Central banks have started to moderate the pace of tightening but we are not close to a pivot. Inflation remains too high and US labour market data continue to point towards a tight market. Central banks will keep rates at
Central banks have become more balanced in their communication, and the Fed is likely to moderate the pace of its rate hikes as from December. However, we are not close to a pivot as inflation remains too high. Central banks
Multi Asset Monthly: Central banks’ top priority remains the fight against inflation; nevertheless, their communication seems more balanced, indicating that expectations are also being considered. Inflation will moderate in 2023 but we are not close to a pivot. Central banks
Central banks other than the Bank of Japan hiked rates further in Q3 and made clear that the fight against inflation is priority number one. That means hiking fast and keeping rates higher for as long as necessary. An early
The Jackson Hole conference made it clear that fighting inflation, even if it leads to economic hardship, is priority number one for monetary policymakers. Except for the Bank of Japan, central banks will stick to their aggressive tightening path, …
Inflation is the number one topic in financial markets and the biggest concern of central banks, which will stick to their tightening path even if it impacts the near-term growth outlook. The BoJ is the outlier in the developed world
Multi Asset Quarterly Inflation remains the number one topic in the financial markets. Soaring energy prices and persistent supply shortages for a wide range of goods and services are the major drivers of higher prices. Overall, central banks have become
The economy is facing two shocks. An inflation shock has led to a sharp hawkish shift by central banks. The Fed is now expected to raise policy rates to 2.5% this year. The BoJ is the outlier in the developed
The Russian army enters Ukrainian territory The Ukrainian situation has continued to be the main factor driving financial markets over the past week. It is the main reason why energy prices have risen further, risky assets have remained under pressure
In the light of rising inflation numbers, central banks have made sharp hawkish shifts. The Fed is now expected to hike rates five times this year and to start rolling off its balance sheet. Even the ECB is expected to
In the light of rising inflation numbers, central banks have made sharp hawkish shifts. The Fed is now expected to hike rates five times this year and to start rolling off its balance sheet. Even the ECB is expected to
Investors remain nervous about inflation and hawkish central banks, but it’s been the tensions over Ukraine that have unsettled them most over the past week. This has been reflected in oil hitting new highs and another leg down for global
Stubbornly high inflation numbers have sparked nervousness among central banks, which are rapidly reverting to hawkish policies. The Fed is now expected to raise rates five times this year and to start rolling off its balance sheet. The ECB will
Stubbornly high inflation numbers have sparked nervousness among central banks, which are rapidly reverting to hawkish policies. The Fed is now expected to raise rates five times this year and to start rolling off its balance sheet. The ECB …
Economic outlook The economic growth outlook is strong, driven by a resilient consumer, low inventories and infrastructure spending. The rapid rise in Omicron cases, however, may limit the service sector’s recovery in Q1 and push out the economic normalization path.
Multi Asset Quarterly: The economic growth outlook is strong, driven by a resilient consumer, low inventories and infrastructure spending. The rapid rise in Omicron cases, however, may limit the service sector’s recovery in Q1 and push out the economic normalization
The “new issue premium” is a proven phenomenon in credit markets. Corporate bonds are often underpriced at issuance, and then post strong price gains. Using documented evidence of this recurring pattern, we researched a set of bondissue features that contribute
Macro data beat expectations in November, but the Omicron variant casts some doubt on the near-term outlook. Several countries imposed new mobility restrictions, although less severe than earlier measures. The renewed Covid restrictions will delay the normalization trajectory. High energy
Three dominant themes appear set to take precedence in the investment world in 2022. These megatrends will define the broad contours of the market outlook for next year, so an understanding of them is crucial for making investment decisions in
Multi Asset Quarterly: Economic outlook The economic normalization continues, although at an uneven pace following the long Covid-related shutdowns. Further severe lockdowns look unlikely in most Western countries. Supply chain bottlenecks are blurring the near-term macro visibility. Inflation numbers have risen
How do companies oversee the environmental, social and governance (ESG) aspects of their business and manage the associated risks? Different companies take different approaches. Some have board-level committees fully devoted to ESG and sustainability supervision; others integrate ESG oversight into
Emerging market assets continued to underperform in a week filled with geopolitical upheaval. Low vaccination rates and increasing policy tightening in the emerging world are a source of concern. The market is also worried about Chinese growth prospects, although we
The economic normalization process is well under way, notwithstanding a flare-up in new coronavirus cases. The return to normality is most evident in regions where the vaccine roll-out has been smooth. Inflation numbers have risen sharply, but we see this
The economic normalization process is well under way in regions where the vaccine roll-out has been smooth. Inflation numbers and expectations have risen sharply, but we see this as transitory. During the June FOMC meeting, the Fed made a hawkish
Macro data are increasingly heralding the start of the economic normalization process in regions where the vaccine roll-out has been smooth. In the US more infrastructure spending has been announced. Inflation numbers and expectations have risen, but we see this
Multi Asset Monthly: Macro data are increasingly heralding the start of the economic normalization process in regions where the vaccine roll-out has been smooth. In the US more infrastructure spending has been announced. Inflation numbers and expectations have risen, but
Commodities returns have been lacklustre for a long time, and many investors have divested from the asset class. In this report, we put the spotlight on commodities, which are poised to become an invaluable component in the investor’s portfolio. There are numerous …
Conditions changed irrevocably in 2020. Governments and businesses piled up debt, interest rates fell and central banks became more lenient regarding inflation. A new US president may end a populist chapter in the nation’s history. The global economy, political landscape
Multi Asset Monthly – Global Strategy Economic outlook A renewed surge in detected virus cases has led several, mainly European, governments to take additional measures to restrict mobility and to impose soft lockdowns. This has impacted the path of the
Before researching whether we can use this outperformance to strengthen our Alternative Beta strategy, we first assessed whether the differences in "performance might result from composition biases between the Flash and Final update."
Our impact equity strategies seek out companies that are actively and deliberately making the world a better place To aid in this, we have defined four stages of impact reporting: SDG contribution, quantity of impact, quality of impact, and true
The European Commission has introduced the “Green Deal”, a plan to make the EU carbon neutral by 2050. Hydrogen plays an important role in the plan. On 10 June, the German government announced its hydrogen strategy, a plan that …
Minister Koolmees en de onderhandelaars namens de sociale partners zijn het eens geworden over de uitwerking van belangrijke details van het pensioenakkoord. De veranderingen zijn niet gering en hebben grote gevolgen voor zowel de uitvoering als het beleggingsbeleid. Aan de
Multi Asset Monthly With economies gradually reopening, the worst of the drop in growth seems to be behind us, even if the rebound in consumption is lagging behind the bounce in industrial production. The shape of the recovery still remains
Multi Asset Monthly The outlook looks binary and will depend on developments in the Covid-19 data (second wave or vaccine) and the effectiveness of policy measures implemented to prevent permanent damage to the economy. In the best-case scenario, this could
Multi Asset Monthly Global Strategy Market Review The spread of the coronavirus outside China wreaked havoc on financial markets in March Risky assets suffered one of their worst monthly performances; safe assets offered only limited protection
Economic Outlook At a time that macro data were indicating a bottoming in the growth picture, helped by the trade truce and recovering manufacturing sentiment, the outbreak and subsequent globalization of the coronavirus created new uncertainty about the shape of
A roadmap for assessing the impact of covid-19 Momentum heading into shock DM domestic demand momentum disappointing in Q4 Business confidence on moderate uptrend early Q1 Labour markets remained pretty resilient size/ duration/ dispersion shock, i.e. the Big Unknown
A survey and insights on the state of impact investing in the Nordics n the Nordic countries, focusing on sustainability and ESG integration has become an increasingly important element of investing and the region is known for its advanced approach
Multi Asset Monthly Global Strategy The trade truce and the stabilization in manufacturing data have reduced recession risks, but it is still too early to give an all-clear signal. How much damage business confidence has already suffered remains a question,
A survey and insights on the state of impact investing in the Nordics In the Nordic countries, focusing on sustainability and ESG integration has become an increasingly important element of investing and the region is known for its advanced approach
Multi Asset Monthly Economic Outlook Although the trade truce and the recent stabilization in manufacturing data have reduced recession risks, it is still too early to give an all-clear signal. Tail risks may have been reduced, but they have not
Multi Asset Monthly Economic Outlook The trade truce and the stabilization in manufacturing data have reduced recession risks, but it is still too early to give an all-clear signal. How much damage business confidence has already suffered remains a question,
FocusPoint In the current low-yield environment, European fixed income investors need to look to alternative asset categories to increase the yield of their portfolios. Given the current stage of the credit cycle, though, they generally have no desire to increase
Multi Asset Monthly Economic Outlook Although the trade truce and the recent stabilization in manufacturing data have reduced recession risks, it is still too early to give an all-clear signal. Tail risks may have been reduced, but they have not
Since the launch of Bitcoin in 2009, cryptocurrencies and the underlying blockchain technology have made great strides, resulting in significant investor interest. Still, the technologies are not well understood and the investment landscape remains underexplored. In this Mindscope, we investigate
Fiscal policy: a game changer for markets in 2020? The challenges facing the global economy have only become more pronounced during 2019. On the political side, trade tensions have continued to simmer throughout the year, and the threat of a
Four factors – value, carry, momentum and low risk – provide attractive risk-adjusted returns in the investment grade corporate bond market. Their outperformance cannot be explained by traditional risk-return drivers such as the term and default premium. Transaction costs can
Highlights The trade war did not escalate further in October. It is too early to assess the damage that has already been inflicted on the economy. Whether we will witness a recession or not will depend on the resilience of
Making healthcare accessible and affordable Rapidly rising healthcare costs pose big challenges for the world’s societies and economies Innovative companies are finding ways to make medical treatment accessible and affordable NN Investment Partners seeks whose activities help make sure the
