The euro area's international investment position (i.i.p.) improved further in 2017 (see Chart A). At the end of the year it showed net liabilities of 1.3% of euro area GDP – historically their lowest level. This followed a significant improvement
Fourth quarter 2017
Euro area saving (net, as a percentage of disposable income) was higher in the fourth quarter of 2017 than in the same quarter of the previous year. Total euro area non-financial investment (net) increased owing to higher investment by households
When Preqin first published the Performance Monitor – back in 2003 – the publication covered only private equity, and the entire global assets under management (AUM) of the industry at that time totalled $662bn. 2017’s Performance Monitor covers all significant
Introduction Yale’s Endowment generated an 11.3% return, net of fees, in fiscal 2017. Over the past ten years, the Endowment grew from $22.5 billion to $27.2 billion. With annual returns of 6.6% during the ten-year period, the Endowment’s performance exceeded
Introduction Yale’s Endowment generated an 11.3% return, net of fees, in fiscal 2017. Over the past ten years, the Endowment grew from $22.5 billion to $27.2 billion. With annual returns of 6.6% during the ten-year period, the Endowment’s performance exceeded
This Preqin Special Report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data taken from Preqin’s online platform, we examine the top performing hedge funds over a one- and
Euro System The annual growth of loans to households increased to 3.0% in the fourth quarter of 2017, from 2.8% in the previous quarter. Household financial investment increased at a broadly unchanged rate of 2.0%, household non-financial investment increased at
2017 global issuance reached USD155.5bni , surpassing even our initial, optimistic USD150bn estimate (later scaled back to USD130bn to account for slower growth in China early in the year). Our other market expectations outlined in Green Bond Highlights 2016 were
How would you reflect on 2017? 2017 was an incredibly strong market, one that I wouldn’t have expected at the outset. It was also a period during which the fund performed very well, which I perceive as a particularly good
How would you reflect on 2017? 2017 was an incredibly strong market, one that I wouldn’t have expected at the outset. It was also a period during which the fund performed very well, which I perceive as a particularly good
Contents In our 2017 Active Ownership Report: Cristina Cedillo highlights the necessity of business model innovation in the auto sector, Ronnie Lim promotes the need for continued improvements in corporate governance in Japan, and Danielle Essink explores in the impact
This Preqin Special Report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data taken from Preqin’s online platform, we examine the top performing hedge funds over a one- and
Q4 2017 In the fourth quarter of 2017 the outstanding amount of debt securities issued by euro area financial vehicle corporations (FVCs) engaged in securitisation increased to €1,406 billion, from €1,392 billion at the end of the previous quarter. Net
Q4 2017 Economy and markets Another strong quarter for global equities; energy rally continues Factors Quality and Momentum continue to outperform Earnings Remain robust but sentiment is now close to record levels Valuation A record-breaking year for global equities
Q4 2017 Key Points The Treasury curve flattened as the Federal Reserve raised its benchmark fed funds rate 25 basis points in December. This was the fourth increase since December 2016. The new U.S. tax policy may favor municipal bond
What happened last month? ETF flows slowed significantly in December to €4.2bn from €10.4bn Yearly flows of €93.9bn leave the previous record of €71bn well behind
Monthly Market Update | January 2018 Spurred by the passage of U.S. tax reform, the S&P 500 rallied 1.1% in December, bringing its total return for 2017 to 21.8%. Remarkably, 2017 was the first calendar year without a single negative
Credit market monthly review Spreads were broadly tighter in December but the uptick in interest rates prevented High Yield (HY) credit markets from reaching the 8% watermark in 2017, or 6% in the case of Investment Grade (IG). Still, against
Investment Strategy For global equity markets 2017 can be summed up in two facts. Firstly, realised and implied volatility fell to historic lows in the main asset classes and currency zones. For example, realised volatility in the US equity market
Equity market monthly review Global equities gained 1.6% over December with the UK (+5%), emerging markets (EMs) (+2.6%) and commodity sectors (+4% to 5%) outperforming in line with the rally in energy and industrial metal prices. Strong returns in 2017
Strategy Espresso In 2017, `risk-on’ asset classes fared well as markets were buoyed by the synchronised global recovery. At the time of writing, it is widely expected that all OECD countries will post positive growth for 2017. Central banks played a
December 2017 With global growth currently running at its fastest pace in six years, we use the edition of Global Outlook to look beneath the healthy macro backdrop and understand what changes at the micro level are driving the global
Equities Still the most expensive regional equity market in our valuation framework,driven at the headline index level this year by technology names. Monetary policy remains key, particularly with potential change in the Fed chair, and on the political front the
Quarterly Markets Review Global equities capped off a strong year with gains in the fourth quarter. In fixed income, the US Treasury and German Bund yield curves flattened. The S&P 500 made a strong advance in the quarter, buoyed by
A review of global markets and portfolio positioning in Q4 Global growth remained strong and well-distributed geographically in the fourth quarter. The resurgent global manufacturing cycle is helping lift investment outlooks across developed and emerging economies. Inflation pressure stayed muted.
Investment Outlook It’s been another good year for investors with strong returns having been delivered across a broad range of asset classes and investment strategies during 2017. Some commentators will no doubt have been surprised by this positive outcome. At
Lesson 1 – the madness of crowds The multiplying frenzy surrounding bitcoin is being fed by little more than price momentum (Figure 1). There has been no commensurate (or even perceptible) change in the fundamental prospects of the crypto-currency this
Edition 3, 2017 Macroeconomic overview APAC summary European summary US summary
In a Nutshell The global economic upturn is continuing. There is little risk of recession despite the flattening of the us yield curve. Within our us government bond allocation, we favour 3- to 5-year maturities. We are also maintaining a
Diamond Sector Outlook The Diamond industry has moved from a stable environment to a highly dynamic environment The miners and the rough diamond buyers have adopted different strategies to face the new environment The large mining companies have adopted control
In synch—that may be one way to sum up 2017. From synchronized global growth among the world’s major economies to soaring equity markets in Europe, Asia and the U.S., the world seemed to shift into a higher gear during the
Market review Markets took a short-lived pause at the beginning of November after a prolonged period of positive returns and low volatility. By the end of the month, sentiment was buoyed by further evidence of a solid macro backdrop. Developed
December 2017 From goldilocks to reflation European forecast update: upside risks return EM forecast update: A brighter outlook Views at a glance
Equity Insights november 2017 Equity markets have been buoyed by improving company order books, a return to synchronized global growth, and central banks continuing to maintain a high level of monetary accommodation in the absence of any significant risk from
Market review Growth assets performed strongly over the quarter following a relatively uneventful summer period. For the third quarter in a row, all the major equity markets generated positive returns, with emerging markets and Asia Pacific equities again leading the
Investment Directions November 2017 As markets continue to climb higher, investor sentiment seems to have turned from doubt to acceptance. Economic growth is above trend in most regions of the world, keeping us aloft, but we don’t appear to be
Oktober 2017 Earnings are a key pillar of support behind our preference for equities. The year-to-date (YTD) rise in equities has been supported by earnings growth, and historical data suggests valuations still offer room for reasonable returns from here. Seasonality
Looking Beyond the Cycle | May 2017 A golden period for global property returns appears to be coming to an end as yield compression slows alongside a positive, but modest, outlook for global economic growth. At the same time, the
October 2017 Few regions epitomise the challenges of the post-financial crisis world better than the Eurozone. In the October edition of Global Outlook, we assess the region’s rehabilitation efforts. We consider the broadbased improvement in the economic backdrop as well
November 2017 A decade on from the financial crisis, the world appears to be entering a period of better growth, reduced financial stress and policy normalisation. However, in those ten years, a number of changes have emerged for investors to
Global Market Outlook Key takeaways After years of extremely accommodative monetary policy, global central banks seem poised to shift the stimulative burden over to governments—a transition with real risks. Among developed countries, the U.S. government seems most likely to step
Global Economic and market insights Summary The US business cycle continues to expand, as reflected in rising employment, moderate real GDP growth, and rising equity and real estate prices. With inflation below target, the prospects are good that this expansion
The Latest Thinking From Our Asset Management Network Key macro themes Corporate fundamentals supportive Earnings have rebounded in developed and emerging markets, with revenue growth resulting from bottom-up drivers as central banks step back. See pages 10–11, 16–17 Global growth
Investment Stategy As part of our tactical allocation, we recommend selling hedging positions and overweighting european equities within portfolios. As regards currency allocation, we have increased euro weightings within swiss-franc portfolios. I n the sector allocation, we have underweighted food
Monthly Markets Review Global equities made further progress in October. Several major indices set new record highs, while volatility reached an historic low. US equities were supported by economic data that remained positive despite the disruption caused by hurricanes Harvey
Global Macro Outlook – November 2017 The outlook for historically low interest rates is a top issue for investors. Low rates stem from tepid potential growth (ageing populations, poor productivity) and central bank success in achieving predictable, stable inflation. Yet
In Brief Strong synchronized growth continued to propel the global economy in October. Across regions, robust business sentiment and a resurgent manufacturing sector have buoyed investment. The U.S. produced a surprisingly positive preliminary third quarter GDP reading of 3% quarter-over-quarter
Market Review The synchronised global recovery continued in October, as the Global Manufacturing Purchasing Managers’ Index (PMI) for September ticked up a fraction to 53.2 ahead of August’s 53.1 figure. Global corporate earnings per share (EPS) growth ticked upwards to
Lessons from 2017
👤BlackRock 🕔13:02, 2.Jan 2018Weekly Commentary We draw lessons from a year that saw surprisingly large returns, including on the role of steady growth, low volatility and political risk. Major developed market central banks raised their 2018 growth forecasts last week, while several emerging
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