Investors have become familiar with frequent headlines on the latest regulations being implemented by European banks to improve their fundamentals. Should a slowing of this newsflow arouse concern? We believe the answer is …
Cocos in 2020 In our view, growth appears to have reached an inflection point and is showing signs of a stabilisation, central bank policy remains extremely accommodative and recessionary risks are abating. However, we also see a world where corporate
After a positive year of returns in 2019, what are your expectations for the asset class going into 2020? 2019 proved to be a positive year for emerging market (EM) assets, particularly those denominated in USD. Returns were robust despite
Executive summary Global growth is near a point of positive inflection and recession fears should ease. The easing in financial conditions, moderation in the drag on growth from the US-China ‘trade war’ and credit and policy-supported stabilisation of the Chinese
The US leveraged loan market has proven to be, until recently, resilient, despite facing a challenging environment over the past few years. Outflows from the retail component of the US leveraged loan market have been incessant for the past year,
Asset Allocation Navigator Fourth quarter 2019 Central banks cutting interest rates helps, but can’t fully offset the drag on growth from tariffs and trade policy uncertainty. The ‘skinny’ trade deal between the US and China suspends a planned tariff increase in mid-October, but
Structured credit has gone through a significant evolution over the past 10-years to emerge as a stable, well-regulated and, in our view, attractively priced asset class. With a more defensive profile than corporate credit, combined with compelling premiums, the asset
Britain appears to be sleepwalking towards a sticky end as the Brexit cli edge looms large. At least the outlook is brighter across the Atlantic, while a possible bottoming in China lifts risk assets. Soft economic data in the eurozone
The carbon-based model of industrialisation is coming to an end. Emerging market governments have the opportunity to become trailblazers for the next era, one where ESG will play a pivotal role. The scale of the task and its urgency has
Emerging Markets Debt Update Global equities suffered last week as the release of minutes from the 25–26 September Federal Reserve (Fed) policy meeting were deemed marginally hawkish, leading to a sharp reversal higher in rates on the evening of the
The time is now? Bond investors have lagged their equity counterparts in integrating ESG considerations into portfolios. But with ESG occupying a bigger role in credit ratings, and investors showing more willingness to engage with issuers, the fixed income sector
Weekly Update Developed market equities continued their march higher this week, with the S&P reaching new highs amidst positive earnings and optimism around a potential NAFTA breakthrough. When looking at developed markets performance, one could be forgiven for thinking all
Investment Grade Debt Update The volatility in EM, Italy and Brexit are all likely to contribute to volatility in the coming months, selecting your hedges prudently and positioning on the on the right side of these events will be crucial.
Evolution and reversals The peaks of the early 80s gave way to a compression trend for US Treasury yields that has lasted until very recently. This span of almost four decades – which covers the whole career of most active
EM continues to be in the driving seat with respect to broader market direction, with investor positioning in the spotlight. With financial markets in mid-summer mode, photographs from Venezuela this week served as a stark reminder of what can happen
No release Emerging market (EM) assets remained under pressure this week as Turkey refused to release Pastor Brunson amid the ongoing spat with the US. Italy also emerged as a source of concern for investors, with the Genoa motorway tragedy
If Brexit is Dead..! A strong US dollar has been the principal feature in global financial markets over the course of the past week. During the past quarter, we have seen US growth accelerate compared to moderation elsewhere and this
ESG integration in action ‘Who cares wins’. David Jones, the CEO of Havas Worldwide, wrote this book six years ago explaining why the most successful businesses in the future will be the ones that are most socially responsible. However, when
Investors remain on edge as trade tensions, market technicals and upcoming elections weigh in on sentiment Major bond market yields were little changed over the past week, with investors seeming to shrug off growing trade worries, as the Trump administration
Erdogan’s unorthodox stance against markets is a risky bet at a time of fragility in EM, leaving no room for complacency. Of all the headlines to impact financial markets of late, Erdogan’s assertion that interest rates are the ‘Mother of
In our view, an escalatory trade war could hurt Mexico and South East Asia most, while South America looks more insulated. The Trump administration is giving its protectionist, ‘America First’ instincts freer rein. Import tariffs of 25% on steel and
Investment Grade Debt Update Emerging market assets have come under considerable pressure in the past week, following sustained weakness in EM from the start of April. In many respects, these moves seem quite surprising. Global growth data remains robust, with
Emerging Market Debt Update A resurgent US dollar spelled trouble for EM assets this week as EM local markets lost more than 1% to end the month down closer to 2.5%. Meanwhile, President Trump was back in the headlines with
After the eerie calm of 2017, the first quarter was characterised by high volatility, especially in US equity markets. We think fears for global growth and trade are overblown. The foundations for continued strong growth are intact and a trade
Performance bounced back over the past week, with core yields marching higher and long risk positions in emerging markets (EM) performing well. Price action during the week developed somewhat counter-intuitively to the news flow, indicating that technicals are dominating over
#assetallocation #CentralBanks https://twitter.com/IEXProfs/status/1265951869895168002
De top 15-assetmanagers is duidelijk optimistischer over aandelen dan de rest. Waarom zien deze professionals het zo zonnig in? Vooral dankzij de omvangrijke steunpakketten van overheden en centrale banken, aldus @eelcoubbels @iexprofs
https://www.iexprofs.nl/Nieuws/500703/aandelen/Topassetallocators-positiever-over-aandelen-dan-consensus.aspx
The #coronavirus crisis has highlighted the market’s belief in the long-term potential of listed market champions of sustainability. Our expert #Rupert_Welchman says more in The Good Investment Review by @goodmoneygirl.
Billions, Trillions, or Quadrillions?
All of the World’s Money and Markets...
Top the list?
#Derivatives!! ( estimated at $1 quadrillion)
-> https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/
via @VisualCap
Diversificatie loont! Maar zoals @arjenlubach zich zo mooi kan afvragen: #hoedan?
De #GlobalMarketPortfolio is een mooi startpunt!
Zie verschil tussen @DNB_NL data van #pensioenfondsen en Global Market Portfolio #assetallocation -> https://www.alpharesearch.nl/2020/global-market-portfolio-is-iedereen-de-baas/ via @AlphaResearchNL
