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Posts From BNP Paribas

Less downside risk, but don’t chase markets

Less downside risk, but don’t chase markets

🕔16:02, 27.Mar 2020

The core asset class views dashboard reflects the key views of the Investment Committee of the Multi-Asset team  Despite investor scepticism, 2019 was a bull market for every asset class (Figure 1). Indeed, assets benefited from the strongly dovish stance

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No Time To Sell Risky Assets

No Time To Sell Risky Assets

🕔09:29, 26.Mar 2020

The COVID-19 pandemic has tragically already claimed the lives of over 10 000 people. Many more will die in the coming weeks. Governments have been obliged to take extreme social distancing measures to combat the virus, effectively putting society on

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Markets & The Coronavirus – An Update On Our Thinking

Markets & The Coronavirus – An Update On Our Thinking

🕔07:03, 12.Mar 2020

 Level 1 assets: our asset allocation was mostly unchanged during the selloff. We remain moderately long risk, notably via EM and US equities and underweight EMU duration, where we increased our position recently. Looking ahead: taking the above fundamental and

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Inflation-Linked Bond Outlook

Inflation-Linked Bond Outlook

🕔16:38, 24.Feb 2020

For some months, the investment team’s view has been that the US economy is transitioning from a (temporary) abovetrend growth phase in which growth was super-charged by fiscal stimulus, lower corporate tax rates and deregulation – to a more sustainable

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Gloom doesn’t mean depression

Gloom doesn’t mean depression

🕔16:53, 20.Jan 2020

Macro-Economic Outlook for 2020 – Manufacturing activity has fallen to levels not seen since the global financial crisis; rising trade and geopolitical tensions raise downside risks to business activity – But domestic demand is holding up well – And discussions

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2020 Outlook: Cautiously Constructive, Consciously Reactive

2020 Outlook: Cautiously Constructive, Consciously Reactive

🕔17:56, 13.Jan 2020

2019 turned out to be very different to what most market participants had expected at the turn of the year. This time last year, weakening data, escalating tension between the US and China and a seemingly agnostic Federal Reserve overtightening

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EROCI and the tough road ahead for oil

EROCI and the tough road ahead for oil

🕔17:33, 13.Jan 2020

W e l l s , w i r e s , a n d  w h e e l s … Oil needs long-term break-evens of $10-$20/bbl to remain competitive in mobility. In this report we introduce the concept of

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Picking superstar companies in emerging markets

Picking superstar companies in emerging markets

🕔09:30, 15.Nov 2019

Size matters. Profitability matters. To identify superstar companies in emerging markets, however, we believe ‘economic moats’ is an important concept. This is also identifying the key factors driving that competitive advantage and how dependent the business is on superior management.

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Superstar firms – supersize or super-sustainable?

Superstar firms – supersize or super-sustainable?

🕔08:32, 15.Nov 2019

Is looking for superstar firms among disruptive tech, consumer innovators and small caps a quest for the obvious? Or does it make more sense generally to focus on companies that are sustainable, in both senses, as steady and resilient performers

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Asset Allocation Quarterly

Asset Allocation Quarterly

🕔18:26, 11.Nov 2019

SUMMARY – Transitioning to a reflation regime? – Several developments suggest that a move to a reflationary environment is a material risk, if not immediately. We explore supply shocks given ongoing de-globalisation; fiscal stimulus; and a more traditional route: an

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Asset allocation overview

Asset allocation overview

🕔08:43, 2.Oct 2019

ASSET ALLOCATION Neutral equities – With equities near all-time highs, and given the uncertain macro backdrop, we do not regard short-term risk/reward as very appealing. Underweight core EMU duration – Risks for fixed income markets are mounting, and a reflation

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Electric Vehicles in Emerging Markets

Electric Vehicles in Emerging Markets

🕔17:45, 30.Sep 2019

Emerging markets are at an interesting crossroads when it comes to the issue of climate change. As they continue to grow at an accelerating pace, their greenhouse gas (GHG) emissions are rising precipitously, with transport the second biggest contributor. Electric

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Longer-term asset allocation views: 2019 and beyond What to expect in the next 5-7 years

Longer-term asset allocation views: 2019 and beyond What to expect in the next 5-7 years

🕔15:51, 19.Sep 2019

In this publication, we describe in detail how we go about forecasting longer-term returns for a large number of asset classes. Our expectations for many assets are generally moderate compared to the returns of the past and lower than their

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Rehabilitation Of The European Structured Finance Market

Rehabilitation Of The European Structured Finance Market

🕔18:42, 9.Sep 2019

Today, structured finance assets – asset backed securities (“abs”) – form a european market with over eur 1 000 billion-worth of outstanding assets. particularly in europe, the market’s growth since 2009 is not only indicative that investors view structured finance

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Asset Allocation Monthly

Asset Allocation Monthly

🕔07:47, 5.Sep 2019

A more challenging balance between growth and monetary policy – Our ‘fragile goldilocks’ base case assumes that central banks can offset the ongoing growth slowdown. In our view, that assumption is now more tenuous in Europe, but still holds in

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The renminbi conundrum: the external surplus and the exchange rate

The renminbi conundrum: the external surplus and the exchange rate

🕔09:26, 16.Aug 2019

China’s current account has defied consensus (https://china.bnpparibas­am.com/the­fuss­aboutchinas­current­account­deficit­and­global­cost­of­capital/) , and recorded a surplus of 1.6% of GDP in Q2 2019, up from a 1.5% surplus in Q1. How can that be? The answer must lie in the financial and capital accounts,

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t De vermogensbeheerder voor een wereld in verandering

t De vermogensbeheerder voor een wereld in verandering

🕔14:06, 28.Mar 2019

Het is een beproefd recept voor pensioenfondsen: de beleggingsportefeuille wordt verdeeld in een matching- en rendementsportefeuille. De matchingportefeuille is bedoeld om de verplichtingen af te dekken en de rendementsportefeuille moet voor extra rendement zorgen. Deze tweedeling maakt het vraagstuk van

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Asset Allocation Monthly

Asset Allocation Monthly

🕔17:02, 8.Mar 2019

Between Growth Fears And Policy Support  It’s all about growth – Markets have gone through violent swings lately, with the latter part of 2018 seeing a sharp re-pricing of economic growth assumptions juxtaposed by a strong rebound of risky assets

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Asset Allocation Quarterly

Asset Allocation Quarterly

🕔01:02, 18.Feb 2019

Summary Central bank tightening fuels volatility – As financial markets begin to slowly grasp that central banks are no longer underpinning asset prices, sharper and sudden market moves look set to become the new norm. In such a world more

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Regime change

Regime change

🕔13:02, 9.Jan 2019

Investment Outlook for 2019 A regime change is underway in financial markets. Non-conventional central bank policy in the wake of the Great Financial Crisis of 2007-2008 sent waves of liquidity flooding through global asset markets. In December 2015, the US

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Explaining Portfolio Decarbonisation

Explaining Portfolio Decarbonisation

🕔11:02, 19.Nov 2018

So what is decarbonisation – that odd, but strangely attractive-sounding word? Decarbonisation refers to action taken to reduce the carbon intensity, and carbon dioxide (CO₂) emissions in particular, of an economy. As an integral part of the energy transition, decarbonisation

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Medium term asset allocation views

Medium term asset allocation views

🕔13:02, 6.Nov 2018

BNP Paribas Asset Management has a longstanding history of providing asset allocation advice to our institutional clients. This included studies for pension funds and insurance companies to optimise their long-term strategic asset allocation. But also portfolio allocations based on medium-term

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Medium-Term Asset Allocation Views

Medium-Term Asset Allocation Views

🕔14:03, 22.Oct 2018

What to expect in the next 5 to 7 years? Institutional investors face great challenges after a prolonged period of declining yields and very accommodative monetary policy by the main central banks. These include the continuous search for yield as

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Cautiously optimistic

Cautiously optimistic

🕔01:02, 12.Aug 2018

Asset Allocation Quaterly The second quarter of 2018 was tainted by trade tensions; investor concerns about Italy and European growth; and stress in emerging market (EM) and China-linked assets. However, not all news was bad for the markets: US equities

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Cautiously optimistic

Cautiously optimistic

🕔01:02, 12.Aug 2018

Asset Allocation Quaterly The second quarter of 2018 was tainted by trade tensions; investor concerns about Italy and European growth; and stress in emerging market (EM) and China-linked assets. However, not all news was bad for the markets: US equities

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Twitter

USD: No sustained trend visible -> https://www.opiniopro.com/2020/04/erste-group/usd-no-sustained-trend-visible/ #currency #fx #interestrates via @ErsteGroup

Tackling The ‘Unknown Unknowns’: How Active Managers Manage Unforeseen Risks -> https://www.opiniopro.com/2020/04/columbia-threadneedle/tackling-the-unknown-unknowns-how-active-managers-manage-unforeseen-risks/ #active #passive #COVID19 #fundmanager #ETFs #behavioural via @CTinvest_EMEA @CTInvest_US

Policy Tries To Keep Pace With The Pandemic -> https://www.opiniopro.com/2020/04/northern-trust/policy-tries-to-keep-pace-with-the-pandemic/ #CoronaCrisis #COVID19 #EmergingMarkets #debt via @NorthernTrust @NTInvest

Which financial assets are well positioned and which ones are at risk as policy-makers brace for major COVID-19-induced demand shocks? Find out more in this piece.

‘Whatever it takes’: Fiscal Edition -> https://opiniopro.com/2020/03/ubp/whatever-it-takes-fiscal-edition/ #CentralBanks #china #coronavirus #credit #crisis #ECB #fiscalpolicy #fomc #COVID19 via
@UBP_Group

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