Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Sharmila Whelan is a seasoned Global Geopolitical-Macro Strategist with nearly three decades of experience advising buy-side clients on multi-asset investment strategies and asset allocations. Her career has been defined by her differentiated thinking, a deep understanding of the interlinkages between

Westbourne Research Services Global Macro Strategist, Sharmila Whelan
global geopolitics, macro and policy dynamics and Austrian business cycle approach to economic analysis. Sharmila has extensive experience in both developed and emerging markets, particularly in China and India, and a proven track record of accurately forecasting investment risks and opportunities ahead of consensus.

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.

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Underweight Korean equities and the won, not because of the political crisis but because of what business cycle indicators are signalling. </li>
<li>The Korean corporate profit cycle is deteriorating, capex slowing, inventories rising and exports to key markets weakening which does not bode well for earnings growth.</li>
<li>A recession is not forecast though. Mortgage borrowing is strengthening, inflation easing and we expect another 75bps of policy rate cuts in 2025.</li>
</ul>


Underweight Korean equities and the won, not because of the political crisis but because of what business cycle indicators are signalling. 
The Korean corporate profit cycle is deteriorating, capex slowing, inventories rising and exports to key markets weakening which does not bode well for earnings growth.
A recession is not forecast though. Mortgage borrowing is strengthening, inflation easing and we expect another 75bps of policy rate cuts in 2025.


Korea - Move to Underweight