Equity Outlook – PGIM

Equity Outlook – PGIM

🕔13:02, 27.Aug 2018

Buybacks and M&A may fuel equities, but trade conflict is a key risk Stock buybacks, vast sums raised by private equity investing, and robust corporate M&A activity could all lend support to equities. The current trade conflict, particularly U.S. tariffs

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Investment Strategy and Research Committee Allocation Views

Investment Strategy and Research Committee Allocation Views

🕔13:02, 27.Aug 2018

Executive Summary as of August 3, 2018 We downgraded our view of equities to neutral in July as global growth outside the United States has shown further signs of moderating and political tensions have persisted. Within fixed income, we continue

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Trade Wars Trigger Headline Volatility

Trade Wars Trigger Headline Volatility

🕔13:02, 27.Aug 2018

Fixed Income Perspectives august 2018 Moving into the second half of 2018, trade concerns continue to dominate the financial market narrative. While the economic impact remains to be seen, ongoing trade tensions are likely to create additional episodes of volatility

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Review of markets over July 2018

Review of markets over July 2018

🕔13:02, 27.Aug 2018

Market Review The unusually hot weather and the football World Cup provided plenty of excitement in July but markets were just as interesting. Trade tensions remained acute but ultimately the phenomenal strength of corporate earnings was enough to push equity

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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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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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Tail Risks Are Getting Fatter

Tail Risks Are Getting Fatter

🕔13:02, 25.Aug 2018

Fixed-Income Outlook  Ten-year Treasury yields are once again flirting with 3 percent, prompting much handwringing about how high rates can go. We have long held that the upper range on long rates could be 3.25-3.50 percent. If rates do get

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How did inflation develop in August?

How did inflation develop in August?

🕔04:05, 25.Aug 2018

Week ahead Next week (August 31) the flash estimate of Eurozone inflation for August will be released. In July, headline inflation rose to +2.1% y/y (prev. +2.0% y/y). The development of energy prices (+9.5% y/y) remained the main driver of

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Buyer Beware: Bank Loans are not what they seem

Buyer Beware: Bank Loans are not what they seem

🕔15:04, 24.Aug 2018

 Are high-yield bank loans the fix for rising rates? Wall Street sure thinks so, and plenty of bond investors seem to agree. But a closer look reveals that these floating-rate instruments aren’t the cure-all they’re often made out to be

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Yield Curve Dynamics

Yield Curve Dynamics

🕔15:04, 24.Aug 2018

The financial press is awash with stories highlighting the correlation between yield curve inversions, in which yields on long-term US government securities fall below the yields on short-term government debt, and recessions. So as an investor, once the curve inverts

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Wasting assets

Wasting assets

🕔14:06, 24.Aug 2018

UBS House View In the early 1950s, the US security establishment debated how to conserve America’s “wasting asset” of nuclear superiority, and even considered preemptively striking the Soviet Union before it developed a hydrogen bomb.1 Seven decades later, the Trump

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Little delight from Turkish turmoil

Little delight from Turkish turmoil

🕔03:02, 24.Aug 2018

US dollar strength looks set to persist. The US dollar DXY index hit a 14-month high last week and is now up close to 9% from its 2018 low in February. This renewed burst of strength after a steep fall

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Is it Time for Value in Europe Again?

Is it Time for Value in Europe Again?

🕔17:02, 23.Aug 2018

In value investing, the benchmark is critical. Whilst all value indices aim to hold undervalued companies, long-term performance can vary greatly based on the intensity of the exposure and the ability of the index to defend against value traps. Understanding these considerations

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We have trimmed our activity forecast for the second time this year and…

We have trimmed our activity forecast for the second time this year and…

🕔15:05, 23.Aug 2018

Economic and Strategy Viewpoint September 2018 We are revising down our forecast for global growth for the second quarter running. For 2018 the forecast goes to 3.3% from 3.4% and in 2019 to 3% from 3.2%. The most significant changes

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Autumn outlook: Disruptive divergence

Autumn outlook: Disruptive divergence

🕔15:02, 23.Aug 2018

The global economy is caught in an asymmetric slowdown, with the US outperforming the rest of the world. The result is a double whammy of monetary tightening via higher interest rates and US Dollar appreciation. Ultimately, this disruptive divergence creates

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August is often a quiet month for equity markets

August is often a quiet month for equity markets

🕔15:02, 23.Aug 2018

Index Dashboard: Risk & Volatility August is often a quiet month for equity markets and – excepting heightened volatility in a few international hotspots – 2018's edition looks set to be typical. Since our last report, U.S. equity volatility and

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Market risk Insights: Journeying through a changing risk environment

Market risk Insights: Journeying through a changing risk environment

🕔15:02, 23.Aug 2018

In 1960, Nobel Prize-winning US author John Steinbeck set out on a road journey around his home country to see what he could see; to note any changes in the vast nation that he hadn’t observed up close for decades.

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Responsible Investing: Delivering competitive performance

Responsible Investing: Delivering competitive performance

🕔15:02, 23.Aug 2018

Growing interest in Responsible Investing raises an important question: Does pursuing social goals — limiting the range of potential investment opportunities — require sacrificing performance? A Nuveen analysis of leading RI equity indexes over the long term found no statistical

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Picking through the alpha graveyard

Picking through the alpha graveyard

🕔15:02, 23.Aug 2018

Survivorship bias is the logical error of focusing only on the things that survived a process while ignoring the things that did not. Famous examples abound across fields ranging from the science of falling cats (Whitney and Mehlhaff, 1987), to

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The setting summer sun

The setting summer sun

🕔19:02, 22.Aug 2018

HouseView With the summer coming to an end, some reflections on the state of global markets and the outlook for the rest of the year seem appropriate. It has been a year with more volatility than direction, and investors have

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Navigating Fixed Income Portfolios in a U.S. Rising Rate Environment

Navigating Fixed Income Portfolios in a U.S. Rising Rate Environment

🕔19:02, 22.Aug 2018

Institutional investors are facing the task of navigating global central bank policy shifts and their effects. In U.S. markets, this has resulted in a flattening yield curve and heightened awareness and anticipation of a U.S. rising rate environment. Using eVestment’s

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The finance function of the future: Use IFRS 17 to build your competitive advantage

The finance function of the future: Use IFRS 17 to build your competitive advantage

🕔16:34, 22.Aug 2018

Imagine a future in which finance can monitor business performance in real time and provide results to stakeholders where and when they need them. Imagine it can close the books in two days and fully explain what drove the results.

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Turkish delight turns sour?

Turkish delight turns sour?

🕔15:04, 22.Aug 2018

In Credit Concerns about the deteriorating Turkish situation helped core government bonds perform better, but credit market spreads were generally a little wider and emerging markets were very weak. The yield of the benchmark US 10-year Treasury note, which was

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What has happened in the first half of the year in your area?

What has happened in the first half of the year in your area?

🕔15:04, 22.Aug 2018

Japan’s market began the year strongly. The Nikkei jumped 3.3% on its opening day, its best start since 1996. However, investors’ early optimism was short lived. The market peaked on 23 January before dropping sharply. Equities continued to drift lower

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Frontier Markets Debt: hebben Europese beleggers een verkeerd beeld van Afrika?

Frontier Markets Debt: hebben Europese beleggers een verkeerd beeld van Afrika?

🕔10:14, 22.Aug 2018

Investment View  De recente marktcorrectie ging gepaard met hogere yields voor Frontier Markets Debt (FMD), terwijl de onderliggende fundamentals sterk blijven. Op de zeer korte termijn blijft NN Investment Partners (NN IP) voorzichtig, gezien de risico’s en de waarschijnlijk uitdagendere

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Risico van Turkije beperkt, andere factoren drukken op aandelenmarkten

Risico van Turkije beperkt, andere factoren drukken op aandelenmarkten

🕔10:14, 22.Aug 2018

Investment View De economische problemen van Turkije en oplopende spanningen met de Verenigde Staten waren de afgelopen dagen volop in het nieuws. Dit zorgde wereldwijd voor meer risicoaversie bij beleggers, terwijl het vertrouwen in opkomende markten is afgenomen. Gezien de

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What gets measured gets managed

🕔10:00, 22.Aug 2018

Knowing the benefits and weaknesses of several types of measurement— book yield roll, total return attribution and scorecards—helps to inform book yield measurement.

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Turkey crisis – between hysteria and facts

Turkey crisis – between hysteria and facts

🕔03:10, 21.Aug 2018

Lasting global implications from lira drop seem unlikely Following a massive decline that reached its peak to date at the beginning of the week, the Turkish lira’s exchange rate levelled off, meaning that the losses could be compensated for partially.

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CEE Market Insights

CEE Market Insights

🕔03:10, 21.Aug 2018

Market outlook While the Turkish lira gained a lot last week, volatility is still high, as it remains unclear what exact short-term steps could come after the Finance Minister told investors last week that he is committed to macroeconomic and

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From headlines to fundamentals

From headlines to fundamentals

🕔02:02, 21.Aug 2018

Regional view – United Kingdom "Broadly speaking this quarter's earning season hasn't been as good versus expectations as other quarters, but nor has it been particularly weak" ​ I have spent a bit of time in recent weeks assessing the FTSE

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Seeing the Forest for the “T’s”

Seeing the Forest for the “T’s”

🕔02:02, 21.Aug 2018

Regional view – United States Don't lose sight of the big economic picture, which is positive, by getting caught up in day-today market headlines, which often aren't Alliteration is one way to describe recent news headlines: Tariffs, Turkey, Tesla, Trump,

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Is global financial contagion from Turkey justified?

Is global financial contagion from Turkey justified?

🕔02:02, 21.Aug 2018

Regional view – Emerging Markets As the crisis intensified, the assets most punished have been those of the "usual suspects" – economies like Turkey that have large funding gaps and are politically constrained.  The reaction of global financial markets to

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Testing the EU’s fiscal playbook

Testing the EU’s fiscal playbook

🕔02:02, 21.Aug 2018

Regional view – Europe "The EU could tolerate higher deficits than previously agreed but markets shouldn't forget the still troublesome fiscal dynamics in Southern Europe."

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Don’t lose sight of China’s long-term story

Don’t lose sight of China’s long-term story

🕔02:02, 21.Aug 2018

Regional View – Asia So when it comes to China, investors shouldn't let the noise of the near term distract them from opportunities that exist in the long term.

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US dollar strength looks set to persist

US dollar strength looks set to persist

🕔02:02, 21.Aug 2018

UBS House View US dollar strength looks set to persist. The US dollar DXY index hit a 14-month high last week and is now up close to 9% from its 2018 low in February. This renewed burst of strength after

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Assets and liabilities of euro area investment funds

Assets and liabilities of euro area investment funds

🕔14:34, 20.Aug 2018

EUR billions and annual percentage changes; amounts outstanding at end of period; transactions and other changes during the period

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Improving Valuations

Improving Valuations

🕔14:04, 20.Aug 2018

Perspective: August 2018 Geopolitical developments, from trade policy to economic sanctions, have become key market drivers in recent months. While markets have been unsure about how far trade relations may deteriorate, differentiation is being made between those industries most and

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China: Quantifying the impact of trade war

China: Quantifying the impact of trade war

🕔14:04, 20.Aug 2018

Research & Strategy Insights China’s rapid advancement in technology and innovation has created a structural conflict with the current leader, the US. The trade dispute is merely a disguise of this structural conflict, making it much harder to resolve than

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The world upside down in this late-cycle bull market

The world upside down in this late-cycle bull market

🕔13:00, 20.Aug 2018

Returns have been higher than risk levels in the past two years Cyclical growth stocks have outperformed defensive dividend stocks Financial markets tend to mean-revert, but timing is difficult

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De-FANGed Trade?

De-FANGed Trade?

🕔10:48, 20.Aug 2018

Monthly Market Update Global trade tensions appeared to lose some bite with a thawing of U.S.-European trade relations, though some conflicts continued. A meeting between President Donald Trump and European Commission President Jean-Claude Juncker led to an apparent détente between

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Global Transportation Q&A with Andy Dacy

🕔08:36, 20.Aug 2018

Assets in the transportation space may include but is not limited to anything from ships to trains to aircrafts, providing institutional investors with alternative sources of returns. Andy Dacy talks about how the asset class is evolving and where he

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Global Outlook

Global Outlook

🕔06:14, 19.Aug 2018

Our latest Global Outlook is being released at a challenging time for investors. Global growth has been weaker than anticipated so far this year, especially outside of the US. The Federal Reserve (Fed) is continuing to withdraw policy support amid

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Global Outlook

Global Outlook

🕔06:14, 19.Aug 2018

Our latest Global Outlook is being released at a challenging time for investors. Global growth has been weaker than anticipated so far this year, especially outside of the US. The Federal Reserve (Fed) is continuing to withdraw policy support amid

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Pictures of a crisis

Pictures of a crisis

🕔13:02, 18.Aug 2018

Uncommon truths Comparison with other debt crisis countries suggests the Turkish lira may have bottomed, if the central bank tackles inflation. Europe’s exposure to Turkey is not enormous (except for Spain). So, Turkey, where did it all go wrong? With

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Frontier Markets Debt: hebben Europese beleggers een verkeerd beeld van Afrika?

Frontier Markets Debt: hebben Europese beleggers een verkeerd beeld van Afrika?

🕔10:01, 18.Aug 2018

Investment View De recente marktcorrectie ging gepaard met hogere yields voor Frontier Markets Debt (FMD), terwijl de onderliggende fundamentals sterk blijven. Op de zeer korte termijn blijft NN Investment Partners (NN IP) voorzichtig, gezien de risico’s en de waarschijnlijk uitdagendere

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NN IP: risico van Turkije beperkt, andere factoren drukken op aandelenmarkten

NN IP: risico van Turkije beperkt, andere factoren drukken op aandelenmarkten

🕔10:01, 18.Aug 2018

Investment View De economische problemen van Turkije en oplopende spanningen met de Verenigde Staten waren de afgelopen dagen volop in het nieuws. Dit zorgde wereldwijd voor meer risicoaversie bij beleggers, terwijl het vertrouwen in opkomende markten is afgenomen. Gezien de

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Lasting global implications from lira drop seem unlikely

Lasting global implications from lira drop seem unlikely

🕔04:03, 18.Aug 2018

Following a massive decline that reached its peak to date at the beginning of the week, the Turkish lira’s exchange rate levelled off, meaning that the losses could be compensated for partially. The deterioration of the lira had global implications

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Onrust door liracrisis Turkije

Onrust door liracrisis Turkije

🕔13:02, 17.Aug 2018

De ontwikkelingen in Turkije hebben geleid tot een val van de Turkse lira. In combinatie met onder andere de spanningen over de handelsrelaties van de VS is onrust ontstaan op de wereldwijde financiële markten. Hoe kijken wij hier tegenaan? En

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Late-Cycle Investing

Late-Cycle Investing

🕔10:16, 17.Aug 2018

Midyear Update The global trade order that has existed for decades is being disrupted. Several economic indicators are running hot (see Figure 1) even as the current U.S. expansion has begun its tenth year. Volatility is higher as some investors

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New Technologies Changing Asset Management: What investors should consider

New Technologies Changing Asset Management: What investors should consider

🕔02:07, 17.Aug 2018

New technologies are transforming our lives. Smartphones, GPS and “smart home” devices like Alexa and Siri are just a few examples of technologies that are changing communication, transportation and daily tasks. Industries are being transformed just as much, with companies

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