Content (181)

  • Principal Background

    White papers

    The world turned upside down - Global Market Perspectives, 2Q 2025

    11 April 2025

    Our quarterly investment outlook highlights the themes and investment implications for the period ahead.

  • Fixed income at the crossroads of trade and trust

    White papers

    Fixed income at the crossroads of trade and trust

    9 April 2025

    Trade tensions and shifting alliances are shaking investor confidence in 2025. This article explores how fixed income markets are navigating the dual challenges of inflation and geopolitical uncertainty, with a focus on the evolving role of U.S. Treasurys as a global safe haven.

  • Principal Background

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    Expert perspectives: ‘Liberation Day’ tariffs unpacked

    4 April 2025

    ‘Liberation Day’ tariffs have intensified stagflation fears, driving risk-off sentiment across markets. Investors are shifting toward quality, selectivity, and liquidity, while real estate shows relative resilience amid broader uncertainty.

  • Principal Background

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    March jobs report: Calm before the storm

    4 April 2025

    March’s strong jobs report, with a surprise 228,000 payroll gain, offered markets brief relief amid rising policy uncertainty. Yet, the data likely lags reality, as trade-related disruptions and federal layoffs begin to weigh on the labor market. While the Fed may offer support, its ability to cushion a government-driven shock remains limited by inflation concerns.

  • Principal Background

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    Coping with market downturns

    4 April 2025

    The 2025 market landscape has been shaken by aggressive U.S. trade policies, sparking global retaliation and heightened fears of recession. Despite sharp volatility and a dip in investor confidence, historical trends show that disciplined, diversified investors are often rewarded over the long run. Staying invested through downturns remains a proven strategy to capture the powerful recoveries that typically follow.

  • The macro fallout from ‘Liberation Day’

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    The macro fallout from ‘Liberation Day’

    4 April 2025

    The sweeping tariff hikes announced on “Liberation Day” have escalated fears of stagflation, pushing recession odds higher and rattling markets. With inflation likely to rise and GDP growth projected to drop by up to 2.4%, the economic strain could be the most significant since the 1930s. Still, investor sentiment may recover as attention shifts toward pro-growth policies like tax cuts and deregulation.

  • Principal Background

    White papers

    Liberation Day: Market uncertainty, global growth concerns, and U.S. recession fears

    3 April 2025

    The U.S. announced sweeping new tariffs—some exceeding 50%—shocking markets and sharply raising the risk of recession and stagflation. With inflation likely to rise and GDP growth to fall by an estimated 2.5%, investors are now eyeing potential fiscal offsets like tax cuts and deregulation. Until clarity emerges, risk assets may stay under pressure as global economies brace for the fallout.

  • Germany’s fiscal shift- A boost to Europe, but U.S. edge remains

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    Germany’s fiscal shift: A boost to Europe, but U.S. edge remains

    28 March 2025

    Germany’s bold fiscal expansion has sparked optimism around Europe’s growth prospects and challenged the narrative of U.S. market dominance. Yet, structural constraints across the broader EU and renewed U.S. innovation leadership suggest America’s edge remains intact. While European momentum is building, U.S. exceptionalism continues to stand on stronger, more resilient ground.

  • Principal Background

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    7 reasons why U.S. exceptionalism is only being challenged, not overtaken, by Europe

    27 March 2025

    Europe’s recent market outperformance reflects a shift from tactical value plays to more fundamental drivers, led by Germany’s fiscal pivot. However, structural challenges, limited fiscal headroom, and rising external risks—like U.S. tariffs and a potential U.S. slowdown—suggest that European momentum may prove fragile. Despite Europe’s progress, U.S. exceptionalism in innovation, deregulation, and long-term growth remains firmly in place.

  • Market volatility Could earnings growth revive the rally

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    Market volatility: Could earnings growth revive the rally?

    21 March 2025

    After a strong rally, markets have turned volatile, with year-to-date declines raising questions about what’s next. For gains to continue, earnings growth must take over—a transition that has historically extended market cycles. While inflation and policy uncertainty risks remain, improving earnings breadth across sectors and industries and potential tailwinds from monetary and fiscal policy could provide support.

  • Is there hope for the market

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    Is there hope for the market?

    19 March 2025

    While markets may still have room to grow this year, especially if earnings broaden beyond tech, tight valuations and rising policy uncertainty pose key risks. The path forward likely depends on earnings growth taking over—but missteps in fiscal or trade policy could derail that before it gains traction.

  • Principal Background

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    Navigating opportunities in a higher-for-longer market

    18 March 2025

    Today’s landscape offers attractive income opportunities, with elevated real rates and resilient fundamentals supporting diversified sources like dividend equities, real assets, and high-quality bonds.