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
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
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
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:
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.
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
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
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.
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
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
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
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
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 …
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
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
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
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
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
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
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
Research & Strategy Insights In the first of our two papers, we considered the debate about the impact of coronavirus on the inflation outlook and we presented the case for a subdued outlook for Consumer Price Inflation (CPI) over the coming
Research & Strategy Insights Of all the economic uncertainties that the COVID-19 pandemic has raised, the most confusion appears to be focused on inflation. Amidst the ambiguity over the scale of the economic …
Responsible Investment Climate change is material risk – Global warming poses long-term physical risks as the climate changes, as well as nearer term risks as the energy sector shifts from fossil fuels …
Research & Strategy Insights The re-acceleration of the covid epidemic in the US is a month-old now, but last week for the first time some real-time data reflected a relapse in activity. This is still very mild and nowhere near
Het pensioenakkoord heeft verstrekkende gevolgen voor het beleggingsbeleid van Nederlandse pensioenfondsen en kan leiden tot een verschuiving van circa €500 miljard aan pensioenvermogen. Dit blijkt uit doorrekeningen van het voorliggende pensioenakkoord door AXA Investment Managers. De Franse assetmanager organiseerde dinsdag
Investors need to manage risk to take a breather and observe the shifting global economy, says our expert #Norman_Villamin in the Hong Kong Economic Times. Read on.
First of its kind biodiversity tool for investors announced - via @AdviserVoice https://www.adviservoice.com.au/2020/09/first-of-its-kind-biodiversity-tool-for-investors-announced/
