What happens to high yield bonds in times of market stress

What happens to high yield bonds in times of market stress

🕔18:01, 23.okt 2019

We look at whether investors are right to be wary of high yield bonds amid rising macroeconomic and geopolitical uncertainty The current macroeconomic backdrop is creating challenges for investors. Global growth is slower and inflation is benign. Meanwhile, central banks

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Asset Allocation View – October 2019

Asset Allocation View – October 2019

🕔16:52, 23.okt 2019

Maintaining a focus on quality credit: 2019 has seen a spike in overall levels of negative yielding debt. This has resulted in the ‘reach-for-yield’ becoming even more pronounced, and investors moving down the capital structure to earn income. Against this

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Bonds – Losing my Religion

Bonds – Losing my Religion

🕔15:56, 23.okt 2019

Bond yields plunged to historic lows in August, which left 40% of the ICE BoAML Global Government Bond Index total bond market capitalisation trading at negative nominal and even more negative real yields. Austrian century bonds were the star of

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Varps Remains Compelling

Varps Remains Compelling

🕔14:47, 23.okt 2019

GAM Investments’ Tim Love reflects on the performance of his frontier market plays, Vietnam, Argentina, Romania, Pakistan and Saudi Arabia (VARPS) so far this year and discusses the investment opportunities and risks associated with these economies.

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The SRI Chronicles

The SRI Chronicles

🕔13:44, 23.okt 2019

Current news is focusing on an issue that nevertheless concerns an expected long-term time horizon, i.e. 2030-2100. The issue of climate change and the challenge of limiting global warming to +2.0°C, even less if possible, on the only planet we

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Aerial View Magazine: Deciphering a Repo Dislocation

Aerial View Magazine: Deciphering a Repo Dislocation

🕔12:39, 23.okt 2019

 I f there is one thing that whips up Wall Street, it is any sort of bottle- neck in ordinarily placid short-term money markets. So in September, when getting overnight loans in exchange for US Treasuries suddenly became expensive—much sooner

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The end of a cutting cycle ahead?

The end of a cutting cycle ahead?

🕔11:33, 23.okt 2019

With two 25 basis-points (bps) rate-cut moves already in 2019, the U.S. Federal Reserve (Fed) may face tougher decisions in the meetings ahead. For example, have those cuts sufficiently helped to insulate the economy from existing risks? Is a more

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Capital Markets View:  Q4 2019 Global Edition (SUMMARY)

Capital Markets View: Q4 2019 Global Edition (SUMMARY)

🕔10:29, 23.okt 2019

Corporate earnings expectations have continued to fade as the impact of a global growth slowdown and related trade frictions take hold at the company level. Trade tensions between the United States and China remain elevated though negotiations aimed at reaching

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Maintain Liquidity in a Volatile Environment

Maintain Liquidity in a Volatile Environment

🕔10:06, 23.okt 2019

This year, a series of geopolitical shocks have hit business sentiment in an already aged expansion. However, these shocks have been tempered by an almost universal adoption of easier monetary and fiscal policies. On the US-China trade front, tensions have

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BII Global weekly commentary

BII Global weekly commentary

🕔09:00, 23.okt 2019

Geopolitics’ clout on markets persists The impact of the protectionist push on the global economy and markets is playing out: Global growth is slowing, and geopolitical volatility has increasingly swung markets. A perceived easing of U.S.-China trade tensions and the

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The Implications of Reopened Credit Spigots and a Trade Time-Out

The Implications of Reopened Credit Spigots and a Trade Time-Out

🕔08:00, 23.okt 2019

Last quarter’s return of extremely accommodating monetary policies and the renewal of US-China trade talks were the two most significant developments affecting our five-year outlook as expressed in our Capital Market Line (CML). Since our CML focuses on how events

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Building portfolio ballast with bonds

Building portfolio ballast with bonds

🕔07:41, 23.okt 2019

We believe raising portfolio resilience via government bonds is crucial amid elevated macro uncertainty. Scott explains. Recent weak economic data has raised market concerns that economic gloom might be spreading beyond the manufacturing sector. Worries that the drag on economic

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Q&A by the working group on euro risk‐free rates

Q&A by the working group on euro risk‐free rates

🕔17:40, 22.okt 2019

Interest rate benchmarks ‐ also known as reference rates or just benchmark rates ‐ are regularly updated interest rates that are publicly accessible. They are a useful basis for all kinds of financial contracts such as mortgages, bank overdrafts, and other more complex financial

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The economic outlook for the euro area

The economic outlook for the euro area

🕔16:28, 22.okt 2019

Presentatien by: Philip R. Lane Member of the Executive Board the euro area is facing a more extended slowdown than previously expected the convergence of inflation towards the inflation aim has recently slowed and partly reversed the ECB’s monetary policy

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Farewell to Draghi and United Kingdom?

Farewell to Draghi and United Kingdom?

🕔16:08, 22.okt 2019

Next week, the Brexit issue will probably continue to dominate the markets. The ever-sooner deadline of October 31 is likely to increase the pressure on the negotiators and thus the nervousness in the markets, as we expect Boris Johnson to

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Allocation Views

Allocation Views

🕔14:31, 22.okt 2019

Contagion may be spreading through the global economy The global economy continues to face headwinds, and risks are mounting. Trade tensions are spreading from country to country, and increasingly, manufacturing weakness is starting to infect the much larger service sector.

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Italy: few ambitions from the new budget framework

Italy: few ambitions from the new budget framework

🕔14:07, 22.okt 2019

On 30 September the newly formed Italian government released an update to April’s Economic and Finance Document, with new fiscal plans for the years 2019 to 2022 and changes to the underlying economic assumptions. The Update Note to the budget

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A new brexit deal? That was the easy bit!

A new brexit deal? That was the easy bit!

🕔12:59, 22.okt 2019

Boris Johnson has negotiated a new exit deal with the European Union (EU). That was the easy bit. In key respects, his proposal looks suspiciously like the EU version of a draft withdrawal agreement presented back in February 2018. At

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Market Flash: The Geopolitical Climate Recovers A Little

Market Flash: The Geopolitical Climate Recovers A Little

🕔11:50, 22.okt 2019

Risk assets were lifted this week by the partial US-China agreement and hopes of a solution to avoid a no-deal Brexit. The US-China agreement stipulated that Washington would not raise tariffs on $250bnworth of Chinese imports by 25-30% on October

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The Global wealth report 2019

The Global wealth report 2019

🕔11:00, 22.okt 2019

Ten years ago, the Credit Suisse Research Institute launched the first Global wealth report providing the most comprehensive and up-todate survey of household wealth. Since then the Global wealth report has become the standard reference point to monitor wealth growth

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Slowing growth demands the right style

Slowing growth demands the right style

🕔07:44, 22.okt 2019

Recent data show a slowing economy, but no recession. Russ discusses how to position a portfolio in this environment. Despite the recent weakening in U.S. survey data, a recession is not imminent; a slowdown is. The September ISM surveys, both

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Does Style Still Matter in Emerging Markets?

Does Style Still Matter in Emerging Markets?

🕔18:27, 21.okt 2019

We recently conducted follow-up research to our 2010 study, Does Style Matter in Emerging Markets? and found that the style distinctions among investment managers that we originally identified have grown more pronounced, generating differentiated patterns of performance—patterns that, in some

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US CRE Insights

US CRE Insights

🕔18:06, 21.okt 2019

So far in the second half of 2019, commercial real estate (CRE) operating fundamentals remain healthy across most property sectors and geographies. Occupancy rates continue to trend above their long-term averages and growth in net operating income has re-accelerated as

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To Zero and Beyond!

To Zero and Beyond!

🕔18:04, 21.okt 2019

Fans of the film Toy Story will recognize Buzz Lightyear’s spunky catchphrase “To infinity and beyond!” Well, interest rates around the world are navigating their own journey, voyaging toward the abyss of the yield universe rather than its outer limits,

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Q4 2019 Outlook & Review

Q4 2019 Outlook & Review

🕔15:51, 21.okt 2019

 Escalating geopolitical risks and increased monetary easing have elevated both the upside and downside risks for the global economy. As such, it is currently very difficult to determine which force will gain the upper hand. The greatest threat to the

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