with the adoption of digital trading platforms, passive investment growth, and alternative data influencing decisions.

Investors should balance exposure between established tech leaders and emerging innovators, while being mindful of valuation sensitivity to interest rate movements.

Emerging markets: selective opportunities
Emerging markets offer higher growth potential but carry greater sensitivity to global liquidity and commodity cycles. Country-specific fundamentals—external balances, policy credibility, and corporate governance—are critical filters.

Currency risk and capital flow volatility underscore the need for active selection or diversified ETFs that provide targeted exposure without concentrated country risk.

Practical steps for navigating the environment
– Revisit asset allocation with an eye on interest-rate sensitivity and credit quality.
– Use currency hedging selectively to protect returns from sudden moves.
– Diversify across geographies and sectors, emphasizing secular winners in automation, renewables, and logistics.
– Maintain liquidity buffers to capitalize on dislocations and meet margin requirements.

– Incorporate scenario analysis for geopolitical shocks and supply chain disruptions.

Staying informed and adaptable is central to success in global markets. By blending disciplined risk management with strategic long-term positioning, investors and businesses can capture opportunity while navigating uncertainty.

Global markets are navigating a period of transition as monetary policy, corporate earnings, and geopolitical developments interact to shape investor sentiment. Inflation has eased from its peak levels, but sticky components and resilient labor markets keep central banks cautious. That mix is producing divergence across regions: some policymakers are easing to support growth, while others emphasize vigilance to avoid a resurgence in price pressures. Volatility is likely to remain a feature as markets price incremental policy moves.

Equities: leadership and rotation
Technology remains a dominant growth driver, fueled by continued enterprise investment in compute, software, and cloud services. At the same time, investors are seeing a rotation into cyclicals and value stocks when commodity prices rally or when expectations of rate cuts are delayed. Quality stocks—with durable cash flow and strong balance sheets—tend to outperform during periods of uncertainty. Earnings season continues to matter: companies that beat on margins and revenue forecasts can deliver outsized moves, especially in sectors where supply chains have normalized.

Fixed income and FX: yield curves and carry
Bond markets are recalibrating to a world of higher-for-longer rates in some economies while anticipating easing in others. Yield curves differ markedly across markets; steepening in some emerging economies reflects growth optimism, while flattening in advanced economies can signal caution. Currency markets are reacting to rate differentials and commodity swings. Investors seeking income are balancing credit risk against attractive yields in corporate and high-yield debt. Hedging strategies are increasingly important for cross-border allocations.

Commodities and energy: supply-side focus

Commodity prices remain sensitive to supply-side developments and inventory trends. Energy markets respond to production plans and geopolitical tensions, while metals reflect demand from infrastructure and technology manufacturing. Agricultural commodities are influenced by weather patterns and export restrictions. For commodity-sensitive portfolios, active monitoring of inventory reports and shipping data can provide early signals of price inflection.

Emerging markets: selective opportunities
Emerging markets are offering selective opportunities where central bank easing, favorable demographics, and fiscal support intersect. Export-oriented economies benefit from stronger global demand and competitive currencies, while those reliant on commodity exports track commodity cycles closely. Political stability, policy credibility, and structural reforms remain key differentiators for long-term investors.

Geopolitical and policy risks
Geopolitical tensions continue to be a wildcard for markets, influencing energy supply, trade flows, and investor risk appetite. Trade policy, sanctions, and regional conflicts can create abrupt shifts in capital flows and supply chains. Investors should build contingency plans and stress-test portfolios for sudden shocks.

Practical considerations for investors
– Diversify across asset classes and geographies to mitigate localized policy or geopolitical shocks.
– Focus on quality and cash flow resilience when equity valuations are stretched.
– Use duration and credit exposure strategically in bond portfolios to manage rate risk.
– Consider hedging currency exposure in international investments.
– Monitor central bank communications and macro data closely—markets often move on subtle shifts in expectations.
– For long-term allocations, assess structural themes such as technology adoption, clean energy transition, and demographic shifts rather than short-term headline noise.

Market dynamics are complex, but patterns repeat: policy shifts, earnings surprises, and supply disruptions drive cycles. Investors who combine disciplined risk management with a focus on fundamentals are better positioned to navigate the twists and turns of global markets.