Barclays_Global_Portfolio_Manager_s_Digest_Strength_in_Numbers

CrossAssetResearch10March2024GlobalPortfolioManager'sDigestFOCUSStrengthinNumbersEquityProductManagementGroupTerenceMaloneWeprovidecontextandperspectiveonresearchacrossregions+12125267578andassetclasses,thisweekhighlighting:ourmulti-sectorterence.malone@barclays.comanalysisofspendingpatternsastheUSconsumerremainsBCI,USresilient;anexaminationofkeyconsiderationsforglobalequitymarkets;andourthoughtsonSemis&ITHardwarefollowingRobBateourAsiatrip.+44(0)2077733576rob.bate@barclays.com•TheLatestontheUSConsumer:FollowingourDecemberupdate,USconsumersarepoisedBarclays,UKtoremainresilient,astheharddatasincethenhasbeenstrongerthanexpected,withFICCProductManagementGroupspendingsurgingonamonthlybasisinNovemberandDecemberbeforesteppingbackinBenMcLannahanJanuary.OuranalysisofUSBarclayscreditcarddatashowsthatmonthlyspending+44(0)2031349586allocationsacrossmanymerchantcategoriesonayear-on-yearbasiswerestilllargelystrongben.mclannahan@barclays.cominJanuary,butwithfallingmedianspendingatrestaurantsandfastfood.Thatsaid,wethinkBarclays,UKspendvolumesandloangrowthwillmoderateafteracceleratingsincemid-2022,andJanuarytrustdataconfirmedthistrend.Therearealsoemergingsignsinconsumercredit/ABSthatJenniferCardilliwarrantsomecaution;however,itistoosoontosaywithconvictionthatconsumercreditis+12125268351materiallyweakening.Pertainingtoretail...