Market and economic insights BMO’s global multi-asset team typically gathers every September to discuss and update our three- to five-year outlook. With Covid-19 preventing our usual in-person meeting, and with the …
Panorama Six months ago, as we discussed topics for our year-end edition of Panorama, our investment team debated the most …
Weekly Economic Commentary Carl offers thoughts on the progress of the pandemic. I belong to an international economic association that meets annually during the summer. We had been set to gather in Madrid earlier this month, but COVID-19 forced …
2020 midyear outlook The future is running at us. The coronavirus shock is accelerating structural trends in inequality, globalization, macro policy and sustainability. This is fundamentally reshaping the investment landscape …
The Week Ahead The second wave of Covid-19 Equity markets are under some pressure resulting from fear of a second wave of Covid-19 as investors eye Midwestern states, Florida and South America. This could mean further lockdowns in some states
Research Blast It feels like a different era whereby every conversation around the UK commercial real estate market evolved around the topic of Brexit. Following the outbreak of COVID-19 in Europe, the issue was hardly mentioned. But as transactions in
In Credit It was a week of data releases and an opportunity to get a glimpse as to whether an economic recovery is underway. The evidence would so far suggest that this …
Aerial View The economy is facing three kinds of headwinds from COVID-19 simultaneously: a demand shock as spending drops, a supply shock as …
Perspectives Looking at recent economic data releases, it appears that the worst of the crisis is now behind us. Indeed, activity re-started in May and has been picking up since with the gradual reopening of economies. However, while encouraging, the
#25 + 26 This blogpost will cover the top five of the past two weeks. But first, let’s highlight a few webinars! Tuesday next week J.P. Morgan AM will host a mid-year outlook ‘How will the recovery take place?‘. The
Second Quarter 2020 The precipitous and devastating impact of the COVID-19 pandemic has left no doubt that global economies have entered an unprecedented recession. Investors are now left to ponder what’s next and to contemplate how deep the contraction might
Interview with Portfolio Manager Juliana Hansveden Last Wednesday, 24 June 2020, Nordea AM hosted their weekly Morning Espresso session. The session starts with Sébastien Galy, Senior Macro Strategist, who gives a
In 2019, the number of resondents grew from 145 to 159 fixed income professionals, to incorporate the views of 121 institutional and 38 wholesale investors that are together responsible for managing over …
Climate change is one of the most significant structural force shaping the global economy. Its impact will be substantial and diverse, affecting all economic agents and sectors across the globe. This report compiled by the NGFS group of experts on
An unprecedented health crisis has uprooted medical care, financial markets and the prospects for the global economy. It has left asset allocators reeling as some markets seek to find their footing after a sizeable sell-off, while other markets have benefited
Market Update Despite economic data having weakened substantially the equity rally in the US has continued unabated, with markets up over 30% from their lowest point in late March. Meanwhile, policymakers have …
Key points A genuine gap is emerging between the US and Europe on the pandemic front So far differences in policy initiatives on either side of the Atlantic have made up for this short-coming Interdependency of virus control, policy and
There are few certainties in markets and economies and with most countries globally facing what could be the worst economic collapse in the post-war era, it is surprising to see markets and most risk assets continue their remarkable rebound. The
In the face of what we expect to be the deepest global recession in living memory (by far), equity markets are running with their eyes wide shut into what feels like a trap: they are focusing on policy support and
Fixed income investors are entering a new world. This new world is considerably more volatile – and correlated – than the past. Global economic uncertainty has pushed annualised volatility of some developed country bonds to double-digit levels. But investors are also in
Minister Koolmees en de onderhandelaars namens de sociale partners zijn het eens geworden over de uitwerking van belangrijke details van het pensioenakkoord. De veranderingen zijn niet gering en hebben grote gevolgen voor zowel de uitvoering als het beleggingsbeleid. Aan de
Global markets and multi-asset portfolios This recession will forever be remembered as one of the most rapid and shocking economic slowdowns on record. The question at the forefront of asset allocation decisions is whether the recovery will be equally distinctive
Met het voorgenomen “pensioenakkoord”, afgesloten door sociale partners en het kabinet is er een tweede stap gezet om ons pensioenstelsel te moderniseren. Wij denken zelf dat het nog te vroeg is om over een daadwerkelijk akkoord te spreken omdat een
Driving optimism in June have been a variety of better-than-anticipated economic reports. Most notably, nonfarm employment rose by 2.5 million, leading to a downtick in the unemployment rate. ISM manufacturing and non-manufacturing surveys each moved up in May. And most
Key takeaways Because this economic decline is policy driven, a solid recovery is likely as lockdowns end. Easy monetary policy, aggressive fiscal policy and zerobound interest rates should continue to support equity markets. Low growth and inflation suggest that the
Weekly Fixed Income Commentary U.S. Treasury yields ended the week only slightly lower, masking the week’s volatility.1 Rates rose early in the week, led by longer maturities, when the Federal Reserve (Fed) announced it would begin purchasing individual corporate bonds.
Talking Points If working from home, social distancing and de-globalization become the new norm, the very definition of infrastructure investing could change. It may be foolish for us to try to imagine what the long-term future would look like, when
BII Global weekly commentary We are warming up to European assets as the region steps up its policy response and demonstrates relative success in tamping virus growth. We are tracking the interplay of containment measures and mobility changes on activity
Overcoming constraints The COVID-19 pandemic has resulted in an unprecedented response from governments and central banks worldwide. In previous papers, we looked into US fiscal and monetary stimulus to alleviate the shock on the economy1 , considered …
Stocks had a poor start to last week, as concerns over the worsening of the pandemic in several states as well as a new outbreak in Beijing seemed to continue weighing on sentiment. The market then rebounded late Monday following
COVID-19 and the consequent market volatility have had a huge impact on the Japanese economy. How will the situation affect the Japanese equity markets in the years ahead? Equity portfolio manager Dickon Corrado shares his views on why Japan is
Key points The gap between the US and Europe on the pandemic front is getting wider – the US responds to market wobbles by more stimulus announcements. We explore the “feedback loop” between state guarantees to business loans and fiscal
Uneasy Truce? Relations between the U.S. and China have quickly turned fragile again amid controversy surrounding the coronavirus and China’s political influence on Hong Kong. Recent turmoil has reignited tensions that markets had hoped were resolved following last year’s Phase
The world is going through its most severe recession since the Second World War. Unemployment and short-time working1 are at record levels in many countries, rating agencies are lowering their ratings at record …
This week initially saw a reversal of fortunes, with risk markets rallying after last week. Equities were stronger and credit spreads a little tighter, though this mini rally tapered off …
Between mid-February and late March 2020, we saw a “take no prisoners” market crash. Anything with a whiff of perceived risk crashed, in direct proportion to its perceived risk. The only assets that soared—because of …
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
Over the past few weeks, most Western economies have remained frozen by the lockdown measures taken to contain the Covid-19 pandemic. These measures have already had an unprecedented economic impact, but the magnitude of the long-term fallout is difficult to
European power generation companies are critical actors in a Just Transition to renewable energy. At Candriam, as ESG analysts we have surveyed and evaluated the extent to which these companies are integrating the social consequences into their planning and decisions.
We are cautious about the oil price after its rapid recovery. A weaker dollar, low real interest rates and higher inflation expectations are likely to support gold. We reaffirm our belief that China will meet the requirements of the phase-one
Volatility related to the COVID-19 outbreak and dramatic oil price decline in Q1 2020 precipitated a …
Stocks snapped a three-week winning streak as markets sank sharply last week.1 Worries about an uptick in coronavirus cases, the Federal Reserve’s downbeat assessment of long-term economic growth and President Trump’s declining poll numbers all contributed to negative sentiment. But
We see diversification with – and within – private markets as crucial to building resilient portfolios in a low-rate, post Covid-19 world. The key to the policy response has shifted to ensuring successful execution and avoiding policy fatigue before the
Global economy: still a long way from normalization A webinar presentation by CICC’s Eva Yi & KraneShares’ Brendan Ahern
We analyzed the performance of various asset classes across five economic phases: recovery, expansion, slowdown, downturn (not recessionary), and downturn (recessionary). Our analysis shows that stocks outperformed high yield bonds across all economic phases and that risk products generally performed
Overoptimism? Global financial markets have rocketed back from their late-March lows, with the S&P 500 briefly in positive territory for the year. Why are the financial markets performing so much better when the economy is still so weak? Financial markets
COVID-19 is a global pandemic, and while the experience has varied across countries, we are seeing some common threads. Indicators over the past month have suggested that the worst of the downturn is behind us. Industrial activity is resuming, businesses
Obligaties uitgegeven door de Europese Unie (EU); waar het voor de coronapandemie niet voor mogelijk werd gehouden, staat dit nu in het plan van de Europese Commissie om de Europese economie een nodige kickstart te geven. Als het pakket wordt
This year was supposed to be the year when policymakers, corporates and investors charged ahead in the fight against climate change. After the disappointing COP25 in Madrid, shocking wildfires in Australia at the end of 2019, an ambitious plan emerged
Five months into the Covid pandemic, there are signs of improvements. The risk of setbacks remains high, however. Globally, infection rates remain worryingly high. In developed markets, a resurgence in outbreaks appears likely. Despite recent progress in containing Covid-19, the
