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Posts From T. Rowe Price

As the Global Economy Recovers, Japan Stands in the Spotlight

As the Global Economy Recovers, Japan Stands in the Spotlight

🕔11:19, 30.Jul 2021

Upbeat outlook as Japanese market is highly geared to global recovery. While Japanese equities made solid progress during the first half of 2021, the TOPIX gaining 8.52%, year-to date (as of May 28, 2021), performance has ultimately disappointed, with Japan

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Why This “Value” Recovery May Have Only Just Begun

Why This “Value” Recovery May Have Only Just Begun

🕔11:07, 29.Jul 2021

Economic recovery and earnings momentum set to sustain the rotation back to value. Value as an investment style is enjoying a revival. After being described as moribund by some, we started to see a rotation from “growth” to “value” in

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Into Choppier Waters

Into Choppier Waters

🕔11:49, 28.Jul 2021

The serenity of equity markets is deceptive.  Another month, another rise in major equity indices. Indeed, it has been very smooth sailing for stock markets for six months or so now—or at least that’s how it has appeared on the surface.

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Cryptocurrencies May Transform Capital Markets

Cryptocurrencies May Transform Capital Markets

🕔15:34, 27.Jul 2021

Speculation is extraordinary, but so is potential. Whether investors welcome it—or even realize it— cryptocurrency, or crypto, is having an impact on their portfolios. The immense size of the cryptocurrency ecosystem and its disruptive effects are being felt across capital

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Easy on the Austerity

Easy on the Austerity

🕔10:59, 26.Jul 2021

Global Asset Allocation: The View From Europe Following a shaky start to its vaccine rollout, Europe appears to be recovering as businesses are reopening and lockdowns continue to ease in some areas. As the European Central Bank debates the extension

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A Moderating Outlook for Equities

A Moderating Outlook for Equities

🕔08:41, 23.Jul 2021

KEY INSIGHTS Our Asset Allocation Committee modestly decreased the allocation to equities recently, given elevated stock valuations and a moderating economic outlook. In our view, key performance drivers may peak in the near term, which could temper potential equity returns

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How Far Are We in This Value Rotation?

How Far Are We in This Value Rotation?

🕔12:45, 21.Jul 2021

KEY INSIGHTS The value style of investing “caught a bid” after encouraging vaccine news from Pfizer last November. Since then, the value style dramatically outperformed the growth style. This came after a decade of underperformance. The extreme divergence in performance between

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Japan Ups the Ante on Corporate Governance and Regulatory Reform

Japan Ups the Ante on Corporate Governance and Regulatory Reform

🕔11:56, 12.Jul 2021

One of the most significant achievements of former Prime Minister Shinzo Abe’s “Abenomics” economic reform strategy has been the improvement in Japanese corporate governance standards. The government’s prioritizing of …

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Constructing a Chinese Equities Portfolio

Constructing a Chinese Equities Portfolio

🕔11:20, 12.Jul 2021

China continues to undergo enormous change, and there are many factors to monitor in this massive and highly complex economy. Significant change continues in relation to China’s economic model, with concerted efforts to focus more on …

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Opportunistic Investing in a Dynamic High Yield Market

Opportunistic Investing in a Dynamic High Yield Market

🕔08:40, 1.Jul 2021

Investment flexibility may enhance risk-adjusted returns.  With the economy continuing to recover from the global pandemic, we believe investors could benefit from an allocation to below investment-grade credit. Equity valuations appear somewhat stretched after a rally that began more than

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What Makes an “Impact” Investment Manager?

What Makes an “Impact” Investment Manager?

🕔08:48, 30.Jun 2021

Understanding the required foundation to build, manage, and measure an impact portfolio. I mpact investing brings a nonfinancial dimension to the investment process—a values‑based approach that seeks positive environmental and/ or social impact as part of distinct performance targets. While

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Constructing a Chinese Equities Portfolio

Constructing a Chinese Equities Portfolio

🕔11:10, 29.Jun 2021

Seek to exploit market inefficiencies and extract value from entire investment universe. China continues to undergo enormous change, and there are many factors to monitor in this massive and highly complex economy. Significant change continues in relation to China’s economic

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Gains Still to Be Found in Chinese Equities

Gains Still to Be Found in Chinese Equities

🕔10:39, 28.Jun 2021

Corporate earnings will likely be the focus after a post‑pandemic recovery. China’s economy is on the right track to recovery in 2021. We expect the Chinese consumer to play a bigger role this year, thanks to pent‑up demand. Successive holidays and festivals

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Surging Home Prices May Lead to Rate Hikes

Surging Home Prices May Lead to Rate Hikes

🕔12:59, 25.Jun 2021

The return of housing as an economic driver gives the Fed options. Home prices in the U.S. are booming and may continue to do so for a while yet. This will likely give the post‑coronavirus economic recovery a very different complexion

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The Imminent Peak in Growth Does Not Spell Doom and Gloom

The Imminent Peak in Growth Does Not Spell Doom and Gloom

🕔08:38, 24.Jun 2021

It is likely to remain above the potential rate for a while.  After some wobbles on the back of the bond market sell-off, risk assets have performed strongly over the past month or so. Equity and corporate bond indices are

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Seeking Value Stocks on the Right Side of Change

Seeking Value Stocks on the Right Side of Change

🕔12:14, 18.Jun 2021

Accelerating disruption creates potential opportunities for value investors. Value stocks have enjoyed a broad‑based rally over the past six months, as the prospect of a robust recovery prompted many investors to embrace companies in cyclical industries where the underlying businesses tend

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Just Passing Through?

Just Passing Through?

🕔11:18, 17.Jun 2021

Global Asset Allocation – The View From Europe: The Federal Reserve has been consistent in its messaging that a near-term spike in inflation pressures will be transitory and recede once COVID-related impacts fade. The latest inflation print showed that prices,

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Positioning for a New Economic Landscape

Positioning for a New Economic Landscape

🕔10:15, 16.Jun 2021

Recovery is on track, but inflation pressures create risks.  The strengthening economic recovery from the coronavirus pandemic appears poised to broaden across regions and countries in the second half of 2021, bolstered by vaccine progress, continued fiscal and monetary stimulus,

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Investment Ideas for the Next 12 Months

Investment Ideas for the Next 12 Months

🕔14:48, 15.Jun 2021

Positioning your portfolio for the risks and opportunities ahead. Investors have rarely experienced such an extraordinary period. Just as the 2020 shutdown of much of the global economy by the coronavirus pandemic was unprecedented, the recovery this year is likely to

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Duration Hideouts Offer Opportunities as Bond Sell‑Off Continues

Duration Hideouts Offer Opportunities as Bond Sell‑Off Continues

🕔14:14, 10.Jun 2021

Five key themes for an uncertain period in fixed income markets. What’s next for fixed income markets? A sharp rise in government bond yields since late 2020 has left many investors questioning how much further this trend has to run, if

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Why Central Bank Digital Currencies Will Revolutionize Banking

Why Central Bank Digital Currencies Will Revolutionize Banking

🕔09:25, 9.Jun 2021

CBDCs should boost financial inclusion and improve efficiency. Private sector cryptocurrencies— digital assets used as a medium of exchange—have received a lot of public attention in recent years. Now, central banks across the world are exploring the introduction of central bank

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Focus on Higher-Quality Investment-Grade Corporate Bonds

Focus on Higher-Quality Investment-Grade Corporate Bonds

🕔09:59, 8.Jun 2021

We are finding opportunities to add yield despite narrow spreads. I nvestment-grade corporate bond valuations, measured by credit spreads,1 are expensive relative to history, and fundamental and technical conditions in the asset class are still positive but becoming more fragile.

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The Eurozone Faces an Inflation Roller Coaster

The Eurozone Faces an Inflation Roller Coaster

🕔14:21, 3.Jun 2021

Price rises will likely slow next year—before picking up again. Rising inflation in the eurozone likely has longer to run, but we don’t believe it is permanent. Although the eurozone consumer price index (CPI) was expected to hit 1.6% in April1

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Lessons Learned: Repeat of Taper Tantrum Unlikely

Lessons Learned: Repeat of Taper Tantrum Unlikely

🕔12:04, 27.May 2021

The Fed may announce first asset tapering steps this summer. Should the health of the U.S. economy continue to improve at its current pace in the coming months, investors will have to prepare for a gradual normalization in Federal Reserve

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Prospects Brighten for Global Dividend Stocks

Prospects Brighten for Global Dividend Stocks

🕔08:26, 25.May 2021

Post‑pandemic recovery will likely aid company earnings and dividends.  Equity dividend or income strategies had a particularly difficult time in 2020, thanks to the deep, if short‑lived, global recession triggered by the coronavirus pandemic. However, as economies begin to recover, growth

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What’s Next for China’s Geopolitical Relations?

What’s Next for China’s Geopolitical Relations?

🕔08:39, 24.May 2021

Market participants have closely monitored China’s constantly evolving relationship with the United States. Tensions between the U.S. and China have been exacerbated by trade wars, sanctions, human rights violations, and threats of delisting of Chinese companies on U.S. exchanges. Despite

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Emerging Markets Should Largely Keep Pace With U.S. Rebound

Emerging Markets Should Largely Keep Pace With U.S. Rebound

🕔10:05, 21.May 2021

Yield curves may steepen as growth recovers.  EM growth recovered during the second half of last year, but most countries’ gross domestic product (GDP) remains below 2019 levels. The recovery has been led by exports and industrial production, which were

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PULSe Indicator: Stability on the Surface, Currents Underneath

PULSe Indicator: Stability on the Surface, Currents Underneath

🕔14:53, 20.May 2021

Vaccination rollout/lockdowns lower pandemic risk.  PULSe is a composite indicator that is designed to monitor the state of global financial markets since the coronavirus crisis. It stands for Pandemic, Uncertainty, Liquidity, and Sentiment— four factors that we believe encompass much

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Crosscurrents

Crosscurrents

🕔09:14, 18.May 2021

Global Asset Allocation: The View From Europe  A renewed surge in coronavirus cases across several emerging markets (EM) countries—including India, Brazil, and Argentina—is weighing heavily on these economies as they struggle with insufficient medical infrastructure and access to vaccines. In

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What’s Next for Value Stocks

What’s Next for Value Stocks

🕔10:27, 14.May 2021

Value stocks have rallied, but we see the potential for more upside. The rotation from growth to value stocks accelerated in the first quarter of 2021. However, with valuations arguably reaching elevated levels in some areas, questions have emerged about

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In First 100 Days, Biden Maps Big Changes to Economy

In First 100 Days, Biden Maps Big Changes to Economy

🕔10:27, 13.May 2021

Expect tax hikes to fund infrastructure upgrades and innovation. President Joe Biden’s first address to Congress conveyed, in no uncertain terms, that his first 100 days are a precursor for what’s next on his agenda: a significant, paradigm-shifting investment in America’s

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Understanding T. Rowe Price’s Strategic Investing Approach

Understanding T. Rowe Price’s Strategic Investing Approach

🕔14:47, 12.May 2021

Most sophisticated investors are aware of the pitfalls of overreacting to short‑term market trends, a habit that can lead to disappointing long‑term returns. Capital markets are volatile, and investors who rush to sell or buy assets based solely on their

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Diversity, Equity, and Inclusion in the Spotlight

Diversity, Equity, and Inclusion in the Spotlight

🕔14:23, 11.May 2021

From tragedy comes unity and a commitment to improve.  Amid the tumultuous market environment of 2020, as virtually every country grappled with the unprecedented coronavirus pandemic, another important investment movement was emerging from a tragedy of a different kind.  The

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Navigating a Landscape of Interlinked Crises

Navigating a Landscape of Interlinked Crises

🕔10:57, 3.May 2021

Opportunities presented by public policy in the Biden era.  Within T. Rowe Price, our Public Policy Research team supports our analysts and portfolio managers through all stages of the investment process. We work closely with our environmental, social, and governance (ESG) team to

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High Yield Debt Can Boost Income And Return Potential Amid Low Yields

High Yield Debt Can Boost Income And Return Potential Amid Low Yields

🕔12:47, 29.Apr 2021

Downside risk management is crucial.  Volatility and low yields are likely to persist over the next few years as the global economy recovers from the shock of the coronavirus. Navigating this environment will be difficult, particularly as returns from equities

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The Resilience of EM Corporate Debt

The Resilience of EM Corporate Debt

🕔13:15, 28.Apr 2021

Some investors view emerging markets in general as risky, and this perception sometimes carries through to emerging market (EM) corporate debt. But the downside experience in this asset class has been remarkably limited. Display 1 shows the losses suffered by

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Loans May Provide Solid Returns in Multiple Rate Environments

Loans May Provide Solid Returns in Multiple Rate Environments

🕔11:36, 26.Apr 2021

The asset class offers a low‑duration profile, attractive yields.  Many investors tend to focus on bank loans only when there is a broad consensus about the Federal Reserve raising interest rates in the short term. While loans have historically performed

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Inflation Likely to Accelerate: A Non‑consensus View

Inflation Likely to Accelerate: A Non‑consensus View

🕔10:41, 23.Apr 2021

Aggressive stimulus and labor market tightening mean higher inflation risk. Asset and commodity prices have been moving in line with the view that supply constraints and a weaker U.S. dollar are putting incipient pressure on underlying inflation trends. Contrary to

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Reason to Worry?

Reason to Worry?

🕔14:24, 22.Apr 2021

Global Asset Allocation: The View From Europe  Equity markets are riding higher on unwavering optimism, which has driven the S&P 500 up over 20% above its pre-COVID-19 levels. Despite higher valuations, bouts of risk and pockets of froth in the

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Five Forces in International Equities Investors May Be Underestimating

Five Forces in International Equities Investors May Be Underestimating

🕔09:24, 20.Apr 2021

China, Japan, technology, and value have potential to shape global markets in 2021 and beyond. T. Rowe Price Insights on International Equities: The rapid rise of China to the world’s second‑largest economy is widely observed. Yet, investors appear to underappreciate China’s

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Three Reasons Why Pent‑Up Demand Is Not a Growth Panacea

Three Reasons Why Pent‑Up Demand Is Not a Growth Panacea

🕔10:44, 15.Apr 2021

Investors hoping that pent-up demand will fuel a sustained post-coronavirus economic recovery in Europe may end up disappointed. Although a backlog of demand has built up during the lockdown, its potency is likely to be reduced by …

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Leveraging a Diversity of Perspectives on Rising Rates

Leveraging a Diversity of Perspectives on Rising Rates

🕔12:18, 14.Apr 2021

Just as the sudden shutdown of much of the global economy at the onset of the coronavirus pandemic in 2020 was unprecedented, the expected recovery in 2021 is likely to be unique. Developed market central banks seem determined to maintain …

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The Long‑Term Appeal of Durable Growers Remains Intact

The Long‑Term Appeal of Durable Growers Remains Intact

🕔15:19, 13.Apr 2021

The value stocks in the large‑cap Russell 1000 Index have outperformed their growth counterparts in recent months, but this near‑term regime shift does not dim our conviction in high‑quality companies that we believe can compound in value over the …

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Why ESG Factors Matter in Asia Credit Investing

Why ESG Factors Matter in Asia Credit Investing

🕔16:40, 12.Apr 2021

Already mainstream in Europe, responsible investing is fast becoming a key consideration in Asia as well. The integration of environmental, social and governance (ESG) factors into investment decisions has gained recognition as an important method of downside risk management and a driver of risk‑adjusted returns. Looking specifically at credit investing, 60% of regional investors expect governance …

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Why the Eurozone Will Not Mirror China’s Post‑COVID Recovery

Why the Eurozone Will Not Mirror China’s Post‑COVID Recovery

🕔09:56, 2.Apr 2021

China’s success in quickly getting its economy back on track in the wake of the coronavirus will be studied closely by other regions hoping to achieve the same. The eurozone in particular, which faces the possibility of extended lockdowns as the European Union (EU) struggles with its …

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Fasten Your Seatbelt for More Interest Rate Volatility

Fasten Your Seatbelt for More Interest Rate Volatility

🕔12:13, 1.Apr 2021

Rising global bond yields and interest rate volatility have been dominant themes in fixed income markets so far this year. In our latest investment team meetings, we discussed how likely these trends are to continue—and the potential implications for bond markets and central bank policies if they do.

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Seeking Alpha in Emerging Markets Corporate Debt

Seeking Alpha in Emerging Markets Corporate Debt

🕔10:37, 31.Mar 2021

Corporate debt is the fastest‑growing area of hard currency emerging markets (EM) debt, with almost USD 2.5 trillion outstanding and new issuance averaging 15% of debt outstanding per year since 2011. The asset class generated strong risk‑adjusted returns over the five years ended December 31, 2020, due to the …

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Cooling US ‑ Europe Trade Tensions Could Lead to Bigger Deal

Cooling US ‑ Europe Trade Tensions Could Lead to Bigger Deal

🕔14:03, 26.Mar 2021

The U.S. and European Union (EU) announced a four‑month suspension of all tariffs related to the long‑running dispute about unfair government support for leading aerospace companies Airbus and Boeing, signaling President Joe Biden’s desire to realign trade relations. This pause came on the heels of a similar agreement between the U.S. and the UK.

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T. Rowe Price Strategy Focus on Global Impact Equity

T. Rowe Price Strategy Focus on Global Impact Equity

🕔11:56, 25.Mar 2021

The strategy maintains a focus on companies that we believe offer a positive impact today and an underappreciated impact in the future, as well as sustainability and robustness in their future earnings and cash flow growth. And our fundamental research platform and dedicated Responsible Investing (RI) team—which is focused on environmental, social, and governance (ESG) issues— provide  …

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Impact Investing: Why It Matters Now More Than Ever

Impact Investing: Why It Matters Now More Than Ever

🕔14:36, 24.Mar 2021

The magnitude of change and disruption experienced around the globe in 2020 was remarkable on many levels. The coronavirus pandemic enveloped the world, prompting widespread upheaval to established patterns of conducting business, communication, travel, and the daily lives of people and communities. Amid the evolving …

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