Content (56)

  • Shaping a new world

    White papers

    Shaping a new world

    2020-07-21T08:48:00Z

    We are in the midst of a health crisis that is causing huge disruption within our society: it is weakening companies, upsetting our daily lives, af- fecting the poorest, deepening inequalities and jeopardising the future of many young people. Today, it is not simply urgent to support the economic recovery, it has also become imperative to speed up the environmental and inclusive transition.

  • Core Matters - Has globalisation peaked?

    White papers

    Core Matters - Has globalisation peaked?

    2020-07-03T09:10:00Z

    Globalisation has always been a matter of controversy. In economic terms, it has been widely credited with a rise in productivity by exploiting gains of trade. It has also led to lower prices and more product variety for consumers. However, it is also seen as a driving force of de-industrialisation and rising inequality in Advanced Economies (AEs), while fostering a catch-up process in Emerging Markets (EMs).

  • Exploiting credit opportunities through a long:short approach

    White papers

    Exploiting credit opportunities through a long/short approach

    2020-07-02T09:05:00Z

    Simon Thorp, CIO at Aperture Investors UK, Ltd, part of the Generali Investments multi-boutique platform. Simon, with over 30 years of experience in fixed income markets, was previously CIO at KKR Credit.

  • (Weekly Pandemic) Market Commentary – Mind the curve

    White papers

    (Weekly Pandemic) Market Commentary – Mind the curve

    2020-06-19T08:47:00Z

    The virus - galloping, but less deadly. Covid is spreading like never before, the stats say. 19 June saw 177k new Covid cases, the highest ever. The 5-day rolling average, currently at 143k, is 50k higher than in mid-May. Arguably, the numbers today are likely more truthful than in the past, because there is more testing. In a freshly released Focal Point “Covid-19: proprietary models set to monitor pandemic evolution” (online on 22 June), we advocate basing cases estimates on deaths – a measure less affected by testing issues.

  • Market Commentary – Financial repression and the sovereign carry trade

    White papers

    Market Commentary – Financial repression and the sovereign carry trade

    2020-06-14T15:24:00Z

    Chinese data on Monday may vindicate hopes of a V-shape recovery. Yet we warn against extrapolating 1/ an early bounce driven by pent-up demand and 2/ Chinese trends to the broader economy. The ‘swoosh’ scenario for the global economy remains very credible.

  • Market Commentary - Swoosh Recovery vs. Liquidity Splash

    White papers

    Market Commentary - Swoosh Recovery vs. Liquidity Splash

    2020-05-16T13:49:00Z

    The exit from the lockdowns is proceeding cautiously. If anything the number of new cases globally has picked up over the past week, flirting with 100k on 15 May, the highest since 16 April (see our latest Facts and Figures, including new modelling). Scientists keep warning about the risk of relaxing social distancing too quickly. In the meantime the global economy struggles – we slightly cut our 2020 global growth forecast from -3.5% to -4%. The risks are skewed to the downside. The WHO reiterated concerns about a deadlier second wave this autumn and winter.

  • Corporate Responsibility | A Moment of Truth

    White papers

    Corporate Responsibility | A Moment of Truth

    2020-05-15T09:46:00Z

    Pushed to its very limits, mankind reveals its true nature. As the health, economic and market crisis unfolds, and at a time when maximizing profits and shareholder returns is no longer the priority, the sincerity of corporate responsibility is being put to test. 

  • Weekly Pandemic - Market Commentary - Exit strategy goes live

    White papers

    (Weekly Pandemic) Market Commentary - Exit strategy goes live

    2020-05-10T09:21:00Z

    Now is a key moment in the Covid-19 crisis, as the lockdowns end. Countries that have opened up early have not seen any significant relapse. But the number of new cases globally has picked up, and selected US States are easing up restrictions too early. V-shaped recovery? Non-sense. ...

  • Investing today for a better tomorrow

    White papers

    Investing today for a better tomorrow

    2020-05-04T16:08:00Z

    Bonds to help build solar energy farms or finance water reclamation projects… In today’s world, green business is good business. Why not invest where your money can make a positive impact on society and the environment?

  • Transform a major trend into an investment opportunity

    White papers

    Transform a major trend into an investment opportunity

    2020-04-30T09:55:00Z

    The ageing of the world’s population phenomenon is a megatrend not called into question by the Covid-19 crisis. 

  • Investing today for a better tomorrow - Euro Green & Sustainable Bond

    White papers

    Investing today for a better tomorrow - Euro Green & Sustainable Bond

    2020-04-30T09:51:00Z

    Green business is good business. Global green bond issuance climbed by nearly 50% last year (Climate Bond Initiative, 2020) and it is set to continue its growth as investors’ demand for more sustainable investments with a real impact on society is increasing.

  • Investment View - Sudden stop, permanent scars

    White papers

    Investment View - Sudden stop, permanent scars

    2020-04-30T09:11:00Z

    Six months ago our quarterly ‘Investment Views’ (Graph 1) lamented about the spread of the negative yield disease. In 2020 a far more dangerous and lethal epidemic has hit society, the economy and financial markets: the coronavirus. As we go to press, more than 1.2 million cases have been recorded globally (a number likely grossly under-estimated, given the under-testing), for a death toll of 65k.