Content (260)
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White papersStock market outlook: New growth catalysts amid volatility
As tariffs, trade wars and real wars upend the global economy, the path of equity markets remains uncertain heading into the second half of 2025.
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White papersJapan at the Crossroads: Navigating Trump 2.0 and tariff risks
The Trump administration’s second term has been marked by a renewed emphasis on bilateral trade deals, economic nationalism, and strategic use of tariffs as a tool of leverage. While the administration has signalled a desire for “quick wins” with key partners such as Japan, the underlying uncertainty surrounding the permanence and scope of tariffs remains a central concern.
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White papersEconomic outlook: Higher uncertainty, lower growth
There are many ways to describe the outlook for the US and world economies. But at the midpoint of 2025, one word has risen to the top of the lexicon: uncertainty.
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White papersNew catalysts spur global stocks
For the first time in many years, the picture is brightening for non-US stocks. There are new catalysts accelerating change: fiscal stimulus in Germany, corporate reforms in Japan and South Korea, a weakening US dollar, signs of stabilisation in China, and an improving policy environment in Europe.
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White papersFour factors that could drive Chinese equity markets
Despite geopolitical, trade, and economic uncertainties, China’s stock market has emerged as one of the top returners globally in recent times. The MSCI China Index produced 10% in the first four months of 2025 and 26.5% over the past year, outstripping the MSCI USA, MSCI Emerging Markets and MSCI ACWI indices.
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White papersWhat would it take to see a sustained weakness in the dollar?
About a month after “Liberation Day,” the US dollar has shown signs of stabilisation, though it continues to soften against most developed and emerging markets currencies.
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White papersUS market is a good proxy for global high yield
While a global approach provides advantages for many fixed income sectors, the benefits are less clear for high yield.
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White papersDigital disruption reshapes financial inclusion
About a quarter of the world’s adults lack access to affordable, quality financial services - but digital disruption is helping bring them into the formal financial system. Financial inclusion allows individuals to save and invest, while also supporting entrepreneurship and business growth. And for investors, these developments are opening the door to varied investment opportunities among banks and nontraditional financial services firms.
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White papersFour scenarios for uncertain markets
There are no facts about the future — this much is certain.
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White papersTariffs: What comes next for stocks, bonds and the dollar?
Given uncertainty around tariff policy, markets will likely continue to gyrate based on the developments of negotiations, along with the evolution of US monetary and fiscal policy.
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White papersAhead of the Curve: From divergence to convergence?
In our previous paper published in November 2024, one of the key themes was that the US and Europe seemed to be on divergent growth paths. Europe was becoming more fragile, both cyclically and structurally. Meanwhile, the US remained what we called a grower economy, benefitting from both cyclical and structural resilience.
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White papersGlobalisation isn’t dead. It’s changing.
The latest round of tariffs launched by the US government in early April prompted a wave of criticism from world leaders, including some who say globalisation is now dead. As a global investor for over four decades, I respectfully disagree. Globalisation isn’t dead. It is, however, changing in a significant way.
