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Posts From AXA

Deciphering the Value of Living Wages as Human Capital Investments

Deciphering the Value of Living Wages as Human Capital Investments

🕔08:50, 13.Sep 2023

In the enlightening research titled "Why living wages should be considered a driver of human capital value, not a cost," the author dives deep into the intertwined complexities of wages, human rights, and sustainable development. Amidst the aftermath of a

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Growing, (too) Fast and (too) Slow

Growing, (too) Fast and (too) Slow

🕔08:38, 11.Sep 2023

Markets had a “grumpy August”. Bond yields rose in response to the US still growing too fast, while the confirmation of deflationary risks in China – and the lack of policy response – dampen investors’ animal spirits. Euro area softness

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Macro Perspectives on Inflation & Central Bank Activities

Macro Perspectives on Inflation & Central Bank Activities

🕔11:27, 16.Aug 2023

David Page's "Ahead after the first half…" provides a meticulous analysis of global economic activities for the first half of 2023. Economic growth, especially in North America, has shown unexpected resilience. Even as headline inflation numbers fall across both developed

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The 2023 Market Resilience: Surprises and Lessons from H1

The 2023 Market Resilience: Surprises and Lessons from H1

🕔10:27, 16.Aug 2023

In the macroeconomic realm, growth dynamics displayed a mixed bag with North American growth surpassing anticipations, while European growth experienced a decline and Asian economies like Japan and China showed varied results. Inflation trends seemed clearer, with disinflation becoming dominant

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Green Energy Transition: Unearthing the Hidden Social and Environmental Costs

Green Energy Transition: Unearthing the Hidden Social and Environmental Costs

🕔10:38, 18.Jul 2023

The article "Understanding and Responding to the Human Cost of the Green Energy Transition," by AXA Investment Managers, puts the spotlight on the intricate relationship between the global transition to renewable energy and its often-overlooked environmental and social implications. Hidden

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Navigating Monetary Conditions and Euro Area’s Financial Framework

Navigating Monetary Conditions and Euro Area’s Financial Framework

🕔09:46, 17.Jul 2023

In "Leaky Pipes," AXA Investment Managers address two key aspects impacting the financial landscape. The first being the shift in emphasis to the duration of restrictive monetary conditions, due to "non-decisive" data flows. The firm characterizes the situation as a

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Cyclical Dynamics and Economic Resilience Amid Recession Risks

Cyclical Dynamics and Economic Resilience Amid Recession Risks

🕔14:39, 5.Jul 2023

As key event risks like bank turmoil and the US debt ceiling issue have faded, focus returns to cyclical dynamics according to AXA Investment Managers. Despite mixed economic signals and a revision of Eurozone's economic history to a mild recession,

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Global Market Instabilities: Wagner Rebellion and Monetary Policy

Global Market Instabilities: Wagner Rebellion and Monetary Policy

🕔08:02, 3.Jul 2023

The fallout from the Wagner Group rebellion has implications for global politics and economics, particularly in relation to the Ukrainian war. The prospect of a peace settlement favourable to Ukraine and Russian stability is challenging, indicating a prolonged commitment from

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Bank of England’s Monetary Tightening Amid Structural Challenges and Busy Central Banks Summer

Bank of England’s Monetary Tightening Amid Structural Challenges and Busy Central Banks Summer

🕔16:02, 22.Jun 2023

The latest 'Towards a Busy Summer' report from AXA Investment Managers shifts the focus to the Bank of England (BoE). Expected to raise the interest rate by another 25bps, the BoE has faced criticism for its cautious approach compared to

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Assessing Mexico as a Nearshoring Hub: Opportunities and Challenges

Assessing Mexico as a Nearshoring Hub: Opportunities and Challenges

🕔12:50, 19.Jun 2023

The article "Nearshoring in Mexico: Mirage or the real deal?" delves into the concept of nearshoring, where production and services are moved closer to their final markets, focusing on Mexico's potential as an attractive nearshoring destination. The author outlines the

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Navigating Inflation and Policy Divergence in the US and Eurozone Markets

Navigating Inflation and Policy Divergence in the US and Eurozone Markets

🕔13:17, 25.May 2023

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

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CBDCs: Technical Benefits vs. Financial Stability Risks

CBDCs: Technical Benefits vs. Financial Stability Risks

🕔09:26, 26.Apr 2023

The main theme of AXA Investment Management's "What you know and what you must guess" is the exploration of Central Bank Digital Currencies (CBDCs) as a compromise between the technical benefits of cryptocurrencies and the mitigation of financial stability risks.

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Navigating the World of Impact Investing with AXA IM’s Expertise

Navigating the World of Impact Investing with AXA IM’s Expertise

🕔10:45, 25.Apr 2023

Driving impact in listed assets investments Impact investing has become a powerful approach to achieving financial returns while addressing the world's most significant social and environmental challenges. This essay discusses AXA IM's approach to impact investing in listed assets, which

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Unraveling Inflation Persistence Amid ECB’s Profit Margin Focus

Unraveling Inflation Persistence Amid ECB’s Profit Margin Focus

🕔12:45, 6.Apr 2023

AXA Investment Managers' report, "The Pitfalls of the Inflation Blame Game," critically examines the European Central Bank's (ECB) emphasis on profit margins as the main factor driving persistent inflation. The report acknowledges the acceleration of core inflation in the Euro

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Challenges for Global Banking Sector

Challenges for Global Banking Sector

🕔12:04, 29.Mar 2023

The global banking sector is currently facing a challenging time, with banks in the United States adopting a precautionary mode. Meanwhile, the Federal Reserve seems to be prepared to reconcile with a credit crunch, as long as it's not too

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Market Skepticism and Banking Turmoil: Can Central Banks Handle the Heat Alone?

Market Skepticism and Banking Turmoil: Can Central Banks Handle the Heat Alone?

🕔15:35, 24.Mar 2023

Market reactions to the ongoing banking turmoil resulted in a significant downward revision of expectations for the policy rate of both the Federal Reserve and the European Central Bank (ECB). The market expressed its skepticism regarding the central banks' ability

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Rising Interest Rates Hurt – Who Knew?

Rising Interest Rates Hurt – Who Knew?

🕔09:35, 15.Mar 2023

The US authorities took out the “big guns” and acted decisively before the market open to contain the spill over effect from the demise of SVB (now accompanied by Signature Bank) using a two-pronged approach. First, they will “make good”

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Stockholm Syndrome

Stockholm Syndrome

🕔08:06, 13.Mar 2023

The February inflation data vindicates the European Central Bank (ECB) hawks. We remain however concerned with the “financial channel”: the January batch for loans confirms the credit impulse in deeply negative. We look at Sweden and the UK as “canaries

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Liquid assets: Why water December 2022 stress should be a priority for responsible investors

Liquid assets: Why water December 2022 stress should be a priority for responsible investors

🕔16:03, 7.Mar 2023

Key points Water stress is a matter of availability, quality and access – and can unevenly affect countries, industries and individuals We think there may be particular risks in emerging countries where agriculture and industry can demonstrate high levels of

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Understanding scope 3: February 2023 How responsible investors can wrestle with the unruliest of emissions

Understanding scope 3: February 2023 How responsible investors can wrestle with the unruliest of emissions

🕔14:36, 2.Mar 2023

On one level, it is easy to understand the scale of emissions from a company’s operations. If a factory is pumping out millions of plastic widgets, we can measure the greenhouse gases (GHGs) produced as it does so, and the

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Resilience of the West

Resilience of the West

🕔15:00, 1.Mar 2023

This week we want to take a step back from assessing cyclical conditions and second-guessing central bankers to take a look at the transatlantic relationship, spurred by a view “from the outside”, a long essay by Ding Gang, senior editor

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ESG dissection of European equities

ESG dissection of European equities

🕔12:06, 13.Feb 2023

An empirical analysis of ESG factors and pillars and the implications for European equity markets. Responsible investing has gained significant traction over the past decade, with environmental, social and governance (ESG) factors attracting greater attention2 . ESG scoring systems enable

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Rising social risks in emerging markets should be a catalyst for action for responsible investors

Rising social risks in emerging markets should be a catalyst for action for responsible investors

🕔08:08, 2.Feb 2023

Emerging markets are the most at risk from the effects of climate change and the immediate effects of war in Ukraine. This is leading to potentially damaging social impacts, including food insecurity and rising inequality. Major gaps remain in the

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The economic impact of a Russian gas cut-off

The economic impact of a Russian gas cut-off

🕔16:05, 10.Oct 2022

Potential short and longer-term impacts of the Russian energy shock  The Russian invasion of Ukraine has prompted a period of global realignment – and it is hard to gauge the extent of this even seven months into the invasion. A

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After the first month…

After the first month…

🕔19:29, 7.Apr 2022

Russia’s invasion of Ukraine has had a profound impact, but the impact on global growth is uncertain. Direct trade links, particularly beyond Europe are small, but broader global demand may weaken. Elevated energy prices and tighter financial conditions look likely

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Augmenting the Bernanke Doctrine

Augmenting the Bernanke Doctrine

🕔12:56, 28.Mar 2022

Ben Bernanke eloquently expressed the central banks dilemma when dealing with an exogenous price shock: “monetary policy cannot offset the recessionary or inflationary effects of increased oil prices at the same time”. It must choose. He also proposed a qualitative

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War made the State

War made the State

🕔16:35, 21.Mar 2022

Major political economy shifts often coincide with wars or preparation of wars. They do not simply affect how resources are affected to defend against external threats. They also shape priorities on civil spending to maximize internal social cohesion. Building a

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No immediate storm ahead but insurers should use the lull to build portfolio resilience

No immediate storm ahead but insurers should use the lull to build portfolio resilience

🕔12:05, 27.Jan 2022

Lingering COVID-19-related supply-side disruptions, alongside a significant rebound in consumer demand, are producing supply bottlenecks and an inflation rate not seen for decades. We expect 2022 to be a year of gradual absorption of the pandemic shock, with robust but

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Receding pressure on supply

Receding pressure on supply

🕔08:41, 27.Dec 2021

Macro outlook: Compression, decompression, absorption Key points We expect pressure on global supply to gradually decline, contributing to a slowdown in inflation This would allow central banks to maintain a prudent approach to the pace of policy normalization It has

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The Pension Polder Model for Climate Change

The Pension Polder Model for Climate Change

🕔13:05, 3.Nov 2021

Klimaatverandering & de pensioensector – een poldermodel: De grote rotatie van Nederlandse pensioenbeleggingen valt samen met 'deep cleaning' en 'deep greening' van portefeuilles. 'Code rood voor de mensheid.' De dreigende boodschap van het recente klimaatrapport van de IPCC, het klimaatpanel

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China: Riding the green wave

China: Riding the green wave

🕔08:55, 2.Nov 2021

After a year of tepid primary issuance – held back by the global pandemic – activity in the Chinese green bond market came roaring back in 2021. The supply of new bonds jumped to a record of $60.7bn year-to-date, crowning

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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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