Fed to raise its inflation game?

Fed to raise its inflation game?

🕔14:05, 31.May 2019

Macro and Market Perspectives The Federal Reserve is reviewing its monetary policy strategy amid concerns that the current policy toolkit won’t be powerful enough to counter a future economic downturn. The Fed is considering options to steer inflation expectations that

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Why invest in alternative assets?

Why invest in alternative assets?

🕔09:49, 31.May 2019

“For long term investors able to forego some liquidity, a strategic allocation to alternatives assets could help to improve the overall risk/return profile of their portfolio.” Vincent Juvyns There is no alternative…really? The post-crisis economic expansion has been long but

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Meet the strategist: Scott Thiel

Meet the strategist: Scott Thiel

🕔07:40, 31.May 2019

BlackRock’s Chief Fixed Income Strategist Scott Thiel shares why he chose finance over law school, the career achievement he’s most proud of and more in the latest installment in our ongoing series of Q&As with BlackRock investment strategists. We recently

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Why cyber security matters to investors?

Why cyber security matters to investors?

🕔16:57, 30.May 2019

Scott explains why cyber security is a key risk for investors to monitor, especially amid rising geopolitical tensions. Data breaches are increasingly in the news. But that’s not the only reason why one should care about cyber security. We view

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Should you move your portfolio into cash?

Should you move your portfolio into cash?

🕔05:00, 30.May 2019

For the past several years most investors have faced a simple but abiding problem: asset markets have been climbing for close to a decade and now nothing looks cheap. However, in 2018 things began to change. During the year, as

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Infrastructure debt Insurance regulations in Asia

Infrastructure debt Insurance regulations in Asia

🕔05:00, 30.May 2019

Across Asia, new risk-based insurance regulations are in various stages of development. From experience in Europe, we know that implementation of these new rules could have a profound impact on insurers’ investment strategy. In the fast-growing Asian insurance market, a

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China economy: Green shoots or red herrings?

China economy: Green shoots or red herrings?

🕔05:00, 30.May 2019

China macro update Defying global concerns around its growth, China’s first quarter GDP and March activity data provided further evidence that policy easing effects are coming through and growth is bottoming out, helped partly by an export recovery However, the

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European elections: a pivotal time

European elections: a pivotal time

🕔05:00, 30.May 2019

Due to take place on 23-26 May, the European Parliamentary (EP) elections are approaching fast. The final results will be communicated in the evening of 26 May At the time of writing, if polls are correct (1), the two mainstream

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Income is back in bond returns

Income is back in bond returns

🕔18:41, 29.May 2019

We see income, or carry, reasserting itself as the key driver of bond market returns. Scott explains. Coupon income historically has contributed the lion’s share of total returns across global fixed income markets. Yet declining yields this year elevated the

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Survey on the access to finance of enterprises − Methodological information on the survey and user guide for the anonymised micro dataset

Survey on the access to finance of enterprises − Methodological information on the survey and user guide for the anonymised micro dataset

🕔15:22, 29.May 2019

This document presents an overview of the methodology of the Survey on Access to Finance of Enterprises (SAFE), focusing on the set-up of the survey and the general characteristics of the euro area enterprises that participated. The microdata for the

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Financial Stability Review

Financial Stability Review

🕔15:21, 29.May 2019 Read Full Article
US vs. China: Trade War Looming, or Overstated Hysteria?

US vs. China: Trade War Looming, or Overstated Hysteria?

🕔15:02, 29.May 2019

Strategy Espresso “Full-Blown Trade War is Quickly Shifting from Risk to ‘Baseline’” read a Bloomberg headline on Thursday 23 May, as analysts and economists from multiple institutions began adjusting their assumptions regarding whether a trade deal between the US and

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When cyber risks meet geopolitics

When cyber risks meet geopolitics

🕔14:08, 29.May 2019

Weekly Commentary Heightened geopolitical tensions increase the risk of cyberattacks, with growing market implications, in our view.  Risk assets including stocks sold off on mounting worries about growth and U.S.-China tensions. UK Prime Minister Theresa May resigned.  This week’s Chinese

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European Elections outcome: a more fragmented Parliament with a still pro-European majority

European Elections outcome: a more fragmented Parliament with a still pro-European majority

🕔14:02, 28.May 2019

Market Commentary Eurosceptics gained considerably in the European elections and the informal pro-European coalition of Conservatives and Socialists lost its majority. However, concerns about a landslide victory for the Eurosceptics did not materialize. A pro-European majority can still be engineered

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Multi-Asset Solutions Weekly Strategy Report

Multi-Asset Solutions Weekly Strategy Report

🕔11:02, 28.May 2019

Global markets and multi-asset portfolios It was only a few weeks back that the S&P 500 made new record highs, first quarter U.S. GDP soundly beat consensus with a well-above-trend 3.2% print and European data began to show signs of

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The Outlook for Escalating Trade Tensions

The Outlook for Escalating Trade Tensions

🕔11:02, 28.May 2019

Recognizing that uncertainties regarding U.S./China trade tensions have multiplied, our perspective on recent developments are based on the question of: “what do we actually know?” 

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Countdown to Zero—The Final Chapters

Countdown to Zero—The Final Chapters

🕔11:02, 28.May 2019

The Question Remains: Zero Real or Zero Nominal Yields? In our last interest-rate focused paper (Fall 2018), we hypothesized that G3 rates were temporarily boosted by fears of an acceleration in growth and an associated normalization of central bank monetary

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The Fed Holds, the Economy Carries on…Trade Wars Reignite

The Fed Holds, the Economy Carries on…Trade Wars Reignite

🕔11:02, 28.May 2019

Fixed Income Perspectives As expected, at its April–May meeting the Federal Open Market Committee (FOMC) voted unanimously to hold the Fed funds rate steady in the 2.25–2.50% range. The few changes to the press release language acknowledged the solid economic

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UBS House View, Investor’s Guide

UBS House View, Investor’s Guide

🕔11:02, 28.May 2019

No rush? On Thursday 2 May, US productivity grew at a nine-year high. The next day, the US celebrated unemployment at a 50-year low. But investors who partied into the weekend were sick Monday morning after President Donald Trump tweeted he

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Center for Investment Excellence

Center for Investment Excellence

🕔20:14, 27.May 2019

Join us in exploring how alternative asset allocation can help boost returns and reduce risk in a late-cycle investment environment.  Risks and Opportunities across Private Markets  Have investors been forced to embrace private markets? Find out with David Lebovitz on

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PM May resignation and European elections outcome could precipitate several local snap elections while trade war tensions still looming

PM May resignation and European elections outcome could precipitate several local snap elections while trade war tensions still looming

🕔14:58, 27.May 2019

European elections see relatively high turnout and fragmentation. Turnout surprised on the upside, at its highest in 20 years (50.5% versus 43% in 2014), suggesting that most Europeans are still interested in politics and Europe. The two historical formations –

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European Elections And Trade War: Markets Retreat

European Elections And Trade War: Markets Retreat

🕔09:02, 27.May 2019

Market Flash The US trade dispute continued to worry markets and US and German companies. At the end of the period, US PMI data remained in positive territory but showed confidence levels slipping. The Fed stayed in wait-and-see mode as

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What do shocking numbers tell us?

What do shocking numbers tell us?

🕔09:02, 27.May 2019

Macro Weekly Germany’s Ifo plunges… While French business confidence improves Unexpected re-emergence of the trade conflict most unwelcome May to step down

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Will rate cuts follow the sun?

Will rate cuts follow the sun?

🕔09:02, 27.May 2019

Weekly Bond Bulletin 23 May 2019 The Reserve Bank of New Zealand has led the way with its recent interest rate cut. As we head towards the end of the cycle, other developed market central banks could be expected to

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High Yield: Oasis in search for yield?

High Yield: Oasis in search for yield?

🕔09:02, 27.May 2019

Since early 2016, US HY default rates have experienced a sort of “mini –cycle”, peaking at the end of 2016. Nevertheless, the recent rise and fall movements appear mostly commodity driven: default rates would have remained fairly stable if energy

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Central banks walk growth tightrope

Central banks walk growth tightrope

🕔09:02, 27.May 2019

The Macro Report | May 2019 Global economic growth in 2019 is showing signs of picking up amid recovery in the eurozone and China, the world’s second-largest economy. The prospect of a deeper slowdown in China has been one of

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Bitcoin Rally: Testament to Irrationality?

Bitcoin Rally: Testament to Irrationality?

🕔09:02, 27.May 2019

When digital currencies act as safe-havens, we can’t help but think markets might be having a moment of madness. In Europe, comments from Salvini hurt the BTP market at a time when risk assets were already under some pressure. In

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Emerging Market Debt Update

Emerging Market Debt Update

🕔09:02, 27.May 2019

Investors turn to social media for tariff-truce updates ahead of a presidential in-person meeting at the G20 in June. Financial market participants spent much of the week monitoring the Twitter account of the US President in an attempt to decipher

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Tech for good: Smoothing disruption, improving well-being

Tech for good: Smoothing disruption, improving well-being

🕔07:04, 25.May 2019

The development and adoption of advanced technologies including smart automation and artificial intelligence has the potential not only to raise productivity and GDP growth but also to improve well-being more broadly, including through healthier life and longevity and more leisure.

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Markets still taking cover

Markets still taking cover

🕔04:04, 25.May 2019

Week Ahead As the week draws to a close, events in the United Kingdom have turned upside down. At the end of last week, negotiations between the Conservatives (Tories) and the Labor Party over an EU exit procedure broke apart.

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What could move the markets next?

What could move the markets next?

🕔14:20, 24.May 2019

Markets are not too expensive, or too cheap. As Russ explains, that offers a clue into what could cause the next move. Stock markets have been more wobbly of late. While the proximate cause was an unexpected deterioration (collapse?) in

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Private credit investing

Private credit investing

🕔08:33, 24.May 2019

IN BRIEF Private credit can provide greater return potential, and reduce volatility and equity beta, when added to a portfolio of publicly listed securities. This broad asset class comprises a range of opportunities across risk-return profiles and borrower types such

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Index Dashboard: Risk & Volatility May 22

Index Dashboard: Risk & Volatility May 22

🕔19:02, 23.May 2019

S&P Dow Jones Indices  

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Applied philosophy

Applied philosophy

🕔19:02, 23.May 2019

Pause for thought  Market sentiment at the beginning of this year stands in stark contrast to that of a year ago. Last year markets worried less about growth and more about inflation but this reversed as the year progressed. The

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The Rise of Fintech And the frontier of finance

The Rise of Fintech And the frontier of finance

🕔16:52, 23.May 2019

The Opportunities and Risks of a More Connected World "The future is already here" is a widely attributed quote. Different people have said it, in different contexts and in different years. It's a timeless quote, ironically, because it captures our

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Tech in banking: in strong demand but adopted with care

Tech in banking: in strong demand but adopted with care

🕔16:52, 23.May 2019

ING International Survey – New Technologies 2019 Natural caution aside, consumers are embracing banking technology A lot is changing in banking. With data sharing, automation, fintechs and more, consumer choice has never been greater. 

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A call for action Climate change as a source of financial risk

A call for action Climate change as a source of financial risk

🕔15:22, 23.May 2019

We collectively face the effects of climate change, as it reaches beyond economies, borders, cultures, and languages. In 2017, air pollution was a cause of almost 5 million deaths worldwide while 62 million people in 2018 were affected by natural hazards, with 2 million needing

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Decoding the World of Quants, Algorithms, and AI

Decoding the World of Quants, Algorithms, and AI

🕔15:02, 23.May 2019

It’s hard to listen to a podcast, read a blog post, or pick up the Wall Street Journal (do we still “pick up the paper”?) these days without encountering the word “quant”. Be it quantitative finance, quant strategies, quant hedge

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Oil in 3D: the demand outlook to 2050

Oil in 3D: the demand outlook to 2050

🕔15:02, 23.May 2019

The energy industry is essential to almost all economic and human activity, and lies at the heart of both important opportunities and challenges faced by the world today. The sector provides power, transport, heating and supports industry and livelihoods in

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Capital market assumptions Q2 2019

Capital market assumptions Q2 2019

🕔15:02, 23.May 2019

A global slide in growth, inflation and tightening in financial conditions driven by volatility has validated a dovish tilt by major central banks in Q1, to head off global growth fears reminiscent of 2015-16 – though with important differences. The

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In Turbulent Times, European Institutions Turn to ETFs

In Turbulent Times, European Institutions Turn to ETFs

🕔15:02, 23.May 2019

Allocations to exchange-traded funds by institutions currently investing in ETFs increased by 50% in 2018, totaling 15% of total assets among the 127 institutional investors participating in Greenwich Associates most recent European Exchange-Traded Funds Study. That growth was driven in

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The relevance of gold as a strategic asset

The relevance of gold as a strategic asset

🕔15:02, 23.May 2019

Gold is becoming more mainstream. Since 2001, investment demand for gold worldwide has grown, on average, 15% per year. This has been driven in part by the advent of new ways to access the market, such as physical gold-backed exchange-traded

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Why	is	the	global	economy	vulnerable	to	a	deflationary	 shock?

Why is the global economy vulnerable to a deflationary shock?

🕔15:02, 22.May 2019

Ariel Bezalel, Head of Strategy, Fixed Income, discusses the factors driving the rallies in stock and bond markets year to date and why he believes the global economy is vulnerable to a deflationary shock. There is a striking disparity between

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Global fixed income: it’s time for investors to stay watchful and nimble

Global fixed income: it’s time for investors to stay watchful and nimble

🕔15:02, 22.May 2019

In the space of just 12 months, markets have switched from expecting interest rate rises to expecting interest rate falls. Broadly speaking, this means 2019 should be a good year for fixed income. But investors are treading a fine line

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Why under-owned Europe may be worth a look

Why under-owned Europe may be worth a look

🕔08:52, 22.May 2019

Elga suggests a few investment options that may benefit from a pick-up in European growth and any decline in geopolitical concerns. We continue to prefer a “barbell” approach to risk taking in the late-cycle stage: quality stocks, income-generating bonds and

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Dealing with the governments we deserve

Dealing with the governments we deserve

🕔03:01, 22.May 2019

Monthly Investment Strategy  Europe goes to the polls on 23-26 May to elect European Parliament members. Despite concerns of a rising populist wing, current polling suggests power will remain at the European centre (albeit amongst a broader coalition). Populists may

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Dealing with the governments we deserve

Dealing with the governments we deserve

🕔03:01, 22.May 2019

Monthly Investment Strategy US-China tensions are back with a new round of tariff increases and threats of further escalation First quarter GDP data surprised on the upside in the US (significantly), in China and in Europe The demand breakdown as

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May Investment Strategy: Dealing with the governments we deserve

May Investment Strategy: Dealing with the governments we deserve

🕔17:54, 21.May 2019

Key points US-China tensions are back with a new round of tariff increases and threats of further escalation First quarter GDP data surprised on the upside in the US (significantly), in China and in Europe The demand breakdown as well

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Our take on high yield bonds

Our take on high yield bonds

🕔16:22, 21.May 2019

We see high yield bonds as a key source of income in bond portfolios, and advocate a balanced and diversified approach. Scott explains. Global high yield bonds sold off amid the latest spike in market volatility, along with other risk

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Global Dividend index

Global Dividend index

🕔14:02, 21.May 2019

Despite concerns about the macro-economic environment, corporate profits and dividends have so far largely met expectations. Dividends grew 7.8% in Q1 on a headline basis to a first quarter record of US$263.3 billion, in line with their 2018 growth rate.

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