High Hopes for a Cyclical Recovery (Video) Asset Allocation Monthly In this Asset Allocation monthly video, we discuss the implications of the US elections and the news on potentially reliable Covid vaccines on our market views and our asset allocation
Asset Allocation Monthly Three key issues have dominated the macroeconomic outlook in recent weeks: The second wave of the virus, the possibility of a positive announcement on the vaccine front, and the outcome of the US elections. Markets have been
The FIXED INCOME MONTHLY provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team. Our investment approach is multi-strategy, with portfolio managers given clear accountability and fiduciary responsibility for all investment decisions in a portfolio. Given
Benchmark Indices Key Points: The STOXX® Global 1800 Index fell for a second consecutive month in October, led by losses in European shares, as the number of COVID-19 contagions rebounded strongly. The global index retreated 3.2% in dollar terms and
Global markets and multi-asset portfolios The coronavirus pandemic has dominated news flow throughout 2020. Looking forward, even after the first acute phase of the pandemic has passed, its imprint on our economy and indeed on the very fabric of our
September 2020 Bitcoin Volatility Report – Sept. kicked off with bitcoin’s annualized volatility touching a 5-week low of 38.8%, only to then rally above 50% on Sept. 3, bounce between 50% and 56%, and snap a 5-month downtrend by concluding
CROSS ASSET Investment Strategy Monthly #10 October 2020 Investors have been dealing with rising volatility in equities and initial signs of a fall in the extreme market complacency over the last few months. This is leading to some key divergences
September DAX Indices Key points The DAX family is led by Germany’s blue-chip DAX®. The MDAX® and SDAX®, respectively, gauge the performance of the country’s mid- and small-caps. The TecDAX® tracks German technology companies. Finally, the HDAX® Index groups all
Monthly Op-ed The recent dataflow is consistent with our base case: the world’s economy is not experiencing a “V-shape” recovery, but rather is following a “swoosh” trajectory in which after an initial spectacular rebound, growth slows. Focus is again on
Multi-asset | September 2020 Most asset market returns can be distilled down to two basic elements: movements in cash flows and discount rates. In the past month or so, for risky assets such as equities, each has moved in a
As the global economy continued to inch back towards normality and equity markets recovered ground, most of our reported risk indicators declined in August. The realized volatility of the S&P 500, S&P Composite 1500, S&P Developed Ex-U.S. BMI and S&P
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in
Key points Europe has been enjoying a rare moment of outperformance recently. Still, given the abundance of “cliffs” ahead, Europe would do well with a nice policy “parachute”. For now though, the US is still doing more on the stimulus
In June, investors were confronted with the conflicting impact of an improved outlook and a sharp increase in the number of new coronavirus cases around the world. Optimism prevailed in the end; the …
Multi-asset | July 2020 We all know – or rather, have heard of – Warren Buffet. One of his more famous mantras is: to get rich you need to be fearful when others are greedy, and greedy when others are
For the quarter ended June 30, 2020, the Bloomberg Barclays U.S. Aggregate Bond Index returned 2.90%. Year to date, the index has returned 6.14%. U.S. Treasuries returned 0.48% during the quarter as the yield on the 10-year U.S. Treasury declined
Key points Stocks wrapped their best calendar quarter since 2009 during June as many economies continued their way out of lockdowns imposed to control the expansion of COVID-19. The STOXX® Global 1800 Index rose 2.7% in dollar terms during the
Market Update Despite economic data having weakened substantially the equity rally in the US has continued unabated, with markets up over 30% from their lowest point in late March. Meanwhile, policymakers have …
Key points A genuine gap is emerging between the US and Europe on the pandemic front So far differences in policy initiatives on either side of the Atlantic have made up for this short-coming Interdependency of virus control, policy and
This week initially saw a reversal of fortunes, with risk markets rallying after last week. Equities were stronger and credit spreads a little tighter, though this mini rally tapered off …
The FIXED INCOME MONTHLY provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team. Our investment approach is multi-strategy, with portfolio managers given clear accountability and fiduciary responsibility for all investment decisions in a portfolio. Given
For the month ended May 31, 2020, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.47%. Year to date, the index has returned 5.47%. U.S. Treasuries returned -0.25% during the month as the yield on the 10-year U.S. Treasury rose
After a strong rally from the March lows, equity markets have been range-bound. Investors are weighing hopes of a recovery against fears of a “second wave” of virus cases, high valuations, and US-China trade tensions. In this letter, we offer
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
The rebound in equity markets extended into May. The impact of the COVID-19 pandemic continued to dominate markets, with an increasing focus on how countries would begin to relax their lockdown measures and how this would affect the economy. Volatility
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in
The Covid-19 pandemic remains the only real theme driving markets, as investors look for clues as to what the ultimate impact of the crisis will be on economic growth, industrial sectors and asset prices. The jury is still out, with
House View The global economy is in the midst of a major contraction. The pandemic has resulted in varying levels of worldwide shutdowns. This has caused a sharp deceleration of economic activity in the manufacturing and services sectors, offset by
Global Perspectives – february 2020 2019 was the culmination of an exceptionally strong decade for equity markets. By some measures the past 10 years have seen the longest uninterrupted economic expansion in US history and the longest bull market ever.
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
On the Markets In the past month, we've experienced a full bear market, down 20%, and a full bull market, up 20%. Of course, this extreme volatility follows a period of extreme calm, during which we observed some of the
Global Market Outlook At the beginning of April, the global GLOCAP sample portfolio (50% equities, 50% cash) remains 33.3% overweight in equities. Nonetheless, the assessment of the fundamental economic market environment has changed significantly given the serious turbulence on …
Monthly Investment Brief It seems futile indeed to make predictions about the economy and the market when there is so much uncertainty about the pandemic itself. To be perfectly honest, no one really knows how things are going to pan
House View April 2020 The global Covid-19 virus outbreak has led to a series of unprecedented measures as governments seek to mitigate its spread. The lockdowns that were decided have caused a major and abrupt global economic slowdown. Many industries
After the severe shock in March, markets rebounded strongly in April. COVID-19 continued to spread globally, but some countries saw daily new infection rates start to fall and are now planning to gradually reopen their economies. Governments and central banks
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
April In this blogpost, we will update you on our monthly best-reads and longest-reads. If you follow our weekly blogposts, you know the best read research articles on a weekly basis. In this monthly overview, we provide you with a
For the month ended April 30, 2020, the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.78%. Year to date, the index has returned 4.98% U.S. Treasuries returned 0.64% during the month as the yield on the 10-year U.S. Treasury declined
Theme of the month: Slowly coming out of limbo International economies find themselves in different stages of lockdown. China has eased most restrictions, but economic activity is struggling to make a full recovery. Europe and the US both went into
While the market has staged a spectacular and unanticipated rally, looking at the broader indices can be somewhat misleading. Year-to-date, the S&P 500 Index is still down -15%, but large cap tech and healthcare indices are down 3% or less.
Monthly Asset Allocation Views March 2020 The economic and financial effects of the coronavirus outbreak remain unclear. Which means we continue to take precautions. The coronavirus has spread well beyond China and its neighbours, threatening to morph into a global
Global Economic Outlook COVID-19 continues to wreak havoc on global financial markets and the global economy. Nations and cities around the world are in lockdown. Vast amounts of economic activity have come to a standstill. As a result, most major
Last month we were rather non-committal as to whether the spread of the coronavirus would cause a recession, but it’s now clear that it will. In the face of the publication of unprecedentedly weak economic data, the financial markets have
Maandbericht beleggen april 2020 Het grote aantal dodelijke slachtoffers, de druk op de zorg en de maatregelen om verspreiding van het coronavirus tegen te gaan hebben een enorme impact op de samenleving en de economie. De economische indicatoren wijzen nu
Cyclical Outlook Following the longest expansion on record, the global economy is currently plunging into what could easily become one of the deepest but also shortest recessions in modern times. However, business cycle history offers new clues for what is
Equities slumped by the most since 2008 during March, as the global economy was forced to come to a standstill in order to combat the COVID-19 pandemic. The STOXX® Global 1800 Index dropped 12.9% in dollar terms, after a rebound
This quarter has not been an easy one for most investors. While it was already clear that we were in the later stages of the economic cycle, nobody could have predicted at the start of this year that large parts
Spotlight While the humanitarian crisis continues unabated in many regions of the world, April should begin to see some respite in terms of infections starting first in Italy and hopefully continuing into other areas of continental Europe as well. As
