We review trends across markets and economies in Q4 2019, consider what they mean for our multi-asset portfolios and present a positioning update. All major risk asset classes enjoyed handsome quarterly returns in Q4 2019, particularly global equities, reflected by
A look back at markets in Q4 2019 when shares were supported by optimism over the prospects for a US-China trade deal.
Escalating geopolitical risks and increased monetary easing have elevated both the upside and downside risks for the global economy. As such, it is currently very difficult to determine which force will gain the upper hand. The greatest threat to the
Investors rode a veritable roller coaster during the quarter, navigating the hills and valleys of global monetary policy, growing geopolitical risk and quickly shifting sands of trade. Most notably, the sharp and steep upward lurch in global bond prices presented
After a difficult summer for risk assets, investors returned from their holidays in a bullish mood and drove equities higher in September, leaving global equities broadly flat for the quarter. The quarter was marked by a continued slowdown in the
The third quarter presented conditions in which even the most seasoned of investors rightly feared being whipsawed. Manufacturing data showed an ever-worsening global activity outlook yet the S&P 500, while range-bound, traded near its highs. Investors also observed a seemingly
A review of markets in Q3, when economic data pointed to an ongoing slowdown and central banks in the US and Europe eased monetary policy. It was a mixed quarter for shares, with developed markets making small gains while emerging
Despite slowing growth in Europe’s economic heartlands and ongoing “Brexit” uncertainty, the markets were cheered after the European Central Bank extended its deposit rate further into negative territory and announced another round of asset purchases.
Global equities extended their 2019 gains into the second quarter, but with substantial volatility. Trade tensions — re-ignited by the threat of tariffs on essentially all US imports from China, the US government’s designation of Chinese telecommunications giant Huawei as
Market Review In June, the central banks came to the rescue. Confronted by weaker economic data, risks to the trade outlook and still low inflation, the Federal Reserve (the Fed) and the European Central Bank (ECB) indicated that the cavalry
We review trends across markets and economies in Q2 2019, consider what they mean for our multi-asset portfolios and present a positioning update. The second quarter of 2019 brought largely negative news on the U.S.-China trade front, a corresponding dovish
European equities continued their rally into Q2 with the S&P Europe 350 rising 3%, modest compared to its stellar first quarter gains of 13%. Most of our core European factor indices rose in the second quarter, with the S&P Europe
A review of Q1 2019 when equities rebounded, supported by market expectations that the Federal Reserve will not raise interest rates this year.
A review of Q1 2019 when equities rebounded, supported by market expectations that the Federal Reserve will not raise interest rates this year.
Fourth Quarter 2018 Key Points U.S. economic data remained firm, but signs of a potential slowdown in the U.S./global economy have been growing. The yield curve flattened, with the spread between 2 & 10-Year Treasurys reaching its lowest level in
Over the fourth quarter of 2018 The final quarter of 2018 was not good for equity markets. Investors have had to contend with rising US central bank interest rates, a sharp slowdown in eurozone business confidence, weaker Chinese growth and
Over the fourth quarter of 2018 The final quarter of 2018 was not good for equity markets. Investors have had to contend with rising US central bank interest rates, a sharp slowdown in eurozone business confidence, weaker Chinese growth and
Each quarter, Multi-Asset Strategist Adam Berger takes a quick tour of what he’s hearing from total-return-focused investors and what’s “top of mind” in terms of strategic and opportunistic ideas. Here we highlight some of his thoughts from the latest session
The S&P 500 posted its best quarterly results in 5 years, with a nearly 8% gain, bringing year to date returns close to 11%. Every industry sector posted higher returns, paced by healthcare (+14%). The laggard was materials (+.04%) which
In this Issue Many investors fear the economy may shift into recession, as all good things must come to an end. We don’t share their nearterm pessimism. However, ten years into a US expansion, we do see rising market volatility
The Weekly Brief Coping With Political Uncertainties. This week, hedge fund returns were dragged by CTAs. Early signs of the Bank of Japan moving out of zero interest-rate policy hit their Japanese bonds and short JPY positions. Some Event-Driven strategies also
The Guiding Light The Guiding Light holds the title of the longest-running soap opera of all time. When it was canceled in 2009, it had tallied 18,262 episodes over 57 seasons. The show started its run in 1952 – coincidentally
Market Review After a tricky first quarter, most equity markets have had a better second quarter. This has been helped by data confirming that the first-quarter weakness in US consumption was a temporary blip. US retail sales grew by over
A review of global markets and portfolio positioning in Q1 Equity market volatility made a comeback in the first quarter of 2018, with the VIX index gaining 9 points and the MSCI All Country World Index performing poorly, returning -0.96%.
A review of global markets and portfolio positioning in Q1 Equity market volatility made a comeback in the first quarter of 2018, with the VIX index gaining 9 points and the MSCI All Country World Index performing poorly, returning -0.96%.
Quarterly Markets Review Global equity markets declined in Q1 with investors unnerved first by concerns about the path of US interest rate rises and then worries over trade. Global bond markets reflected higher inflation, with most major government bond yields
Executive Summary Fixed income funds retreated 0.56% on average for Q1 2018, a dip of 1 percentage point from their positive 0.46% return for Q4 2017. While all fi ve of Lipper’s fund macro-groups had posted gains for Q4, only
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
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.
Blending active and passive management in Q3 Most active managers trailed passive investments in Q3. For example, the average active equity manager underperformed by 0.7% In fixed income, the decreasing rate environment impeded many managers. This was most obvious among
Lyxor ETF Research Q3 2017 in brief The European Smart Beta ETF market had modest inflows of EUR555m in Q3 2017. Net New Assets at the end of the quarter stood at EUR4.0bn, meaning total Assets under Management were up
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Compliance professionals in private banks have adopted new digital technologies to keep their skills and methods up to date. For more details from our Group Head of Risks & Compliance #Raoul_Jacot_Descombes, read his article in @letemps.
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