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Posts From BlackRock

What’s in store for emerging markets?

What’s in store for emerging markets?

🕔16:01, 10.Mar 2021

What’s in store for emerging markets?   Q1 2021 Outlook   Emerging markets experienced a strong recovery both in activity and capital inflows in Q4 2020, supported by intense search for yield and a more optimistic global growth outlook thanks to vaccine

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Downgrading government bonds

Downgrading government bonds

🕔16:28, 25.Feb 2021

Downgrading government bonds  Weekly commentary We broaden our tactical pro-risk stance in light of major developments since the publication of our 2021 outlook in December: the vaccine rollout and up to $2.8 trillion of additional U.S. fiscal spending this year.

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A new investment order

A new investment order

🕔16:21, 12.Jan 2021

A new investment order – 2021 global outlook We have entered a new investment order. The Covid-19 pandemic has accelerated profound shifts in how economies and societies operate. We see transformations across sustainability, inequality, geopolitics and macro policy. This is

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Vaccines shape 2021 outlook

Vaccines shape 2021 outlook

🕔09:26, 24.Nov 2020

"We still like high yield for income. On a tactical horizon, we strongly prefer high yield for its income and more room for spread tightening. We are neutral on IG and underweight emerging market debt."

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U.S. election through a sectoral lens

U.S. election through a sectoral lens

🕔14:57, 16.Oct 2020

Weekly commentary The potential outcomes of the November U.S. election could have starkly different policy ramifications, as we argued last week. What will this mean for equity markets? We believe simplistic narratives about the overall market direction are best avoided

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Greater inflation risks ahead

Greater inflation risks ahead

🕔09:38, 23.Sep 2020

Weekly commentary We see a higher inflation regime in the medium term after a decade of inflation persistently undershooting central bank targets. Three new forces are at play: rising global production cost, new central bank policy frameworks that allow for …

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Why we stay moderately pro-risk

Why we stay moderately pro-risk

🕔13:01, 15.Sep 2020

Weekly commentary The broad macro backdrop has been improving, risk assets have rallied a long way, and increasing market volatility points to risks that investors will need to navigate as the U.S. presidential election draws closer. All this leaves us …

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Changing credit views amid volatility

Changing credit views amid volatility

🕔08:03, 9.Sep 2020

Weekly commentary Markets have rallied sharply from their virus lows, driven by the policy revolution and economic restart. Tighter valuations increase the risk of volatility, particularly ahead of divisive U.S. elections. Last week’s equity selloff illustrates this. Against …

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Strategic views for a post-Covid world

Strategic views for a post-Covid world

🕔12:51, 26.Aug 2020

Weekly commentary The pandemic has sped up key structural trends and triggered substantial market swings, precipitating an urgent need to rethink strategic asset allocations. Among …

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Implications of a weaker dollar

Implications of a weaker dollar

🕔15:12, 12.Aug 2020

Weekly commentary A prolonged period of U.S. dollar gains has reversed abruptly. The policy revolution to cushion the pandemic’s blow is a key driver, as it has eroded the dollar’s interest rate advantage and helped lift risk appetite off its

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Focusing on factors

Focusing on factors

🕔13:14, 10.Aug 2020

Weekly commentary Corporate earnings estimates look to be troughing as economies reopen with fits and starts. We have increased our overweight in the quality factor because we see it as most resilient to the dynamics of a choppy activity restart,

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Real resilience in sustainability

Real resilience in sustainability

🕔09:44, 31.Jul 2020

The tectonic shift toward sustainability is gaining pace. We highlight an underappreciated climate-related risk to portfolios: water stress. Negotiations have kicked off over the size and make-up of a new U.S. fiscal package as key benefits are set to expire

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Favoring Euro stocks in global restart

Favoring Euro stocks in global restart

🕔13:16, 22.Jul 2020

We consider European stocks the most attractive regional exposure to a multispeed global restart, especially versus emerging markets outside of north Asia. We could see a $1-1.5 trillion U.S. fiscal package that extends some, but not all, federal stimulus measures

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Troubled waters – Water stress risks to portfolios

Troubled waters – Water stress risks to portfolios

🕔09:30, 20.Jul 2020

An understated risk The global pandemic has reinforced the importance of resilience in investment portfolios. This includes sustainability-related risks that investors may have been underappreciating, ranging from vulnerable global supply chains to health and safety issues. We believe increased asset

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Why we like credit

Why we like credit

🕔09:26, 16.Jul 2020

Weekly commentary We recently moved to a strategic overweight on credit after being underweight for the past year. Cheaper valuations compensated for the risk of corporate defaults and downgrades in the wake of the Covid-19 pandemic, in our view. We

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Downgrading U.S. equities to neutral

Downgrading U.S. equities to neutral

🕔09:58, 10.Jul 2020

We downgrade U.S. equities to neutral after a strong run amid surging COVID-19 cases and risks of fading fiscal stimulus. We are tracking the interplay of containment measures and mobility changes on activity as economies have started to reopen. Markets

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Dividends in danger?

Dividends in danger?

🕔15:05, 3.Jul 2020

The world was quickly thrust into a health crisis and economic tailspin that neither individuals nor businesses saw coming. The stress has prompted talk of companies having to reduce or eliminate their dividend payments to preserve operating capital. Tony DeSpirito

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Our midyear outlook

Our midyear outlook

🕔13:14, 1.Jul 2020

The virus shock is accelerating key structural trends. We update our three investment themes and investment views against this backdrop. We are tracking the interplay of containment measures and mobility changes on activity as economies have started to reopen.  Markets

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The future is running at us

The future is running at us

🕔09:50, 30.Jun 2020

2020 midyear outlook The future is running at us. The coronavirus shock is accelerating structural trends in inequality, globalization, macro policy and sustainability. This is fundamentally reshaping the investment landscape …

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Warming up to Europe

Warming up to Europe

🕔11:34, 24.Jun 2020

BII Global weekly commentary We are warming up to European assets as the region steps up its policy response and demonstrates relative success in tamping virus growth. We are tracking the interplay of containment measures and mobility changes on activity

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Private markets as diversifiers

Private markets as diversifiers

🕔15:18, 19.Jun 2020

We see diversification with – and within – private markets as crucial to building resilient portfolios in a low-rate, post Covid-19 world. The key to the policy response has shifted to ensuring successful execution and avoiding policy fatigue before the

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Policy revolution: What’s next?

Policy revolution: What’s next?

🕔14:54, 10.Jun 2020

Macroeconomic policy has undergone a necessary revolution in just three months, but this is a slippery slope without proper guardrails. The key to the policy response has shifted to ensuring successful execution and avoiding policy fatigue before the shock passes.

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Investment Directions

Investment Directions

🕔13:58, 5.Jun 2020

The great poet Ralph Waldo Emerson famously wrote, “Do what we can, summer will have its flies.” As we head into the summer months, this mood may best describe nervous investors who recently experienced large bouts of market volatility due

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Dealing with the next downturn

Dealing with the next downturn

🕔09:16, 5.Jun 2020

From unconventional monetary policy to unprecedented policy coordination Unprecedented policies will be needed to respond to the next economic downturn. Monetary policy is almost exhausted as global interest rates plunge towards zero or below. Fiscal policy on its own will

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Systematic Fixed Income Outlook Q2 2020

Systematic Fixed Income Outlook Q2 2020

🕔11:06, 4.Jun 2020

Investing without a parachute In the wake of the coronavirus crisis, the U.S. bond market finds itself flirting with negative interest rates and bumping up against the “zero lower bound”—calling into question the ability of bonds to provide ballast in

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China emerges from virus lockdowns

China emerges from virus lockdowns

🕔14:58, 3.Jun 2020

China’s economy is restarting after emerging from lockdown, likely benefiting countries and assets exposed to its growth. The key to the policy response has shifted to ensuring successful execution and avoiding policy fatigue before the shock passes. Markets will watch

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Virus compels a strategic view revamp

Virus compels a strategic view revamp

🕔16:56, 28.May 2020

BII Global weekly commentary The virus shock is accelerating and changing structural trends, leading us to shift our long-term return expectations and strategic views. The key to the policy response has shifted to ensuring successful execution and avoiding policy fatigue

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Current opportunities in the TIPS market

Current opportunities in the TIPS market

🕔15:22, 27.May 2020

Treasury Market Dislocations This past month market volatility and risk premiums rose to levels not seen since the global financial crisis of 2008- 2009. Sparked by a global collapse in activity in response to the Coronavirus pandemic, the increase in

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Upholding our equity views

Upholding our equity views

🕔08:13, 20.May 2020

Weekly commentary Global stocks have recovered more than half of the selloff triggered by the coronavirus pandemic since late March – alongside a sharp contraction in economic activity and corporate earnings. We see the unprecedented policy …

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Europe bond outlook under review

Europe bond outlook under review

🕔10:09, 13.May 2020

Weekly commentary  A decision by the German constitutional court last week could potentially undermine the independence of the European Central Bank (ECB) – and threaten to fuel fragmentation within the euro area in the long run. This comes as the

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Global Outlook – April update

Global Outlook – April update

🕔14:29, 8.May 2020

2020 investment themes update Activity standstill – The coronavirus shock is sharper than what we saw in 2008 – but we believe its cumulative hit to growth is likely to be lower. The main risk to our view: policy needed

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How the pandemic changes our long-term asset views

How the pandemic changes our long-term asset views

🕔16:40, 5.May 2020

The coronavirus shock has triggered market turbulence over the last three months – and prompted historic policy actions globally. Does this represent a need and opportunity for long-term investors to adjust their strategic allocations – or the broad mix of

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Strategic asset views amid virus shock

Strategic asset views amid virus shock

🕔15:49, 5.May 2020

Weekly commentary  The coronavirus shock has triggered market turbulence over the last three months. Does this represent a need and opportunity for long-term investors to adjust their strategic allocations? We think so – based on price dislocations alone and when

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Variation in government responses to COVID-19

Variation in government responses to COVID-19

🕔12:40, 1.May 2020

Abstract: COVID-19 has prompted a wide range of responses from governments around the world. There is a pressing need for up-to-date policy information as these responses proliferate, and governments weigh decisions about the stringency of their policies against other concerns.

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5 ways the world could change: An investor watchlist

5 ways the world could change: An investor watchlist

🕔22:36, 29.Apr 2020

Market volatility never feels good. The kind we’ve felt amid the coronavirus pandemic has been particularly taxing. Of course, this is no ordinary moment in history. It will be a defining moment for individuals, businesses and industries worldwide. Long-term stock

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Gauging the coronavirus shock’s economic impact

Gauging the coronavirus shock’s economic impact

🕔21:02, 28.Apr 2020

Global economic activity is being deliberately frozen to stem the coronavirus pandemic. This initial shock is very sudden and deep. Yet what matters for asset pricing is the cumulative impact of the growth shortfall over time. We believe that policy

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Stock market winners may keep winning

Stock market winners may keep winning

🕔17:13, 28.Apr 2020

While the market has staged a spectacular and unanticipated rally, looking at the broader indices can be somewhat misleading.  Year-to-date, the S&P 500 Index is still down -15%, but large cap tech and healthcare indices are down 3% or less.

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Gauging the virus shock to economy

Gauging the virus shock to economy

🕔14:08, 28.Apr 2020

Weekly commentary Global economic activity is being frozen to stem the coronavirus pandemic. Yet implications for asset prices will depend on the cumulative impact of the growth shortfall over time. We believe that policy actions to cushion the impact of

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Downgrading EM local debt

Downgrading EM local debt

🕔13:14, 22.Apr 2020

 We downgrade emerging market (EM) local debt to neutral on currency concerns, but still like Asia ex-Japan equities and credit.  U.S. stocks extended gains, brushing off poor economic data including a collapse in retail sales and China’s GDP contraction. This

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Caution: emerging market local debt

Caution: emerging market local debt

🕔16:40, 21.Apr 2020

We see improving outlook for credit in general due to overwhelming policy action to limit the coronavirus shock and recent market selloffs. Yet we have turned more cautious on emerging market (EM) local debt despite depressed valuations after selloffs. Why?

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Sustainability: The tectonic shift transforming investing

Sustainability: The tectonic shift transforming investing

🕔17:14, 17.Apr 2020

Portfolio perspectives A framework for incorporating sustainable investing in portfolio construction​ The past year has seen a marked shift in society’s attitudes toward sustainability. This shift is spurring political pressure, a regulatory push and technological advancements to create the foundations

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Even at these yields, bonds still work

Even at these yields, bonds still work

🕔18:00, 16.Apr 2020

The coronavirus poses a unique and difficult to quantify threat to health, the economy and financial markets. One manifestation of this has been how fast stocks and other risky assets have collapsed. But while the catalyst is without precedent, other

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Discount double check in CEFs

Discount double check in CEFs

🕔22:32, 15.Apr 2020

The Dow Jones Industrial Average just closed out its worst first quarter on record, after a dropping 23% since the start of the year1. The selloff has disproportionately affected equities relative to bonds, potentially resulting in an overweight to bonds

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Stay calm and remember why you own bonds

Stay calm and remember why you own bonds

🕔20:03, 14.Apr 2020

Since late February, U.S. equity and bond markets have been historically volatile—on the same level of the 2008-2009 Global Financial Crisis in fact. In March, we saw the fastest bear market correction in the S&P 500 Index on record. Rates

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Why we are overweight U.S. stocks

Why we are overweight U.S. stocks

🕔14:38, 14.Apr 2020

Weekly commentary We see U.S. stocks outperforming their developed market (DM) peers over the next six to 12 months. The overall U.S. policy response to the coronavirus shock has been decisive and comprehensive, already exceeding the scale of policy action

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Two reasons for favoring U.S. stocks

Two reasons for favoring U.S. stocks

🕔17:22, 13.Apr 2020

We have an ongoing preference for U.S. stocks over other developed markets. Mike explains why. We favor U.S. stocks to their other developed market peers over the next six to 12 months. Why? The U.S. policy response to the coronavirus

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Wall Street’s believe it or not

Wall Street’s believe it or not

🕔16:38, 13.Apr 2020

Rick Rieder, Russ Brownback and Trevor Slaven contend that even as markets are gripped with the trauma of wild swings, and continued uncertainties, the seeds of future investment opportunity are being sown. Ripley’s Believe It or Not! is an American franchise,

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Supporting our people and communities

Supporting our people and communities

🕔23:36, 9.Apr 2020

As the coronavirus continues to harm economic well-being around the world, we are committed to making sure our people have the support they need during this time. As the coronavirus continues to harm economic well-being around the world, particularly for

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Upgrading credit

Upgrading credit

🕔09:38, 9.Apr 2020

We upgrade our tactical views on credit on extraordinary central bank support and substantially more attractive valuations. The initial market rally from historic U.S. policy actions has stalled as worsening economic data and a rising human toll dominate sentiment. Jobless

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3 observations amid the COVID-19 crisis

3 observations amid the COVID-19 crisis

🕔07:47, 8.Apr 2020

The global coronavirus pandemic is testing all aspects of everyday life. Jeff Shen discusses how his team are using human and machine-mined insights to assess the landscape and look ahead. These are unusual times, to say the least. Few in

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