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AXA Future Risks Report 2021

AXA Future Risks Report 2021

🕔15:23, 12.Oct 2021

Climate change is back at the top of the risk ranking We must be willing to act now to prevent irreversible damage, in spite of the unknown variables and risks. Among experts, climate change has returned to the top spot

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Pricing mitigation efforts and assessing the difficulties of comparison

Pricing mitigation efforts and assessing the difficulties of comparison

🕔15:59, 11.Oct 2021

The cost of climate change: Action versus inaction  Key points The present global consensus to reduce greenhouse gas emissions to net zero will require immense investment Investment spending is not a cost but will boost activity. Costs will reflect increased

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Supply constraints add to inflation angst

Supply constraints add to inflation angst

🕔20:03, 29.Sep 2021

Theme of the month: EU Fit for 55 In July, the EU announced “Fit for 55” – a suite of measures to deliver a 55% reduction in GHG emissions by 2030 from 1990 levels. It included an enhancement of the

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Carbon offsets: A necessary tool, but only under close scrutiny and precise conditions

Carbon offsets: A necessary tool, but only under close scrutiny and precise conditions

🕔11:42, 16.Sep 2021

If the world is going to limit global warming to +1.5°C from pre-industrial times, as set out in the Paris Agreement, global carbon emissions need to hit net zero by 2050. Every company will have a unique pathway as they

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Pandemic Guerilla

Pandemic Guerilla

🕔12:40, 13.Sep 2021

In hindsight, Jay Powell is probably very happy to have been so elusive at Jackson Hole on the timeline for “tapering” after the disappointing US job numbers for August. It is not the first time this year that payroll data

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Decoding China’s regulatory paradigm shift

Decoding China’s regulatory paradigm shift

🕔13:29, 9.Sep 2021

Sweeping regulatory changes in China have caught markets off guard lately and prompted confusion about Beijing’s intention behind actions that seemingly contradict its longterm strategy of building a high-tech and knowledge-based society. However, beneath what appear to be uncoordinated actions

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Patience is a virtue

Patience is a virtue

🕔10:34, 8.Sep 2021

Thematic equities in focus:  After the rotation witnessed in Q1 2021, the second quarter was quieter, with elements of the inherent market volatility having subsided. However, investors continue to have questions around the prospect of inflation as economies continue to

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Thematic investing set to transform asset management?

Thematic investing set to transform asset management?

🕔10:41, 15.Jul 2021

Thematic investing is no longer niche. Assets in these funds have grown at an annual rate of 37% since 2018, but the unprecedented events of 2020 in the wake of the COVID-19 pandemic significantly boosted this growth to

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Tourism: How Asia and other emerging markets could bounce back

Tourism: How Asia and other emerging markets could bounce back

🕔09:55, 14.Jun 2021

Tourism has been one of the sectors most affected by the COVID-19 pandemic. Governments worldwide imposed strict movement restrictions and closed borders in the hope of stopping the spread of the virus. According to the United Nation’s World Tourism Organization,

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Happy customers

Happy customers

🕔12:31, 2.Jun 2021

Europe is re-opening. The summer of 2020 is probably going to be the point of reference to gauge the magnitude of the looming economic rebound. The “mechanical recovery” could be spectacular again this year (assuming no bad Covid news). Indeed,

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Europe’s path to net zero

Europe’s path to net zero

🕔09:42, 20.May 2021

Deciphering Europe’s ambitions, actions and ability to reach net zero: The European Union (EU) has long led the world on climate action and policies. In December 2019 it pushed the boundaries again, unveiling the European Green Deal and its ambition

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EU Taxonomy: a pathway to superior corporate sustainability

EU Taxonomy: a pathway to superior corporate sustainability

🕔12:54, 3.May 2021

The European Union’s bid to create a common framework to support the Green Deal is also an opportunity for asset managers. Climate change is arguably the greatest challenge the world currently faces. Delivering on the 2015 Paris Agreement goal to

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China: Financing the Green transformation

China: Financing the Green transformation

🕔10:41, 30.Apr 2021

In the second piece of our three-part report1 , we discussed the micro and macroeconomic impacts of China’s green transformation. While it is difficult to precisely quantify these impacts as China transitions to a carbon-free economy, we do know that

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The great rate debate

The great rate debate

🕔08:57, 2.Apr 2021

President Joe Biden signed the $1.9tn American Recovery Plan into law this month, adding to the $0.9tn stimulus in late 2020. Debate is turning to the next bill on longer-term infrastructure, clean infrastructure and inequality measures …

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The cost of dominance

The cost of dominance

🕔09:03, 25.Mar 2021

Beyond the immediate challenge of the pandemic, the US-China relationship is the main source of global instability. On this front, the newsflow is not encouraging. The meeting in Anchorage between the US Secretary of State and National Security Advisor with their …

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UK Budget: Next steps, not complete vision

UK Budget: Next steps, not complete vision

🕔16:10, 8.Mar 2021

Chancellor Rishi Sunak delivered only his second Budget, but the first after the full realisation of the impact of the pandemic on the UK economy. Amidst much speculation that he would tighten fiscal policy to address a large deficit, the Chancellor delivered a dynamic …

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Keynesians vs. Keynesians

Keynesians vs. Keynesians

🕔08:14, 18.Feb 2021

Keynesians were fairly united when they were in the policy wilderness, but now that their views are dominant and they can finally seize the levers of macro policy, dissent is emerging. Lawrence Summers is taking issue …

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Entering the World’s Second Largest Bond Market

Entering the World’s Second Largest Bond Market

🕔12:31, 12.Feb 2021

Entering the World’s Second Largest Bond Market China’s bond market reached $17 trillion in Q3-2020, making it the world’s second largest market after the US. The low market cap to GDP ratio compared with other markets suggests still significant growth

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COVID-19: Data privacy risks and potential opportunities

COVID-19: Data privacy risks and potential opportunities

🕔10:50, 25.Jan 2021

COVID-19: Data privacy risks and potential opportunities Social sensitivities around personal information held by external parties, particularly technology firms, has rapidly grown in recent years – and it’s a concern which has escalated in the wake of the COVID-19 pandemic.

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How to invest in line with a +1.5˚C goal

How to invest in line with a +1.5˚C goal

🕔11:35, 5.Jan 2021

Climate Alignment Principles The Paris Agreement set out to limit the increase in the world’s average temperature to at most 2°C above preindustrial levels and to pursue efforts to hold it to 1.5°C. The Task Force On Climate-related Financial Disclosure

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We take a step back and focus for the last Macrocast of 2020 on the new Big Government” zeitgeist

We take a step back and focus for the last Macrocast of 2020 on the new Big Government” zeitgeist

🕔09:54, 28.Dec 2020

As 2020 is drawing to a close we want to take a step back and discuss the return of “big government” which we think may be a lasting legacy of the ongoing crisis, even if it did not start with

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COVID-19: Investors find new ways to drive positive social outcomes

COVID-19: Investors find new ways to drive positive social outcomes

🕔08:03, 14.Dec 2020

Responsible Investment  The COVID-19 pandemic has become a test of companies’ sustainability credentials. It has served to sharpen public and investor scrutiny of environmental, social and governance (ESG) practices and we have observed that … The COVID-19 pandemic has put corporate

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Fiscal Forward Guidance

Fiscal Forward Guidance

🕔11:12, 1.Dec 2020

We explore this week the possible “exit strategy” from the ongoing extraordinary fiscal and monetary stimulus. Drawing on Olivier Blanchard’ recent research, we argue that the current EU fiscal surveillance framework may … Key points The current EU fiscal surveillance

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US election update: clarity, but not certainty

US election update: clarity, but not certainty

🕔13:27, 10.Nov 2020

President-elect Biden to face a divided Congress   Developments continue since the US Presidential Elections last Tuesday, but over the weekend a wide range of news agencies have declared Joe Biden to be the winner in Pennsylvania, a state carrying 20

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Back to square zero?

Back to square zero?

🕔13:07, 3.Nov 2020

Of course, the impact of next week’s elections in the US goes well beyond the economic and financial realm, but from our narrow angle, we will follow the results across two dimensions. One is volatility: whether a winner emerges quickly

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Individual government challenges and the Covid-19 debt surge

Individual government challenges and the Covid-19 debt surge

🕔10:56, 28.Oct 2020

Research & Strategy Insights  Considering the rise in government debt in key developed markets  As cases of coronavirus appear to be on a rising trend again in the US and have picked up sharply across Europe, negative risks to the

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Policy hurdles, political dilemmas

Policy hurdles, political dilemmas

🕔12:54, 16.Oct 2020

After some U-turns from the US President and although discussions are continuing, no deal has been found on a new fiscal stimulus package. The Fed has been very explicit on the necessity of a timely and comprehensive additional budgetary push

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Delivering on the UN Sustainable Development Goals

Delivering on the UN Sustainable Development Goals

🕔11:16, 9.Oct 2020

Impact Engagement Principles AXA IM believes that significant positive societal impact can be generated through listed assets investment strategies. This is the case for capital allocation into best-in-class companies, and for engagement with companies where there is scope for change.

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Still waiting for the US cavalry

Still waiting for the US cavalry

🕔15:00, 7.Oct 2020

The Payroll data for September confirmed that the recovery of the US labour market is stalling. The fact that employment failed to grow outside the hospitality sector suggests the difficulties go well beyond the direct impact of Covid-fighting restrictions. Labour

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Het inflatievraagstuk en de overgang naar het post-covid tijdperk

Het inflatievraagstuk en de overgang naar het post-covid tijdperk

🕔08:04, 6.Oct 2020

Al drukt de covid-19 pandemie de economische groei en inflatieverwachtingen, centrale banken en overheden zetten hier steeds verdergaande stimuleringsmaatregelen tegenover. In combinatie met trends als deglobalisering, kan dit een structurele kanteling in gang zetten die de inflatie juist op een

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Gravity wins in the end

Gravity wins in the end

🕔09:30, 29.Sep 2020

Research & Strategy Insights  The sense of disappointment on the state of the recovery is particularly acute in Europe, where the traditional macro indicators, such as the PMIs or the forward-looking components of the national surveys, are already pointing to

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Focus on the swoosh or the push?

Focus on the swoosh or the push?

🕔07:37, 29.Sep 2020

Monthly Op-ed  The recent dataflow is consistent with our base case: the world’s economy is not experiencing a “V-shape” recovery, but rather is following a “swoosh” trajectory in which after an initial spectacular rebound, growth slows. Focus is again on

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Biden his time

Biden his time

🕔12:49, 28.Sep 2020

Global Macro Monthly  US President Donald Trump has already laid claim to the fastest economic recovery in US history. In terms of quarterly growth rates, this will surely be the case. Following the steepest contraction on record, data in Q2

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Investing to pastures green(er)

Investing to pastures green(er)

🕔11:07, 22.Sep 2020

Some regions of Europe are returning to lockdown – for instance some districts of Madrid badly hit by the second wave of the pandemic. Yet, for now these lockdowns are very different from the ones imposed in March and April:

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What won’t be in the strategy review

What won’t be in the strategy review

🕔09:37, 14.Sep 2020

Key points The divergence between a decisive Fed and a more hesitant ECB is an interesting debate but it hides the fact that on both sides of the Atlantic monetary policy through its traditional transmission channels is facing diminishing returns.

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Holidays over for policymakers

Holidays over for policymakers

🕔09:34, 8.Sep 2020

By and large the dataflow continues to point upward for the global economy but as we expected the spectacular rebound of early summer is not sustained, with private sector job creation slowing down in the US and the Euro area

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Biodiversity crisis: Why agriculture threatens biodiversity, and how responsible investors can respond

Biodiversity crisis: Why agriculture threatens biodiversity, and how responsible investors can respond

🕔09:21, 4.Sep 2020

Biodiversity plays a crucial role in protecting our health. It is only by understanding and respecting its limits that we will maintain the ecosystems that ensure our survival. Human activity is a growing threat to our life support system and

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Preserving “Made in China” in deglobalisation

Preserving “Made in China” in deglobalisation

🕔12:53, 3.Sep 2020

Locking in supply chains requires continued reforms and opening up After decades of rapid growth, the progress of globalisation has slowed since the global financial crisis, with its fate further complicated by rising protectionism, political interference and the COVID-19 outbreak.

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Pushing with a longer string

Pushing with a longer string

🕔12:59, 1.Sep 2020

The bad news on the pandemic front in Europe are offset to some extent by the recent experience on the other side of the Atlantic. There, in the late spring hotspots, the propagation of the virus has been curbed again

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Accelerating for European Take-off

Accelerating for European Take-off

🕔11:23, 31.Aug 2020

Dutch Pension Industry €1.5 trillion ESG ‘Green Swan’  The €1.5 trillion Dutch pensions industry, the largest in the European Union, and the fourth biggest in the world, is driving forward in adopting ESG (environmental, social and governance) principles to colour

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AXA IM Roundtable: Nederlandse pensioensector is Groene Zwaan in de dop

AXA IM Roundtable: Nederlandse pensioensector is Groene Zwaan in de dop

🕔09:50, 26.Aug 2020

De outperformance van duurzame beleggingen gedurende de Covid-19 crisis in combinatie met het groeiend aanbod aan duurzaamheidsinformatie en kwantitatieve methoden om deze in portefeuilleconstructie om te zetten, versnellen de vergroening van het Nederlandse pensioenvermogen. En dat kan tot ver over

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What investors need to know about the digital economy

What investors need to know about the digital economy

🕔10:00, 13.Aug 2020

Just the beginning of a multi-year investment theme… Even though it feels like e-commerce has been around for a long time, just 11% of global retail sales are transacted online. 1 In our view, this should allow for many years

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What investors need to know about the digital economy

What investors need to know about the digital economy

🕔09:55, 11.Aug 2020

Just the beginning of a multi-year investment theme… Even though it feels like e-commerce has been around for a long time, just 11% of global retail …

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2020 Proxy Voting Season Review: Beyond ‘business as usual’

2020 Proxy Voting Season Review: Beyond ‘business as usual’

🕔11:27, 30.Jul 2020

The global COVID-19 pandemic brought disruption to voting season across Europe, North America and Japan. Companies struggled to host in-person meetings, but many quickly moved to hold virtual AGMs, aided by technology. We believe that a hybrid system – where

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US presidential election preview: You’re fired?

US presidential election preview: You’re fired?

🕔12:57, 29.Jul 2020

Outlook for the 2020 vote, and the potential economic and market consequences  Presidential and Congressional Elections are less than 100 days away. However, if the elections were held tomorrow, polls suggest Democrat nominee Joe Biden would win and the Democrats

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And after the summer? Monthly Investment Strategy

And after the summer? Monthly Investment Strategy

🕔09:51, 23.Jul 2020

Key points Europe has been enjoying a rare moment of outperformance recently. Still, given the abundance of “cliffs” ahead, Europe would do well with a nice policy “parachute”. For now though, the US is still doing more on the stimulus

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Waiting for the parachute to open

Waiting for the parachute to open

🕔09:46, 21.Jul 2020

Although in relative terms Europe appears to be in “a good place” at the moment, to borrow words from Christine Lagarde, daunting challenges still abound. The virus is much better controlled than in the US, but given the lower European

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AXA IM Taskforce for Climate-related Financial Disclosure

AXA IM Taskforce for Climate-related Financial Disclosure

🕔15:21, 17.Jul 2020

Report highlights  This is a compilation of key sections from our longer TCFD report. The highlights reflect our innovations in climate strategy, investment and reporting, as well as our focus on generating positive and measurable impact in private and listed

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Natural language processing – a new tool to decode the Fed

Natural language processing – a new tool to decode the Fed

🕔13:01, 17.Jul 2020

Research & Strategy Insights  What is natural language processing, and how can we use it to analyse FOMC minutes and the Beige Book? Until recently, quantitative economic analysis has been mainly based on the study of hard data and survey

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Fiscal forward guidance needed

Fiscal forward guidance needed

🕔08:11, 15.Jul 2020

Research & Strategy Insights  The US handling of the Covid pandemic continues to be our main focus. Some states which have rolled back on some of their reopening measures were experiencing a re-deceleration in the number of cases in the

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