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Mid-Year Investment Outlook: Mission transition

Mid-Year Investment Outlook: Mission transition

🕔16:28, 9.Jul 2021

Welcome to our mid-year Outlook, my first as the new chief investment officer at HSBC Asset Management. It is an honour to share with you our latest views on the world’s economies and markets. A huge thanks and best wishes

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Infrastructure: predictable yield or secular opportunity?

Infrastructure: predictable yield or secular opportunity?

🕔08:40, 14.Jun 2021

What to do in a negative-yield world? Declan O’Brien, Head of Infrastructure Research and Strategy and Perry Offutt, Head of Infrastructure Americas, give a deep-dive into the evolving and emerging infrastructure sector and the role it can play in investors’

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US: Biden’s Rebalancing Acts

US: Biden’s Rebalancing Acts

🕔11:05, 27.May 2021

Macro Insight: In late March, President Biden announced details of a further package – the $2.3tn American Jobs Plan. This set out major spending plans and tax changes for the US economy over the next 15 years (Figure 1).

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ESG Scoring: It’s All Relative

ESG Scoring: It’s All Relative

🕔12:58, 19.Mar 2021 Read Full Article
China Insights

China Insights

🕔15:40, 4.Jun 2020

NPC 2020 – No target but still focused In a delayed session of the National People’s Congress (NPC) China dropped its numerical growth target for 2020, reflecting significant macro headwinds from the COVID-19 pandemic and high level of external uncertainties

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Mid-Year Investment Outlook The trend accelerator

Mid-Year Investment Outlook The trend accelerator

🕔14:13, 4.Jun 2020

Welcome to our mid-year outlook for 2020 – six months that surely rank as the most extraordinary of our careers. Indeed, it is hard to put the enormity of what we have just been through into context. A global pandemic,

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A sudden stop

A sudden stop

🕔14:57, 15.May 2020

House views The global spread of COVID-19 and containment policies deployed to contain its spread have created an economic “sudden stop”. A sharp recession now seems inevitable, and there are many uncertainties about what follows. Market pricing discounts a 2008-like

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EU agrees joint fiscal response

EU agrees joint fiscal response

🕔07:44, 17.Apr 2020

EU finance ministers have agreed a EUR540bn package of fiscal measures to ease the economic impact of COVID-19 The package marks a significant first step in providing a joint response to COVID-19 but concerns remain Tensions could resurface at future

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Investment Monthly; April 2020 Unknown unknowns

Investment Monthly; April 2020 Unknown unknowns

🕔09:06, 10.Apr 2020

Market volatility has surpassed levels reached during the 2008 financial crisis. Global equities have entered bear market territory at the fastest pace ever. Corporates are under pressure from a global slowdown and lower oil prices Although aggressive policy action has

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US Senate approved US fiscal package

US Senate approved US fiscal package

🕔12:05, 2.Apr 2020

We expect that investors will require evidence that case growth is “under control” before a sustainable recovery in risk appetite can take hold. In the short-term, a cautious investment strategy remains warranted However, highly attractive valuations for risky asset classes

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Risks abound

Risks abound

🕔16:14, 27.Mar 2020

Investment Monthly – February 2020  We are living in an “age of uncertainty” with persistent uncertainties around the macro outlook. Geopolitical tensions have shown they have the capacity to create episodic volatility in markets. But we think it is important

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Adapting to a volatile environment

Adapting to a volatile environment

🕔12:42, 19.Mar 2020

We believe it makes sense to adopt a more neutral tactical view on developed market equities in such a highly uncertain and volatile environment However, we maintain a strategically pro-risk stance in the context of hugely improved relative valuations for

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UK, a coordinated policy response

UK, a coordinated policy response

🕔12:36, 12.Mar 2020

Bank of England cuts rates at emergency meeting… Amid increasing challenges to the UK growth outlook and financial market turmoil on the back of the global COVID-19 outbreak, early on 11 March the Bank of England (BoE) announced an emergency

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The age of uncertainty

The age of uncertainty

🕔16:58, 24.Feb 2020

Investment Monthly Uncertainty is likely to remain elevated, but we think turning defensive is the wrong strategy – this was costly for investors in 2019. Instead, we remain pro-risk in a multi-asset portfolio, underpinned by our “favourable baseline” view of

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Investment Outlook 2020

Investment Outlook 2020

🕔16:42, 11.Dec 2019

The Age of Uncertainty  Welcome to our Investment Outlook for 2020, as we continue to live in an “age of uncertainty”. 2019 has been a year of contrast. On one hand, the narrative of the year in financial markets has

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Investment Monthly November 2019

Investment Monthly November 2019

🕔15:39, 2.Dec 2019

Macro Outlook – Global growth continues to face headwinds from a downturn in the industrial cycle and uncertainty related to trade tensions. Nevertheless, the trend in the global Nowcast remains broadly stable at around 2%  – US growth remains robust

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Riding the storm Investment Monthly – October 2019

Riding the storm Investment Monthly – October 2019

🕔18:13, 11.Nov 2019

Macro Outlook Global growth continues to face headwinds from a downturn in the industrial cycle and uncertainty related to trade tensions. Nevertheless, the global Nowcast remains stable at around 2% US growth remains above trend but has become more dependent

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Brexit ‘Article 50’ deadline extended

Brexit ‘Article 50’ deadline extended

🕔16:52, 30.Oct 2019

EU agrees to extend Brexit deadline The European Union (EU) has agreed in principle to extend Article 50 of the Lisbon Treaty. This delays the UK’s scheduled departure from the European Union (EU) that was due to occur on 31

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A US-China ‘mini deal’

A US-China ‘mini deal’

🕔10:03, 16.Oct 2019

The US and China have agreed a truce in their trade conflict with a ‘mini deal’ that sees the US holding off on tariff increases scheduled for 15 October in exchange for some concessions from China, mainly around agricultural purchases

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Investment Monthly September 2019

Investment Monthly September 2019

🕔18:33, 7.Oct 2019

A surprise escalation of the US-China conflict in early August, and worries that this conflict will damage economic growth, led to a sell-off across risky asset classes in August. Meanwhile, expectations that the Fed will cut rates further supported a

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Positivity in a negative world

Positivity in a negative world

🕔07:31, 4.Oct 2019

As we enter the fourth quarter of the year, we are seeing an environment of coordinated monetary easing amongst central banks around the globe. Most recently on 18 September, the US reduced interest rates for the second time this year,

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Riding the storm

Riding the storm

🕔11:49, 3.Oct 2019

Investment returns have been strong across the board in 2019 so far. Fixed income asset classes are up around 10%, and equity markets and alternatives have done even better. But it hasn’t felt like a bull market environment for investors

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Investment Event; ECB delivers easing package

Investment Event; ECB delivers easing package

🕔11:59, 23.Sep 2019

At its September policy meeting, the European Central Bank (ECB) delivered a substantial monetary policy easing package, including a renewed programme of asset purchases Policy easing came on the back of downgrades to the economic projections and persistent downside growth

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A further escalation in trade tensions

A further escalation in trade tensions

🕔13:06, 3.Sep 2019

Trade tensions escalated after China announced additional tariffs on US goods and the US retaliated with an increase in tariffs on Chinese imports Meanwhile, Fed Chair Powell refrained from providing a clear steer on future interest rate policy, but reiterated

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On recent market volatility

On recent market volatility

🕔17:34, 16.Aug 2019

Financial market volatility has risen in August. This has come amid the ongoing US-China trade conflict (along with other geopolitical risks), and some weak economic data releases. Risk assets such as equities have sold off, while safe-haven assets have rallied

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Investment Monthly August 2019

Investment Monthly August 2019

🕔15:56, 14.Aug 2019

Fed cuts rates  A lack of inflation pressure allows the US Federal Reserve (Fed) to lean against the increased downside risks to growth. While market pricing may prove to be too aggressive, some “insurance” policy easing is very likely The

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Fed cuts rates

Fed cuts rates

🕔08:03, 14.Aug 2019

The Federal Reserve reduces interest rates At its July meeting, the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) cut the target range for the fed funds rate to 2.00-2.25%, in line with market expectations. Two FOMC

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US-China trade tensions escalate

US-China trade tensions escalate

🕔19:51, 13.Aug 2019

On Thursday 1 August, US President Trump unexpectedly announced a plan to move forward with an additional 10% tariff on USD300bn worth of imported Chinese goods. The move is in addition to the USD250bn of Chinese products already subject to

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Investment Monthly – June 2019

Investment Monthly – June 2019

🕔17:02, 30.Jun 2019

Still reasonable global growth A combination of a reasonable global growth, policy support, and good relative valuations support overweight positions in selected fixed income and equity markets

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FOMC June Meeting

FOMC June Meeting

🕔11:02, 28.Jun 2019

The Federal Reserve left policy unchanged The US Federal Reserve (Fed) left the target range for the fed funds rate at 2.25-2.50% at its June meeting; the market had been pricing a 20-25% chance of a rate cut. One of

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Mid-Year Investment Outlook

Mid-Year Investment Outlook

🕔11:03, 11.Jun 2019

I hope you enjoy reading our mid-year Investment Outlook. In the pages that follow we set out to share our current thinking and the investment conclusions that follow. Perhaps surprisingly, given that there is much uncertainty, we have some clear

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Monthly update on Chinese markets

Monthly update on Chinese markets

🕔13:02, 4.Jun 2019

The trade conflict between China and US is back in focus. On 10th May, US took tariffs rates on USD250 billion of Chinese exports to 25% from 10%. Retaliation swiftly followed. China raised tariffs on USD60 billion of US goods

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Asian Fixed Income Guide

Asian Fixed Income Guide

🕔13:02, 4.Jun 2019

Asia ex Japan’s economy has been growing steadily and remains one of the fastest growing major regions in the world. The region is expected to grow at 5.7% in 2019, while G7 economies will grow at just around 1.6%. Asia’s

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Monthly update on Indian markets

Monthly update on Indian markets

🕔04:09, 4.Jun 2019

India insights Indian equities outperformed emerging markets by 8.2% in USD terms in May, fueled largely by anticipation of a favourable outcome in the election We expect the RBI to cut rates in 1HFY2020, with the rate cut possibly coming

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Risk-rating multi asset portfolios

Risk-rating multi asset portfolios

🕔05:04, 1.Jun 2019

How best meet your clients’ investment objectives Many of the multi-asset funds available today from different asset managers define their portfolios not by risk ranges, but by underlying asset exposures. While this gives the manager flexibility to reposition their portfolios,

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Should you move your portfolio into cash?

Should you move your portfolio into cash?

🕔05:00, 30.May 2019

For the past several years most investors have faced a simple but abiding problem: asset markets have been climbing for close to a decade and now nothing looks cheap. However, in 2018 things began to change. During the year, as

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Infrastructure debt Insurance regulations in Asia

Infrastructure debt Insurance regulations in Asia

🕔05:00, 30.May 2019

Across Asia, new risk-based insurance regulations are in various stages of development. From experience in Europe, we know that implementation of these new rules could have a profound impact on insurers’ investment strategy. In the fast-growing Asian insurance market, a

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China economy: Green shoots or red herrings?

China economy: Green shoots or red herrings?

🕔05:00, 30.May 2019

China macro update Defying global concerns around its growth, China’s first quarter GDP and March activity data provided further evidence that policy easing effects are coming through and growth is bottoming out, helped partly by an export recovery However, the

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European elections: a pivotal time

European elections: a pivotal time

🕔05:00, 30.May 2019

Due to take place on 23-26 May, the European Parliamentary (EP) elections are approaching fast. The final results will be communicated in the evening of 26 May At the time of writing, if polls are correct (1), the two mainstream

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Time to Shine

Time to Shine

🕔11:02, 20.May 2019

Does tactical asset allocation help? The cost of selling out  

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European elections: a pivotal time

European elections: a pivotal time

🕔13:02, 10.May 2019

Europe Insights Due to take place on 23-26 May, the European Parliamentary (EP) elections are approaching fast. The final results will be communicated in the evening of 26 May At the time of writing, if polls are correct (1), the

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China economy: Green shoots or red herrings?

China economy: Green shoots or red herrings?

🕔13:02, 10.May 2019

Key takeaways: Defying global concerns around its growth, China’s first quarter GDP and March activity data provided further evidence that policy easing effects are coming through and growth is bottoming out, helped partly by an export recovery However, the growth

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Reality check

Reality check

🕔13:02, 10.Apr 2019

Multi-asset House Views At the beginning of the year, we believed that market fears about recession were unwarranted and that, as contrarian investors, we should lean against growth pessimism by owning risk asset classes. We argued that the economic system

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Investment Monthly April 2019

Investment Monthly April 2019

🕔11:02, 5.Apr 2019

Further Fed dovishness The global Nowcast (our big data analysis tool) remains below our sense of trend growth, although there are tentative signs of a stabilisation. US growth is still robust, with further evidence of rising wage pressures Our Nowcast

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The shifting sands of wholesale

The shifting sands of wholesale

🕔04:00, 13.Mar 2019

Our industry has a tendency to evolve gradually, with the occasional stepchange under the pressure of extreme market events or regulatory forces. However, we argue that a fundamental transformation is currently affecting the business environment, already driving changes within it

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Investment Monthly January 2019

Investment Monthly January 2019

🕔04:07, 9.Mar 2019

Market volatility spikes We upgrade European high-yield corporate bonds from underweight to neutral Current valuations suggest to us that the best way to “back growth” remains through global equities

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Risk asset rally continues

Risk asset rally continues

🕔04:07, 9.Mar 2019

Investment Monthly March 2019 We upgrade UK equities from neutral to overweight Although risk asset prices have recently rallied, poor valuations on bonds continue to “push” us towards a pro-risk allocation   

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Investment Event May’s Brexit strategy undermined

Investment Event May’s Brexit strategy undermined

🕔13:02, 22.Feb 2019

Where are we with Brexit? Following the UK Parliament’s overwhelming rejection of UK Prime Minister (PM) Theresa May’s withdrawal agreement in mid-January, the government has been attempting to renegotiate the deal with the EU. In particular, the focus of these

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Market volatility spikes

Market volatility spikes

🕔01:02, 22.Feb 2019

Investment Monthly – January 2019 We upgrade European high-yield corporate bonds from underweight to neutral Current valuations suggest to us that the best way to “back growth” remains through global equities 

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Investment Monthly February 2019

Investment Monthly February 2019

🕔03:01, 11.Feb 2019

Equity markets rebound We upgrade US equities and Asian highyield corporate bonds from neutral to overweight Valuations and underlying economic and corporate fundamentals remain in favour of risk assets, especially equities, in our view

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