Dear client, 2019 proved a strong year for US assets, with US equity markets recording the strongest annual total return since 2013 and the US aggregate bond index up almost 9.0%. In addition, the past decade proved the best ever for the
Central Bank Monitor As of October 30, 2019, the Fed lowered its key rate for the third time in the year. The Fed signaled that it plans no further cuts unless it sees a “material deterioration” in the economic outlook.
Investment Insights Blue Paper Fixed income: attractive yields in rangebound markets Following the three rate cuts agreed by the Fed last year, the bar for delivering further accommodation is high, and the central bank may be willing to allow some
Cross Asset Investment Strategy As we approach the year-end, a look back over the past 12 months reminds us how unconventional this year of records has been. On the upside, equities rallied to historical highs in December and fixed income
Equity markets in 2020: Watch out for a value rotation Indicators derived from monthly surveys of senior executives at selected companies that help in identifying economic trends. Growth investment style – It aims at investing in the growth potential of a
Global Investment Views As we approach the year-end, a look back over the past 12 months reminds us how unconventional this year of records has been. On the upside, equities rallied to historical highs in December and fixed income returns were also strong
In 2019, 10-year US Treasury bonds traded in a range of 1.46-2.78%, the fourth-widest range since 2010. In 2020, we think the 10-year Treasury may trade in a similar range, with additional volatility arising from many of the same factors
Build a robust ‘core’ and diversify income sources The ongoing slowdown in global trade will weaken global GDP growth further in 2020 – especially in advanced economies skewed towards the manufacturing sector – but a full-blown recession is unlikely, in
In recent weeks equities rallied along with bond yields as investors reacted to the prospect of a US-China ‘phase one deal’ and fading global recession fears. The value of negative yielding bonds continued to fall, from US$17 trillion over the
Global investment views At the beginning of 2019, all eyes were focused on Europe, not only because of the risk of a Hard Brexit, but also because of the open crisis between the Italian government and the European Commission. The situation
The 2019 edition of the Amundi–CREATE Research survey provides a key independent assessment of the challenges faced by pension plans in a post-QE environment. So severe was the 2008 global financial crisis that central banks could only stave off a
Cross Asset Investment Strategy Bad but not so bad news left the market in a limbo: equity markets were more or less flat in the month, treasury yields remained in the 1.5 / 1.8 range and credit spreads also remained
After enjoying stellar performance this year, moving into 2020, investors will increasingly ask whether the global economy will proceed towards a trade war-engineered recession or whether growth will stabilise at a low level and potentially rebound, meaning the cycle could
Infograpic Outlook 2020
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to
Recent Fed action: On 30 October the Federal Reserve cut the federal funds rate for the third time this year, while hinting at a pause over the next few months. The rate cut followed the Fed’s announcement on 11 October
Economy: soft landing and light policy support. In terms of Chinese growth, we see the rate continuing to slow. Chinese GDP growth rose 6.0% in the third quarter of 2019 (Chinese authorities forecasted a range of 6.0%-6.5% YoY), the slowest
Bad but not so bad news left the market in a limbo: equity markets were more or less flat in the month, treasury yields remained in the 1.5 / 1.8 range and credit spreads also remained within the trading range
Quarterly Update Our medium-term baseline scenario is that of a late business cycle slowdown supported by the dovish U-turn of central banks. We expect economic growth to move below potential for most developed economies in 2020, a trend that will
Bad but not so bad news left the market in a limbo: equity markets were more or less flat in the month, treasury yields remained in the 1.5 / 1.8 range and credit spreads also remained within the trading range
A tug of war between weaker growth and looser policies Emerging economies have faced a backlash in the last few months as a consequence of the global economic weakness and the uncertainty related to global trade. This weighed on the
Recent developments and next steps: Following the three-month extension granted to the UK by the EU on 28 October and the newly announced snap election, the most likely outcome is that the Withdrawal Agreement signed on 17 October between the
A tug of war between weaker growth and looser policies Emerging economies have faced a backlash in the last few months as a consequence of the global economic weakness and the uncertainty related to global trade. This weighed on the
US share buybacks are near record levels in absolute dollar terms and incrementally the discussion has shifted from academic finance journals to political stump speeches. Given the impact of the 2018 tax cuts and the upcoming 2020 US Presidential election
US share buybacks are near record levels in absolute dollar terms and incrementally the discussion has shifted from academic finance journals to political stump speeches. Given the impact of the 2018 tax cuts and the upcoming 2020 US Presidential election
Global Asset Allocation Views Q1 2020 -> https://www.opiniopro.com/2020/01/jp-morgan/global-asset-allocation-views-q1-2020/ #AssetAllocation #credit #equites #Equities #FixedIncome via @JPMorganAM
Zo was het vorig jaar! #aftermovie #AssetAllocationAwards
https://vimeo.com/321963939
Economic resilience, Fed and elections to drive US markets in 2020 -> https://www.opiniopro.com/2020/01/amundi/economic-resilience-fed-and-elections-to-drive-us-markets-in-2020-2/ #consumption #election #monetarypolicy via @Amundi_ENG
The US federal reserve’s ‘whatever it takes’ moment has arrived -> https://www.opiniopro.com/2020/01/ubp/the-us-federal-reserves-whatever-it-takes-moment-has-arrived/ #AssetAllocation #centralbank #credit #ECB #Equities #FED #USA
