Uncertainty is the dominant theme in the equity market landscape of April 2023. Despite the anticipated end of the Federal Reserve's hiking cycle, the report underscores that this focus might miss the real picture. The Fed hikes are, in essence,
The text introduces the Supertrends of 2023, discussing the evolving long-term equity investment themes which have taken shape since the inception of the Supertrends in 2017. The first set of themes includes the geopolitical reconfigurations captured in the "Anxious societies"
The main theme of the text revolves around the economic outlook of Spain for 2023-2024. It begins by detailing the Q4 2022 performance of the Spanish economy, which showed a positive growth rate, albeit slowing, largely contributed by external demand
In the fascinating milieu of digital assets and finance, there are fundamental questions concerning the confluence of regulation, technology, and the rapidly evolving market dynamics. In "Symbiotic Solutions: The Role of Industry, Technology and Regulations in Meeting the Challenges of
The text outlines a pragmatic approach to global asset allocation, given the prevailing economic conditions. It delves into the intricacies of economic forecasts influenced by central banks' tightening, potential banking crises, and geopolitical tensions. A slowdown in growth and continued
The text articulates the vital role private equity can play in transforming a 'grey', high-carbon economy into a 'green' one, reflecting sustainable practices. The author highlights the necessity of long-term investments for sustainable growth and prosperity, despite existing pressures to
Capital Group's "Quarterly Macro and Market Insights" offers a comprehensive perspective on the escalating risk of recession due to emerging signs of economic slowdown. The report explores the implications of this development on US interest rates, advocating for a relative
-Emerging market (EM) stocks are trading at attractive valuations vs. developed market (DM) stocks -For a similar level of inflation between EM and DM, a higher level of growth is expected in EM -A China rebound should …
This research paper presents updated long-term return assumptions for various asset classes in the capital market. The paper highlights the impact of valuations and high starting yields in fixed income on these assumptions, which have been raised across the board
In this insightful piece by Aegon Asset Management, titled "Macro musings: The US Federal Reserve is caught between Scylla and Charybdis," the author discusses the Federal Reserve's precarious position in handling the trade-off between hiking interest rates to curb inflation
The guide "Investor’s guide to the debt ceiling" by BlackRock underscores potential market volatility in light of the ongoing debates among Congressional leaders regarding raising the US debt ceiling. Despite the looming uncertainty, BlackRock maintains confidence in Congress's ability to
T. Rowe Price, in "Multi-Asset Collaboration and Due Diligence. How we actively monitor and fortify our building blocks," discusses their meticulous due diligence process that ensures the continual suitability of each underlying strategy within their multi-asset portfolios. This approach is
In the report titled "Patchy disinflation will trigger policy divergence," AXA Investment Managers assesses the nuanced inflation scenarios in the US and Eurozone markets. The US is witnessing a gradual softening of headline inflation; however, core improvement is slow due
Aegon Asset Management, in their article "The Dividend Deluge", retraces the remarkable transformation of the dividend landscape in the wake of the Covid-induced market turmoil. During the market selloff, companies were extensively cutting or suspending dividends, leading to predictions of
In "Allocating to European Equities," BNP Paribas provides a robust analysis of the unexpected resilience of the European economy and equity markets during the dramatic rise in energy prices in 2022. Drawing a parallel to the US market following the
Capital Group’s research, "A multi sector approach for reliable income", presents an intriguing case on the dynamics of bond yields in today's volatile economy. In a climate of mounting inflation and economic ambiguity, higher-yielding bonds offer a promising opportunity for
The "Multi-Asset Solutions Strategy Report: Global markets and multi-asset portfolios" by JP Morgan Asset Management presents a cautious global economic outlook amidst recession risks and financial sector stress. While the current data suggests a subtrend global growth and easing inflation
The piece provides an in-depth analysis of the shifting dynamics in the fixed income landscape. It highlights the dramatic shift from a low-yield environment, influenced by the predictable accommodative nature of central banks, to an era of higher expected inflation
The theme of the text pertains to current asset allocation decisions amidst a less optimistic economic outlook. The author maintains a preference for fixed income over equities, largely due to anticipated headwinds for corporate earnings and margins from higher interest
In the text, Alan Greenspan's opinion about gold's status as a primary global currency is highlighted. According to Greenspan, gold and silver stand out as they don't require a counterparty signature, which enhances their universality and independence from centralized institutions.
Capital Market Assumptions March 2023 The text revolves around the exploration of asset allocation strategies against the backdrop of climate, social and geopolitical disruptions. The author highlights the consequences of the Ukraine conflict on the global energy supply and inflation,
The theme of the text is the notable performance of cryptocurrencies, specifically Bitcoin, amidst a banking crisis. The U.S. banking system experienced significant issues, leading to the collapse of Silicon Valley Bank, among others. Meanwhile, cryptocurrencies like Bitcoin and Ethereum
The main theme of this text revolves around the anticipation of a potential recession, its implications for investors, and the heightened significance of focusing on fundamentals. The author discusses the list of concerns investors faced even before the Silicon Valley
PGIM Quantitative Solutions Q2 2023 Outlook The first section of the text provides an overview of the global economic landscape as of Q2 2023. The global economy started 2023 on a surprisingly positive note, with the US, Euro area, and
Is the long-term case for emerging market debt still intact? The article discusses the state of emerging market (EM) debt amid current macroeconomic conditions. Key points are the strong fundamentals in major EM countries and the undervalued exchange rates in
Capital Group's text centers around a shift in the investment landscape from a low yield environment to one marked by higher expected inflation and more cautious central banks. In this changing financial climate, investors have seen high yields in fixed
The text provides a comprehensive exploration of green and social bonds within the context of Environmental, Social, and Governance (ESG) investing. It examines the existing premiums associated with these instruments, asserting a surprising lack of correlation between green and social
Guide to the Markets The text above presents a comprehensive economic and market analysis by the Global Market Insights Strategy Team, led by notable experts such as Nimish Vyas, Vincent Juvyns, and Tilmann Galler. It dives into an array of
The text focuses on the increasing importance of climate change management in determining sovereign and credit risk. Notably, green bonds are being used to steer capital towards climate change prevention and adaptation. Moreover, supranational organisations are seen as key in
Op donderdag 13 juni organiseert Alpha Research een kennislunch met een culinair menu in het Rosarium te Amsterdam met als thema ‘Welcome to the Bond Renaissance’. Tijdens deze lunchbijeenkomst spreken Flavio Carpenzano, Investment Director van Capital Group en Wernhard Kublun Becerra,
The promise of GPT in asset management The text lays out a comprehensive analysis of the Generative Pre-trained Transformers (GPT), specifically focusing on their potential application within the asset management industry. The narrative highlights the evolution and potential benefits of
In Capital Group's text, the key highlights of Q1 2023 are discussed, focusing on the resilience of Emerging Market (EM) debt despite banking sector volatility. This resilience was driven by investors paying attention to macroeconomic tailwinds from China's reopening, robust
Is the long-term case for emerging market debt still intact? In this research paper, Kirstie Spence discusses the outlook for emerging market debt and how it has been impacted by the global economic backdrop. She emphasizes that despite the current
Mike Gitlin, Capital Group’s head of fixed income, sets out the importance of investing in bond funds that deliver on their stated objective. He also explains what differentiates Capital Group from industry peers. We’ve heard you talk about the four
The text opens a discussion around the expectation of financial markets for headline inflation rates to drop significantly towards central bank targets over the next couple of years, maintaining stable inflation expectations in the medium to long term. However, the
What the ‘next normal’ means for fixed income: reimagining core bonds That the ‘next normal’ means for fixed income: reimagining core bonds This article explores the “next normal” for fixed income investments in the post-COVID world. After a long period
The article "Uncommon truths" delves into the question: Why is gold so expensive? It scrutinizes the high prices of gold, nearing long-term historical peaks, propped up by U.S. crises, inflation, geopolitics, and the decline of cryptocurrencies. Despite the rise in
UBP's Positive Impact Equity (PIE) fund has welcomed two new co-managers, Charlie Anniss and Adrien Cambonie, who join forces with Rupert Welchman. The addition of these experts will significantly benefit PIE due to their extensive experience in European SMID cap
In het onderzoek "Wet Toekomst Pensioenen Backtest Q1 2023" van Aegon Asset Management worden pensioenuitkeringen in het afgelopen kwartaal geanalyseerd. De uitkeringen voor gepensioneerden zouden ongeveer gelijk zijn gebleven, terwijl er voor jongere deelnemers een stijging van het verwachte pensioen
The discussion in "Macro musings: The Fed, payrolls, and what to make of it all" revolves around the Federal Reserve's decision to hike rates, the effect on market pricing, and the potential scenarios that might prompt a change. While the
In "Monthly Investment Outlook: The Global Liquidity Cycle Looks Set To Turn", the author presents a detailed analysis of the current global financial situation. The piece observes that global equities and bonds remained steady in April, amidst worldwide liquidity injections
The report titled "The US debt ceiling: Navigating a potential default" explores the prospects of a possible US debt ceiling showdown that could lead to a default. While previous such showdowns have been averted in time, the report estimates a
"Bank of England: First to hike, last to pause and pivot" assesses the recent interest rate hike by the Bank of England and its subsequent challenges. The article highlights the UK's higher-than-expected inflation rate, attributing it to various factors like
The report "Asset Class Returns Forecasts Q2 2023" discusses the effects of rapid Quantitative Tightening (QT) by Developed Market (DM) central banks. It suggests that the impact is evident across price dynamics and financial stability. However, core measures of price
Het centrale thema van de tekst gaat over de strategie van Pictet Asset Management met betrekking tot activa-allocatie te midden van aanhoudende macro-economische onzekerheid. Het bedrijf heeft besloten om zijn positie in obligaties te verhogen tot overwogen en een negatieve
The central theme of the text is the evaluation of global market trends and economic indicators, with a particular focus on inflation, earnings, and sector performance. The MSCI World index experienced a slight decline, mainly due to weaknesses in the
The main theme of the text revolves around the significant inflow of investments into EMEA-domiciled Exchange-Traded Funds (ETFs) over the past week. Notably, this market has attracted $3.2bn in net inflows, with Fixed Income and Equity taking a substantial portion
As we journey into 2023, the global macroeconomic landscape exhibits marked differences from prior years. A decade of easy monetary policy, enabled by low and stable inflation, gave way to 2022's unprecedented monetary tightening, as central banks raised interest rates
Het rapport bespreekt de toekomst van inflatie en groei in ontwikkelde economieën, met een focus op de VS en de Eurozone. De verwachting is dat de inflatie niet lang zal aanhouden, maar het vertrouwen in de groeivooruitzichten van deze ontwikkelde
2023 is shaping up as a robust year for major developed markets, primarily driven by increasing valuations amidst weak earnings. European equities, in particular, have seen almost a 17% uptick in USD terms by the end of April. However, emerging
