Fixed Income ETFs State Street Global Advisors’ global scale enables our portfolio managers, traders and investment strategists to be sector specialists and based in their geographic markets Our dedicated Capital Markets teams provide 24-hour coverage across global markets, offering enhanced
State Street Global Advisors’ global scale enables our portfolio managers, traders and investment strategists to be sector specialists and based in their geographic markets Our dedicated Capital Markets teams provide 24-hour coverage across global markets, offering enhanced liquidity and cost-efficient*
Strategy Espresso It was another rollercoaster week. After months of focusing on the good news and shrugging off the bad, US equity market sentiment sharply reversed, leaving most major US indices only modestly positive for the year. After that, European
Uncommon truths Despite recent market turmoil, we expect the Fed to continue tightening throughout 2019. History suggests that when the Fed tightens, equities outperform bonds and short maturities do better than long-dated counterparts. These trends appear to continue until the
Weekly Commentary Uncertainty over the sustainability of earnings growth is fueling equity weakness, reinforcing our call for boosting resilience in equity portfolios. Global equities fell amid elevated market volatility. Government bonds and the U.S. dollar rallied, while oil prices declined.
The Asset Allocation Group has maintained its positions across major asset classes and regions this month. While we have moved more defensive so far in 2018, shorter term opportunities are still presenting themselves. The Fidelity Leading Indicator (FLI) remains in
The Asset Allocation Group has maintained its positions across major asset classes and regions this month. While we have moved more defensive so far in 2018, shorter term opportunities are still presenting themselves. The Fidelity Leading Indicator (FLI) remains in
The FIXED INCOME MONTHLY provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team. Our investment approach is multi-strategy, with portfolio managers given clear accountability and fiduciary responsibility for all investment decisions in a portfolio. Given
Investment View Als we verder kijken dan het negatieve nieuws over importheffingen en handelsoorlogen, zien we een gezonde economische groei en een opwaartse druk op de rentes door een geleidelijke beëindiging van monetaire stimuleringsmaatregelen. Dit klimaat biedt goede koopmogelijkheden voor
Overview Executive Summary Matrices The 2019 edition of J.P. Morgan Asset Management’s Long-Term Capital Market Assumptions draws on the best thinking of our experienced investment professionals worldwide. Refined and
Regional view – United States US economic conditions are unusually strong at the moment and recession risks appear lower than normal. However, now is a good time to think about the risks and to prepare your portfolio accordingly.
Regional view – Europe "The performance of Eurozone equity markets is influenced predominantly by sector dynamics, rather than country factors.”
Regional view – Emerging Markets So far, Bolsonaro has only given mixed signals on social security and tax reform, and it's not clear how soon his administration will tackle the fiscal deficit, which it needs to do urgently.
Sell-off doesn’t spell the end for equities October has been a difficult month for investors, with global equities down 8.9% and on track for their worst month since February 2009. Fundamentals don't appear to have changed dramatically enough to justify
Regional view – Asia So, with history seemingly repeating itself, China might want to consider Japan's experience in its poker game with the US.
Overview Executive Summary Matrices MANAGING ILLIQUIDITY RISK ACROSS PUBLIC AND PRIVATE MARKETS Over the past 50 years, the roles of public and private capital markets have changed slowly but
Overview Executive Summary Matrices FIXED INCOME ASSUMPTIONS IN BRIEF Anticipating flatter curves and lower yields, we gradually shift our equilibrium interest rates lower across major G4 markets. For the
Overview Executive Summary Matrices MACROECONOMIC ASSUMPTIONS IN BRIEF This year’s edition of our Long-Term Capital Market Assumptions (LTCMAs) makes few significant changes to the forecasts for GDP growth and
In recent decades, the U.S. economy has become more stable. Notwithstanding the global financial crisis, recessions are milder and less frequent, while recoveries are weaker. The business cycle has certainly not been eliminated, but perhaps it has been tamed. Several factors explain this increased economic stability, including better
Developed market (DM) governments accumulated massive debts during the global financial crisis—which they appear reluctant, or unwilling, to tackle. The U.S., for example, is deploying a significant, unfunded tax cut, European voters are demonstrating austerity fatigue and Japan is kicking
PE provides the sole meaningful return increment vs. last year’s estimates. Increasing alpha opportunities driven by disruptive innovation, geographic expansion and ample exit options are expected to offset a mixed public equity return outlook, high purchase price multiples and sizable
Overview Executive Summary Matrices BUILDING INVESTOR RESILIENCE IN A DOWNTURN With the U.S. economy firmly in late cycle, investors are concerned. How can they ensure their portfolios survive the
Overview Executive Summary Matrices VOLATILITY ASSUMPTIONS IN BRIEF Our broad volatility forecasts are little changed compared with last year, despite the spike in financial asset volatility at the beginning
Overview Executive Summary Matrices CURRENCY EXCHANGE RATE ASSUMPTIONS IN BRIEF U.S. fiscal stimulus has improved economic activity, corporate earnings and consumer sentiment, producing a divergence between the cyclical position
Overview Executive Summary Matrices EQUITY MARKET ASSUMPTIONS IN BRIEF After several years of steadily lower expected returns, this year our equity return assumptions generally hold firm, with developed markets
Occasional Paper Series The article analyses recent developments in business investment for a large group of EU countries, using a broad set of analytical tools and data sources. We find that the assessment of whether or not investment is currently
After a relatively quiet summer, volatility spiked in October as investors worried about rising rates, peak economic and earnings growth and geopolitical tensions.
Market Flash After a relatively stable week, market declines resumed amid persistent concerns over Italy, economic growth sustainability, central bank policy trends and company earnings. As expected, Moody's downgraded Italy over the weekend but stopped short of pushing it into
Weekly Economic Commentary Earlier this month, the International Monetary Fund (IMF) conducted its fall meetings in Bali, Indonesia. The economic outlook released as background for the occasion was titled “Challenges to Steady Growth.” The report highlighted “mounting uncertainties—not only over
Equity Outlook Q4 2018 While most world markets advanced in the third quarter, U.S. stocks saw their biggest quarterly gain in nearly five years, boosted by rising wages, low unemployment, continued economic growth, and positive investor sentiment despite an escalating
What yield curves and credit markets reveal about future growth A tightening of US monetary policy has resulted in the US yield curve becoming flatter. With the Federal Reserve (Fed) expected to continue its policy of gradual rate increases over
Key Findings Trade policy remains the top-ranked risk to global equity markets 53% believe U.S. equities are undervalued or fairly valued 93% believe European equities are undervalued or fairly valued, followed by 87% for emerging market equities and 85% for
Weekly Bond Bulletin Mounting political tensions in Europe have been negative for risk assets in October, particularly equities. European credit has so far escaped relatively unscathed, but how long can this resilience persist?
Global Investment Views The start of autumn marked a change in market dynamics. Volatility is up across the board, the US 10-year yield is flirting with its highest level over the last seven years following a rapid rise; equity markets
The Macro Report The outlook for global economic growth is easing because of trade tariffs, weakness in emerging markets, and rising oil prices. In the United States, growth will remain steady this year but is expected to slow in 2019
The essential After two years of strong earnings momentum, EPS growth is expected to decline considerably from 2019. Between global growth reaching its climax, the fading impact of US tax reform, the declining contribution of oil and commodities and the
Economic and Strategy Viewpoint October 2018 The trade wars between the US and China have escalated with another round of tariffs from both sides. We expect the dispute to be prolonged with all trade between the two nations being subject
Paris, 26 October 2018 APP led to notable net capital outflows and a compression of global term premia Euro area bond investors largely unreactive to reduction in net APP purchase pace Euro area investors remain important buyers of US debt
Dear Investor, Basic factor investing is settled territory. Most investors have been bludgeoned with countless strategies that use factors like value, momentum, quality, or low volatility. As William Gibson observed in Pattern Recognition, “commodification will soon follow identification.” The primary
Investment Strategy House Views A lot has happened since the summer. Investors have been forced to digest a sequence of complex news about emerging markets, trade tensions, Brexit, the Fed, China, as well as earnings and economic data. There has
Fourth quarter of 2018 The results of the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 2018 show average inflation expectations of 1.7% for each of 2018, 2019 and 2020, unchanged from the previous survey.1 Average longer-term
We think the U.S. midterm elections on November 6 will likely be a bigger media event than a market event. Current polls indicate the Democrats may take control of the House of Representatives, but the Republicans will hold control of
Week Ahead Next week (October 30), Eurostat will publish a first flash estimate of Euro Area GDP growth in 3Q18. In 2Q18, GDP growth in the Euro Area stabilized at +0.4% q/q compared to the previous quarter, although in the
ECB Council keeps outlook for economy and monetary policy unchanged As expected, the ECB Council left the monetary stance unchanged at today’s meeting. Net asset purchases are scheduled to end in December, interest rates are expected to remain unchanged through
FX market monthly review The US dollar has regained some ground in recent weeks, reaching its highest level since mid-2017. A favourable interest rate differential to the rest of the G10 appears the strongest support to the currency at the
The big picture The epicenter of global growth is shifting towards APAC. With fundamentals taking over as the key driver of performance, Asia's growth premium is likely to underpin the region's outperformance in real estate.
The recent plunge in Turkey’s lira has once again put emerging markets at the forefront of investors’ minds. But while President Trump’s increasingly hostile stance on trade and protectionism may have been the catalyst for a sharp currency depreciation, in
Investment View Economische vertraging: negatief voor waarde beleggen? Duurzame dividenden zijn van doorslaggevend belang om beter te presteren dan de markt Steeds meer tekenen wijzen op een vertragende economie. Vaak wordt gedacht dat dit vooral druk zet op een waardestrategie,
