Do equity factors have personalities?

Do equity factors have personalities?

🕔19:02, 31.Aug 2018

Uncommon truths  We believe that equity factors afford a simple way to improve upon the characteristics of commonly used equity benchmarks. They have their own personalities and, though it is difficult to predict which will outperform, there are some worrying

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Kwetsbaar, maar geen Turkije

Kwetsbaar, maar geen Turkije

🕔14:04, 31.Aug 2018

Brazilië Focus Brazilië kampt met tegenwind uit binnen- en buitenland. Sterke externe positie zorgt dat Brazilië niet Turkije achterna gaat. Cijfers voor mei beïnvloed door staking vrachtwagenchauffeurs …,

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Global Economic perspective

Global Economic perspective

🕔14:04, 31.Aug 2018

August Strong US Economy Showing Few Signs of Trade Concerns The Bank of Japan’s Move Could Indicate a More Significant Monetary Shift Domestic Strength Underpins Growth in Eurozone despite Trade Headwinds …

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Global Economic perspective

Global Economic perspective

🕔14:04, 31.Aug 2018

August Strong US Economy Showing Few Signs of Trade Concerns The Bank of Japan’s Move Could Indicate a More Significant Monetary Shift Domestic Strength Underpins Growth in Eurozone despite Trade Headwinds …

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Full Speed Ahead in the Primary Markets

Full Speed Ahead in the Primary Markets

🕔04:03, 31.Aug 2018

Credit Markets Weekly Strong issuance activity by the banking sector While the primary market for corporate bonds is beginning to gradually gather pace after the summer break with multi-tranche issues, the bank bond segment has already seen lively activity since

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European bounce

European bounce

🕔15:02, 30.Aug 2018

HouseView Markets are fascinating, mysterious and always changing. This combination creates a strong attraction to many who like challenges and hope to solve mysteries, and be rewarded when successful. Achieving this, however, has never been easy and it never will

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Taking the temperature of the global economy

Taking the temperature of the global economy

🕔12:04, 30.Aug 2018

Weekly Digest Currently the difference between two and ten-year US Treasury bond yields is at its lowest level since 2007, raising fears of an imminent recession. Our base case scenario remains one in which we continue to see a slow,

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Dodgeball

Dodgeball

🕔12:04, 30.Aug 2018

Weekly Digest When I meet our investors and potential investors I often make the point that one of the facets of our approach that I am most proud of is our track record of keeping investors out of mischief. There

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Shopping for information ratio

Shopping for information ratio

🕔12:04, 30.Aug 2018

Weekly Digest With the advent of cheap ETFs and passive solutions, investors are increasingly focusing on cost minimisation whilst disregarding the quality reduction this often comes with. Having benchmark-like returns for a low price can be an attractive and safe

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A very alternative source of yield

A very alternative source of yield

🕔12:04, 30.Aug 2018

Weekly Digest When thinking about high yield investments, I suspect that Africa ex SA property does not sit high in many people’s minds. However, we believe this asset class has the potential to provide investors with an attractive hard currency

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Viewpoint

Viewpoint

🕔12:02, 30.Aug 2018

Market Commentary It was a flat month for developed equities and safe haven government bonds, with the MSCI World index and US Treasuries returning zero in June. Notably, the market action came in emerging markets; where the MSCI Global Emerging

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Viewpoint

Viewpoint

🕔12:02, 30.Aug 2018

Market Commentary It was a flat month for developed equities and safe haven government bonds, with the MSCI World index and US Treasuries returning zero in June. Notably, the market action came in emerging markets; where the MSCI Global Emerging

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Macro matters

Macro matters

🕔12:02, 30.Aug 2018

Weekly Digest When I raise the issue of the importance of macro, I sometimes get the response: ‘no one has a good record predicting macroeconomic variables like GDP growth’; ‘where do you start when it comes to the many interrelated

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The dominance of politics: investment implications

The dominance of politics: investment implications

🕔09:33, 30.Aug 2018

Global Investment Views  Concerns about trade continue to take centre stage. While US assets have so far been resilient amid escalating protectionist rhetoric, markets targeted by tariffs are under pressure. We still don’t believe a full trade war is likely

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Where will the next financial crisis come from?

Where will the next financial crisis come from?

🕔09:33, 30.Aug 2018

The world is not yet completely out of the 2007- 2008 financial crisis, but the risk of a new crisis already arises. The theme of “regime shift” (volatility, interest rate, inflation, etc.) has resurfaced, which led to a marked correction

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Turkey shakes summer thin markets, but contagion risk is contained

Turkey shakes summer thin markets, but contagion risk is contained

🕔09:33, 30.Aug 2018

Investment Talks Turkish crisis: Turkish Lira depreciation in August is the consequence of an unsustainable growth regime financed by rising private debt (mainly external debt), combined with a current account deficit that had become excessively financed by short-term capital flows.

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A Map for the Future of the Euro

A Map for the Future of the Euro

🕔15:02, 29.Aug 2018

The Future of Europe series Invesco’s Future of Europe series aims to address some of the most pressing questions surrounding the euro, the eurozone (EZ) and the European Union (EU). Grounded in economic and political reality and drawing on both

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Emerging-market bonds: a fixed income asset with equity-like returns (and risks)

Emerging-market bonds: a fixed income asset with equity-like returns (and risks)

🕔15:02, 29.Aug 2018

Emerging-market bonds represent a small but growing segment of the global capital markets. Their strong historical returns and high yields, along with the improved economic fundamentals of their issuers, have generated investor interest in holding them as a distinct portfolio

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Commercial Insurance Pricing Increased in Second Quarter 2018

Commercial Insurance Pricing Increased in Second Quarter 2018

🕔14:26, 29.Aug 2018

Driven by increases in property and financial and professional lines, global commercial insurance prices increased, on average, in the second quarter of 2018, marking the third consecutive quarter of increases. The market remained fairly stable with prices fluctuating within a

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The New Physics of Financial Services

The New Physics of Financial Services

🕔14:26, 29.Aug 2018

Consistent with the World Economic Forum’s mission of applying a multistakeholder approach to address issues of global impact, creating this report involved extensive outreach and dialogue with numerous organizations and individuals. They included the Forum’s Financial Services, Innovation and Technology

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Blockchain en Cryptovaluta

Blockchain en Cryptovaluta

🕔14:26, 29.Aug 2018

VBA Journaal Voor u ligt het zomernummer van het VBA Journaal. Dit keer heeft de redactie als thema gekozen “Blockchain en Cryptovaluta”. Het laatste jaar gaat er geen week voorbij of er wordt niet over geschreven. Er zijn veel geluiden dat

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Despite recent experiences in the United States and the Eurozone, it might be advisable to always keep an eye on the money supply.

Despite recent experiences in the United States and the Eurozone, it might be advisable to always keep an eye on the money supply.

🕔14:03, 29.Aug 2018

CIO View Among central banks and market observers alike, monetarism seems to have gone out of fashion. That seems a touch premature. Take a broader look at the recent inflation experience in different parts of the world, and the link

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Streven naar een duurzamere wereld met aandacht voor rendement

Streven naar een duurzamere wereld met aandacht voor rendement

🕔13:02, 29.Aug 2018

MaandJournaal Hoe ziet de wereld er in de toekomst uit? Met impactbeleggen streeft NN Investment Partners (NNIP) naar meetbare positieve veranderingen voor mens en milieu en tegelijkertijd met aandacht voor rendement. Impact beleggen gaat een stap verder dan duurzaam beleggen.

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Can this Bull Keep Running?

Can this Bull Keep Running?

🕔13:02, 29.Aug 2018

Strategy Espresso Much was made in the press last week of the historic moment when the S&P 500 entered its longest ever bull market. However, the big question triggered by this record-breaking phenomenon is, Can this bull market really keep

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”I’m in the band” – a CTA Sub Strategy Comparision

”I’m in the band” – a CTA Sub Strategy Comparision

🕔11:04, 28.Aug 2018

RPM EDUCATIONAL # 8. Key point: Although trend following is the dominating strategy in the CTA universe, there are also other sub strategies with different characteristics. Whereas trend following is superior in trending markets and persistent crises; during non-trending periods

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China’s biotech  revolution Shifting Asia

China’s biotech revolution Shifting Asia

🕔11:02, 28.Aug 2018

Welcome to the next edition of our Shifting Asia series. In each publication, we dissect the impact that key structural developments across the Asia region have on markets and industries over a 5–10-year time horizon. Unfolding technology is an important driver

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Some Implications of Uncertainty and Misperception for Monetary Policy

Some Implications of Uncertainty and Misperception for Monetary Policy

🕔09:35, 28.Aug 2018

When choosing a strategy for monetary policy, policymakers must grapple with mismeasurement of labor market slack, and of the responsiveness of price inflation to that slack. Using stochastic simulations of a small-scale version of the Federal Reserve Board’s principal New

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Minutes of the Federal Open Market Committee, July 31–August 1, 2018

Minutes of the Federal Open Market Committee, July 31–August 1, 2018

🕔09:35, 28.Aug 2018

A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, July 31, 2018, at 10:00 a.m.

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Competition, Stability, and Efficiency in Financial Markets

Competition, Stability, and Efficiency in Financial Markets

🕔09:34, 28.Aug 2018

We find that (1) an intensification of competition increases the efficiency and fragility of banks; (2) economies can avoid the fragility costs of competition by enhancing bank governance and tightening leverage requirements; and (3) the monetary transmission mechanism is materially

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More Amazon Effects: Online Competition and Pricing Behaviors

More Amazon Effects: Online Competition and Pricing Behaviors

🕔09:34, 28.Aug 2018

I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in

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Jackson Hole Symposium 2018: Changing Market Structure and Monetary Policy

Jackson Hole Symposium 2018: Changing Market Structure and Monetary Policy

🕔09:34, 28.Aug 2018

Over the last decade we have seen the start of a revolution in Artificial Intelligence, Big Data and Fintech that is changing many industries, including financial services. In my comments I want to focus on two aspects of these emerging

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The Impact of Trade on Inequality in Developing Countries

The Impact of Trade on Inequality in Developing Countries

🕔09:34, 28.Aug 2018

Such quotes pervade the discussion of international trade in the United States. Yet this particular quote continues: “Jobs that should be offered to Brazilians are being delivered on a tray to the Chinese, Koreans, Indians, etc … .” It was

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Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles

Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles

🕔09:34, 28.Aug 2018

We document that the rise of factors such as software, intellectual property, brand, and innovative business processes, collectively known as “intangible capital” can explain much of the weakness in physical capital investment since 2000. Moreover, intangibles have distinct economic features

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Increasing Differences between firms: Market Power and the Macro-Economy

Increasing Differences between firms: Market Power and the Macro-Economy

🕔09:34, 28.Aug 2018

A rich understanding of macro-economic outcomes requires taking into account the large (and increasing) differences between firms. These differences stem in large part from heterogeneous productivity rooted in managerial and technological capabilities that do not transfer easily between firms. In

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CEE Market Insights

CEE Market Insights

🕔03:09, 28.Aug 2018

Market outlook Among CEE currencies, the Polish zloty and the Romanian leu performed the best, while the forint and the Czech koruna fell to some extent last week. The zloty’s relative strength could be underpinned by strong monthly indicators for

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Milestone or millstone?

Milestone or millstone?

🕔02:03, 28.Aug 2018

Bull markets don't die of old age. The current expansion bears the scars from many crises and near misses, but it has survived. In fact, it's partially because of that scar tissue that the economy lacks the excesses and imbalances

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What’s attractive among emerging market assets?

What’s attractive among emerging market assets?

🕔02:03, 28.Aug 2018

For investors who remain underallocated to EM USD-denominated sovereign bonds, this is a good time to look through the noise and rebalance.  There is no denying that emerging market (EM) assets have underperformed developed market counterparts year-to-date. Reading the financial

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Beijing’s policy predicament

Beijing’s policy predicament

🕔02:03, 28.Aug 2018

The US may try to contain China's industrial advancement by using trade barriers, but in the end it cannot stop China's ascent up the valueadded industrial ladder.  The US administration has asserted that its trade engagement with China is about

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The S&P’s record run faces near-term event risk

The S&P’s record run faces near-term event risk

🕔02:03, 28.Aug 2018

Record-breaking S&P shrugs off threats. The S&P 500 hit an all-time high last week. And by some measures, the current bull market became the longest on record on 22 August, surpassing the 1990–2000 run. This strength is partly justified by

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The S&P’s record run faces near-term event risk

The S&P’s record run faces near-term event risk

🕔02:03, 28.Aug 2018

Record-breaking S&P shrugs off threats. The S&P 500 hit an all-time high last week. And by some measures, the current bull market became the longest on record on 22 August, surpassing the 1990–2000 run. This strength is partly justified by

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Multi-Asset Solutions Weekly Strategy Report

Multi-Asset Solutions Weekly Strategy Report

🕔13:02, 27.Aug 2018

Global markets and multi-asset portfolios  Previous episodes of elevated geopolitical tension provide a useful benchmark for the impact of such events on portfolios. From these previous episodes we have drawn a few observations: Uncertainty can be more damaging than the

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Market Flash: Onwards And Upwards

Market Flash: Onwards And Upwards

🕔13:02, 27.Aug 2018

On the markets Equity markets moved higher in a quieter week. The US-China trade talks were described as “constructive and frank” or in other words, ‘we haven’t yet reached a deal but at least we’re talking’. The FOMC minutes suggested

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Weekly Bond Bulletin

Weekly Bond Bulletin

🕔13:02, 27.Aug 2018

A European holiday Despite the positive growth picture, the geopolitical worries that have rattled markets this year have persisted through the traditionally quiet summer months. European high yield looks like a pocket of value.

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Municipal bond market recap and outlook

Municipal bond market recap and outlook

🕔13:02, 27.Aug 2018

Highlights Municipal bond prices recovered from their first-quarter slump, posting positive returns, outperforming most sectors of the fixed income market. The continued drop in supply as states and municipalities deferred borrowing, combined with strong demand and low new issuance created

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Fixed Income Asset Allocation Insights Aug: 2018

Fixed Income Asset Allocation Insights Aug: 2018

🕔13:02, 27.Aug 2018

Making A Case For Securitized Assets Tighter spreads marked most credit-related asset classes in July amid progress on trade, solid second-quarter earnings, and subdued new-issue activity. Investment grade (IG) credit and emerging markets (EM) debt experienced strong total returns despite

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Revisiting “Thinking Outside the Index”

Revisiting “Thinking Outside the Index”

🕔13:02, 27.Aug 2018

August 2018 After a long-term downward trend, we believe that the upward turn taken by interest rates in the second half of 2016 may continue. Many investors are over-exposed to interestrate risk in the form of duration, the central risk

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A Positive Start to the Second Half of 2018 for Emerging Markets

A Positive Start to the Second Half of 2018 for Emerging Markets

🕔13:02, 27.Aug 2018

Emerging markets insights The left-wing coalition headed by Andrés Manuel López Obrador (AMLO) won by a landslide in Mexico’s general election. We do not expect a radical change in terms of Mexico’s fiscal or central bank policy as a result

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Global Emerging Markets Strategy Mid-Year Update

Global Emerging Markets Strategy Mid-Year Update

🕔13:02, 27.Aug 2018

Executive Summary Emerging markets equities declined in the first half of the year owing to concerns of rising trade tensions, growing political risks particularly in Latin America, a potentially aggressive pace of rate hikes indicated by the U.S. Fed and

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Summertime and the living is easy?

Summertime and the living is easy?

🕔13:02, 27.Aug 2018

Investment directions  In the United States, the economic backdrop continues to shine, and earnings remain strong. But uncertainty surrounding trade tensions has sparked investor interest in more defensive factor exposures, like quality, while fervor has cooled for more cyclical factors

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Templeton Global Fixed Income Report

Templeton Global Fixed Income Report

🕔13:02, 27.Aug 2018

Investment Team Update Summary of developments during the month Description of fund performance Country and sector updates Outlook

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