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
In the first quarter of 2023, global growth generally surpassed expectations, with the US and European composite purchasing managers’ index (PMI) business surveys highlighting the rebound. Factors such as lower energy and oil prices, along with the reopening of China,
As the economic growth outlook brightens, investors are turning their attention to uncertainties in US and European financials, financial vulnerabilities, and persistent inflation. Central banks face a complex task in maintaining both financial stability and price stability. In response to
The month of March 2023 has been characterized by significant volatility in equities and bond markets, triggered by troubles in US and European banks, which have led to a resurgence of macroeconomic uncertainty. This situation has seen a temporary resurgence
Adamant Research, in its tradition of identifying opportunities during periods of investor apathy, once again brings attention to Bitcoin, which is currently 60% below its 2021 peak. This report argues that the ongoing bear market presents an exceptional opportunity for
In de laatste dertig jaar is er aanzienlijke vooruitgang geboekt op het gebied van wereldwijde voedselproductie en hongerbestrijding. Helaas lijkt deze trend de afgelopen vijf jaar te zijn omgekeerd. Experts wijzen op verschillende onderliggende trends, waaronder een groeiende wereldbevolking die
The recent deposit outflows from several banks in the US and Europe have triggered concerns and recollections of the Global Financial Crisis (GFC). However, the current situation, in our opinion, is better characterized as a period of banking sector stress
In the midst of a challenging investment environment with macroeconomic volatility, inflationary pressures, increasing interest rates, and the likelihood of a recession, the life sciences sector stands out. Despite a softening performance outlook for most asset classes, private real estate,
Q2 2023 Global Market Outlook Full Report The text highlights the current economic landscape, characterized by resilient growth, slowly receding inflation, and continued monetary tightening by central banks. This creates a favorable environment for government bonds and uncertainty for equity
Capital Market Assumptions March 2023 The annual edition of Capital Market Assumptions takes a more in-depth approach this year by considering the impact of climate change and social considerations on economic variables and asset class behaviors. The need to balance
The recent banking crises in the US and Switzerland have sparked concerns about the stability of the global financial system. However, these crises are unlikely to pose a broader threat. Despite this, lending standards are anticipated to tighten and inflation
The major developed economies, despite less wear than anticipated, are not necessarily on a steady path to recovery. In fact, their resilience might be leading to a slowdown rather than accelerating recovery. Inflation remains high, and monetary and financial tightening
The banking industry's landscape varies dramatically on either side of the Atlantic. Europe is focused on regulatory issues, particularly around climate risks and disclosure, with new regulations set to take effect in December 2023. These rules will require banks to
When central banks decide to tighten monetary policies, repercussions are felt across various business models, especially within the banking sector. The increased interest rates and higher financing costs pose a significant challenge, potentially causing disruptions and rendering certain business models
Meet Dominic Rizzo, the newly-appointed sole manager of the Global Technology Equity Strategy since April 1, 2023. Based in Baltimore, Rizzo brings a wealth of experience in investing across all equity style categories, from growth to value and large-cap to
The text delves into the complex landscape of ESG (Environmental, Social, and Governance) investing, highlighting new regulatory challenges and potential misrepresentation. The authors conducted a survey among 210 fund selectors, or gatekeepers, in Europe and Asia, revealing diverse views on
The main theme of the paper is the collapse of Silicon Valley Bank, which has caused widespread concern throughout the banking sector. While the bank's failure seems to be mainly due to its specialist business model and poor risk management,
The text focuses on exclusion lists, which help investors align their portfolios with their values, and the hidden tracking error they can cause. Recent broad energy exclusions due to climate concerns have introduced noticeable tracking error impacts, presenting challenges for
Callan recently made substantial adjustments to their 2023 Capital Markets Assumptions, prompted by the historic rise in bond yields that began in March 2022. The changes include an increase in cash returns from 1.2% to 2.75% and core fixed income
The main theme of the text is the challenging investment landscape characterized by banking sector turmoil, inflation pressures, and an uncertain interest rate environment. This uncertainty is causing market volatility and creating a holding pattern for investors. The author's investment
This text introduces Sellwood Consulting's 2023 Capital Market Assumptions, which provide forward-looking insights for constructing portfolios with a long-term horizon. The assumptions are based on principles like using different methods to estimate return and risk, incorporating current valuations, and focusing
This text discusses the European housing market and its challenges, including tightening financing conditions, weakened credit demand, low consumer confidence, and supply constraints. The shift to variable-rate mortgages indicates borrowers' expectations of improved financing conditions but also reflects continued interest-rate
The main theme of the text is the greening of the European Central Bank's (ECB) balance sheet as it integrates climate considerations into its monetary policy. Since October, the ECB has been redirecting corporate bond purchases towards issuers with better
The main theme of the reasearch revolves around the Franklin Templeton Investment Solutions (FTIS) 2023 Capital Market Expectations (CMEs), which cover their 10-year forecast for asset class returns and volatility. The CMEs also discuss how FTIS believes economic themes such
The main theme of this paper revolves around Nuveen's third annual EQuilibrium survey, which explores how institutional asset owners are rethinking markets, reallocating portfolios, and investing responsibly in response to dramatic shifts in the macroeconomic and geopolitical landscape. These shifts
The main theme of the presentation is the 7-year asset class real return forecasts by GMO. These local, real return forecasts are for several asset classes and not for any specific GMO fund or strategy. It is important to note that
The main theme of the text revolves around global trade recession, electric car pricing, German household savings, and German foreign direct investment (FDI) in Africa. The focus then shifts to policy rate decisions in the US and Eurozone amid inflation
The text's main theme focuses on the relationship between real estate and the economy during periods of rising rates, discussing commercial and residential real estate prices, and their impact on GDP during past recessions. The analysis is based on the
The main theme of the text revolves around the recent banking crisis and the challenges faced due to policy tightening. The author highlights the Fed's response to regional bank failures, providing liquidity provisions to protect depositors and prevent widespread economic
The RBC GAM Investment Strategy Committee highlights the resilience of the economy, pointing to the aggressive rise in interest rates in response to inflationary pressures. Despite this strength, they argue that the rapid increase in interest rates will likely push
The report emphasizes the appeal of emerging markets over developed ones, citing the high valuation of the U.S. market as a reason for closing the gap with other developed regions. The author also highlights the attractiveness of fixed-income assets, as
In this research paper titled "Long-Term Asset Allocation: A Different Outlook," the author discusses the significant improvement in expected returns for various asset classes. The main theme revolves around the pivotal issue of growth and the debate on whether recessions
Divest or engage to meet climate commitments? In "Divest or engage to meet climate commitments?", the main theme revolves around reconciling net zero goals with investments in fossil fuel companies. The text discusses the challenges faced by asset managers in
In the world of Bitcoin, decentralization plays a crucial role in maintaining its integrity and value proposition. The increasing dominance of two major mining pools, however, raises concerns about centralization and the potential for censorship. This essay will explore the
In the "Angeles' Long-Term Capital Market Assumptions as of January 2023" report, Angeles Investment Advisors present their updated capital market assumptions, which are used for asset allocation modeling for clients with a long-term horizon of over ten years. Notable changes
2023 Q1 Capital Market Assumptions In this summary of the "2023 Q1 Capital Market Assumptions" research paper by PGIM Quantitative Solutions, we explore the main theme of global economic growth and inflation expectations over the next decade. The text explains
In the face of China's clean energy dominance, the US and EU are poised to expand their clean technology efforts. The US has implemented industrial policies with protectionist elements to incentivize global companies to manufacture clean energy products domestically, while
The metaverse is poised to become an essential aspect of people's lives, encompassing various sectors such as gaming, retail, science, construction, healthcare, and education. This digital representation of reality enables users to connect with others instantaneously and participate in immersive
In this short essay, we discuss the main theme of "A global assessment of the implications of recent banking sector developments." The text primarily focuses on the impact of recent banking sector developments on the global economy and central banks.
In this issue of The Street View, the main focus is on Asia's new economy and its wide range of opportunities for Actis. Investment projects span Lifescience facilities in India, renewable energy in Japan and Vietnam, and green buildings in
The UK economy has had an encouraging start to the year, narrowly avoiding a recession in Q4 2022. Improved GDP and PMI survey results can be attributed to lower energy prices and a rebound in demand. Additionally, easing bottlenecks and
China's Reopening: Implications and Impact In this analysis, the author discusses the potential outcomes of China's reopening following the abrupt end of the zero-COVID policy. The main theme of the text revolves around two alternative economic reopening scenarios and their
In this research summary, the author discusses the rising importance of biodiversity in investment decisions. As the fight against climate change gains momentum, investors and regulators are increasingly considering environmental sustainability in their portfolios. Biodiversity, a complex and multifaceted concept,
In "2023 Look Ahead: Refocusing and Building on Digital Assets' Core Principles," the authors reflect on significant developments in the digital asset space during 2022 and discuss the potential implications for 2023 and beyond. Despite a challenging year marked by
The 2023 Capital Markets Forecast by Syntrinsic Investment Committee provides an executive summary that reflects on the past year's events and how they have shaped the outlook for the coming years. The main theme revolves around higher interest rates, higher
As presented in the MFS Long-Term Capital Market Expectations 2023 edition, the main theme revolves around the forward-looking return and risk expectations across various asset classes and regions. The report highlights a more favorable outlook on global equities with a
This text from State Street Global Advisors discusses their process of generating long-term asset class forecasts, which are forward-looking estimates of total return and risk premia. The forecasts incorporate inflation, economic growth, ESG considerations, and current market conditions. The main
