U.S. Treasury yields rose last week and fixed income returns were broadly negative amid continued geopolitical, economic and policy uncertainty. Spread assets remained weaker. U.S. Treasury yields continued to see heightened volatility, with 10-year yields ending the week 26 basis
Winds of war blow on economic outlook. The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets. Europe is the area most exposed to the war
In wealthier countries, at least, there is now a sense that we have turned a corner in the pandemic. But what awaits us on the other side? Will central bank and government responses to the crisis prove to have been
Despite the many unknowns, we developed five main conclusions regarding the cyclical six- to 12-month outlook that we think are most relevant for investors at this stage. We will discuss the longer-run, secular ramifications of the current situation at our
The Russo-Ukrainian war is dominating news headlines as well as financial markets. Any short-term forecast is subject to a high degree of uncertainty, given the risks surrounding the course of the war and the impact of sanctions and countersanctions. Contrastingly,
The economic damage from the Russia-Ukraine conflict has made the Emerging Markets (EM) outlook more uncertain. While the uncertainty persists and the final outcome of the war is still difficult to anticipate, we believe that macro fundamentals will be impacted
Wat verantwoorde beleggingsstrategieën betreft, worden staatsobligaties tot nu toe grotendeels over het hoofd gezien. Dat moet volgens Pictet Asset Management anders. Verantwoord beleggen heeft de aandelenmarkten stormenderhand veroverd. Hoewel de penetratie in de vastrentende markten trager verliep, trekt ze ook
Uncertainty still surrounds the Ukraine war and its economic fallout The world's major economies went into the current crisis with fairly sound fundamentals, positive growth and low unemployment. Several were still enjoying the boost from withdrawing social distancing measures introduced
Global outlook – Q2 2022 update Both stocks and bonds are down year-to-date as policy confusion and Russia’s invasion roil markets. We still see stocks up and bonds down for a second straight year – a first since data started
There’s no doubt the war in Ukraine has clouded the economic outlook. Commodity prices have soared following Russia’s invasion putting more pressure on households’ real disposable income, and dampening growth prospects. But there’s real momentum behind the UK recovery going
In spite of the ongoing COVID-19 pandemic throughout 2021, European equity markets were buoyant, recovering well from the extreme volatility of the previous year. The S&P Europe 350® was up 26.1% in 2021.
In this paper, we argue that India offers an opportunity for investors because of its unique characteristics. On the macroeconomic side, India is on the course to become the most populous country in the world by the end of this
Voya Leveraged Credit Group – Senior Loan Talking Points: Following a period of weakness related to geopolitical tension and largely negative broad market sentiment, the U.S. loan market performed in strong fashion this week, as the S&P/LSTA Leveraged Loan Index
Small global role, but large in key areas Russia and Ukraine have big roles in key areas. such as major European countries and some emerging market economies like China. The U.S. is better positioned as a major producer of energy and
Global Asset Allocation Views In brief Tighter monetary policy, the war in Ukraine, and lingering inflation combine to put the brakes on global growth. We do not expect a global recession in 2022 but see European growth slowing to near
A slowdown in global growth coupled with uncomfortably high inflation The war in Ukraine has added new uncertainties for investors. The most immediate economic impact is an upward revision in inflation forecasts for this year to 5.0% and a downward
Ben Bernanke eloquently expressed the central banks dilemma when dealing with an exogenous price shock: “monetary policy cannot offset the recessionary or inflationary effects of increased oil prices at the same time”. It must choose. He also proposed a qualitative
Real Estate Outlook – Edition 1, 2022 The economic recovery continues, albeit interrupted by Omicron, and the war in Ukraine poses a new risk. Global real estate volumes reached a record high, driven by domestic buyers. Falls in office and
Cross asset allocation: Despite a volatile end to the year for markets, 2021 still was marked by strong equity market returns and above-trend economic growth. We expect the pace of growth to moderate in 2022. Central banks have begun removing
Financial assets have undergone a significant repricing in the past quarter. Global growth is slowing, inflation is stubbornly high, financial conditions are tightening and Russia’s invasion of Ukraine introduces significant geopolitical instability. In the near term, punitive sanctions on Russia
Russia’s military aggression against Ukraine, which has become Europe’s largest ground war in generations, has impacted millions of people and triggered a large-scale humanitarian crisis as vulnerable Ukrainians take shelter or flee their homes. The intensification and spread of the
Through the melee of mounting inflation, flaring geopolitical risks and subsequently volatile capital markets, the U.S. Federal Reserve met market expectations and increased the target federal funds rate by 25 basis points (bps) while also validating market assumptions for how
US CRE Market Insights – March 2022: Recently released fourth quarter and annual 2021 US CRE investment performance data show a continuing pattern of feast or famine across the four major sectors. Feasting in the industrial sector has produced a
Frontier markten bieden zeer aantrekkelijke kansen voor goed voorbereide beleggers in zowel aandelen als obligaties. Nu de opkomende markten (EM) steeds meer bekend terrein worden voor beleggers, is een avontuurlijke minderheid op zoek naar nog minder ontwikkelde markten buiten de
Russia’s invasion of Ukraine has shocked the world, and while the immediate concerns are the human toll on the Ukrainian people, the implications and aftermath will be felt far beyond the region. With the European continent being thrown into chaos
Global stock and bond markets slumped in February as the Russian invasion of Ukraine rattled markets, creating the prospect of a global commodity shock as Western nations moved to sanction Russia, among the world’s largest …
Market review: Refreshed regulatory uncertainties and lingering geopolitical tensions, coupled with weaker-thanexpected February macro data, provoked the biggest weekly see-off of offshore Chinese equities since the depth of the COVID-19 pandemic in March 2020. Growth names slumped by the most,
Private companies have a key role to play in improving access to water and sewage services across the emerging world Water scarcity is becoming an ever more urgent problem. Resources are dwindling, while demand for clean water and sanitation continues
Starting in 2003, Michael Dooley published a series of papers proposing the idea of a Bretton Woods revival as the plausible rationale for China’s relatively extreme foreign currency reserve accumulation policy.
Capital Group Japan Equity Fund (LUX): Japanese equities fell, although they held up better than the global average after global stocks retreated in response to the news that Russia had invaded Ukraine. Sector returns were mixed. Consumer discretionary and …
Since the dissolution of the Soviet Union, more than three decades ago, the NATO had tried to encourage dialogue with Russia. But, since 2014—when the previous severe political crisis between Ukraine and Russia took place, most of the cooperation efforts
European equities are caught in the crosshairs of the war between Russia and Ukraine, down 12.6% Year to Date 1 . Equity risk premiums 2 in Europe have risen sharply owing to accelerating earnings yields despite the recent rise in
Just too complex? Addressing biodiversity loss and the role of investors Given nature’s critical role in underpinning our health and prosperity, there is no time to waste in reversing its destruction. Here, we explain how we can begin to tackle
Major political economy shifts often coincide with wars or preparation of wars. They do not simply affect how resources are affected to defend against external threats. They also shape priorities on civil spending to maximize internal social cohesion. Building a
Investors’ Outlook: It’s hard to escape the news of a European country and its capital about to be flogged into submission by an aggressive superpower. Kyiv, a beautiful and lively city on a hill above the Dnipro river, has in
When market volatility spikes, investors question what, if anything, they should do. Markets reacted strongly to news that Russia invaded neighboring Ukraine. The world has been watching tensions in the region escalate since the beginning of the year. Russia objects
Key takeways Climate change commitments have stepped up recently but have yet to fully answer the call. National commitments should not constitute a limitation or constraint for a business entity to set ambitious net zero targets that are aligned with
Discipline creates a strong investment process for our clients. KEY INSIGHTS Fundamental analysis, backed by our global research platform, is the core of our investment approach and provides a strong foundation for stock selection. To uncover opportunities for our clients,
The International Financial Reporting Standards (IFRS) are a set of uniform accounting principles which are particularly relevant for publicly-listed companies. Some major IFRS standards have been completely revised in recent years. In 2018 the introduction of IFRS 9, the accounting
In our view, the Federal Reserve (Fed) has two choices to make for their stance on future monetary policy: to normalize or ‘Volckerize.’ The latter refers to Paul Volcker, Chair of the Fed most remembered for raising the fed funds
Omdat de landen die het universum van obligaties uit opkomende markten vormen zo sterk van elkaar verschillen, moeten beleggers een absolute-return benadering overwegen. Naarmate het economische klimaat in 2021 versomberde en er stormen dreigden voor 2022, maakten beleggers zich steeds
Key takeaways The track record of a company’s management team is a key indicator for understanding future potential. There are interesting examples of growing companies attempting to disrupt large industries. Europe is a fertile hunting ground across many different industries.
De Russische invasie van Oekraïne heeft tot ernstig tumult op de markten geleid. Maar de economische gevolgen van het conflict lijken beheersbaar. Net wanneer de Covid-19-crisis begint af te nemen, breekt er een conflict in Oekraïne uit. De vraag die
The dramatic escalation of the Russia-Ukraine crisis is a worrying development with serious macro and market implications. Our asset allocation view has been cautious since late last year and is likely to remain so given the spectre of war in
Environmental, social and governance (ESG) factors are all important to the sustainability of an investment. Governance may be listed last, but it should never be an afterthought for fixed-income investors. After all, by studying an organization’s governance—the practices and processes
Key takeaways ■ 2022 has already witnessed some very strong trends in investment returns ■ Here, we aim to share with you: -How these trends have affected the relative performance of UBP’s impact and biodiversity funds -What we have been
The geopolitical crisis in Ukraine creates a stagflationary shock for global economies. Rising commodity prices have the potential to add momentum to already runaway inflation. Higher goods and services costs may hurt consumer confidence and create a drag on economic
The Russian army enters Ukrainian territory The Ukrainian situation has continued to be the main factor driving financial markets over the past week. It is the main reason why energy prices have risen further, risky assets have remained under pressure
After deploying a military contingent of nearly 180,000 soldiers around Ukraine's borders, President Putin has considerably toughened the tone towards Kiev, accusing the Ukrainian authorities of wanting to join NATO and of posing a threat to Russia's security. On February
Global markets were not pricing in a war scenario and are now adjusting given the magnitude of this military move. It will take time for the situation to settle down. In the meantime, uncertainty and volatility will persist, with the
