All Commentary articles – Page 10
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White papersDeglobalization. What’s Next?
We believe the Post-World War II, U.S.-dominated world order of globalization is quickly coming to an end. Between the possibilities of diversification, division, and disengagement that we discussed in our piece on globalization several years ago, the Trump Administration appears to be pursuing a disengagement strategy. Everyone— domestic players in the U.S. included—is now working to accommodate a less globally engaged U.S.
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White papersWorld markets review — First quarter 2025
Returns for US equities diverged from regional markets as investors weighed the implications of a potential trade war, waning consumer confidence and high valuations in the technology sector. After two years in a row of 20%-plus gains, US stocks entered correction territory, falling roughly 10% in mid-March before recovering some of the losses. European stocks rallied as investors rotated into value-oriented areas of the market.
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White papersFive charts that put market volatility in perspective
President Trump’s tariffs have put market volatility back in the spotlight.
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White papersQuarterly Equities and Multi Asset Outlook – Q2 2025
Investors started this year thinking that corporates and governments were better prepared for a Trump 2.0 trade war. That proved not to be the case, so how should they be positioning amid the turmoil? Find out more in the latest Quarterly Equities and Multi Asset Outlook: ‘Dispersing the herd’.
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Research ReportReal Estate House Views H1 2025
Explore our collection of in-depth outlooks on real estate investing globally.
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White papersDiversification in times of uncertain markets
Over the past week, markets have experienced extreme uncertainty caused by US policy gyrations on tariffs. This uncertainty has started to weigh on US assets, including the dollar and US Treasuries. Despite the 90-day pause announced on 9 April, the US average tariff rate remains at a 100-year high, with rising US tariffs on China triggering retaliation from the latter.
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White papersTaking stock amid tariffs
Liberation Day in the U.S. dished a hefty dose of tariff shock and awe, sending financial markets into a frenzy. President Trump announced a mix of broad and reciprocal tariffs far exceeding market expectations, prompting a rethink of the global economic outlook. Ongoing uncertainty on retaliatory and negotiating measures from the U.S.’s top trading partners creates a challenging backdrop. We take stock of the global outlook and how central banks could respond.
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White papersThe world turned upside down - Global Market Perspectives, 2Q 2025
Our quarterly investment outlook highlights the themes and investment implications for the period ahead.
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White papersEuropean Hotel Sector: Choosing the optimal operating structure and partner
Choosing the right operating structure and partner is crucial for managing risk and maximizing returns in European hotel investments. This article explores key considerations to optimize value-added opportunities in the hospitality sector.
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White papersQuick take on Trump’s tariff pause
President Trump has announced a 90-day truce with most of the international community, reducing tariffs to the baseline rate of 10% for the European Union (EU), Asia (excluding China) and South Africa, among other countries. This is a positive development. Most other major economies, including Latin America, Canada, the UK, and Australia, were already subject to baseline rate tariffs or lower.
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White papersEquity Market Outlook 2Q 2025
While surging tariffs and a hard sell-off have sown uncertainty, we expect negotiations to bring some relief on initial tariff proposals, and that sharply slower growth seems more likely than a U.S. recession. We also believe stimulus in Europe and China may rejuvenate global industrial activity (albeit at a slower pace), and recommend styles, sectors and regions that are most geared to it.
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White papersPrivate Markets Investment Outlook Q2 2025: Opportunities amid uncertainty
Despite heightened risks from policy changes and economic uncertainties, private markets continue to present attractive opportunities. Investors should be discerning in selecting strategies with attractive risk/return profiles, and prioritise diversification.
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White papersWhat does tariff uncertainty mean for real estate?
Private real estate entered 2025 with prospects looking up, having materially rebalanced over the course of a two-year downturn for the asset class.
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WebinarWhat’s Next for Europe and the World
Against a backdrop of rising geopolitical tensions and a shifting transatlantic relationship, our panel of experts - Monica Defend, Head of Amundi Investment Institute & Chief Strategist; Amaury D’Orsay, Head of Fixed Income; and Barry Glavin, Head of Equity - share their initial assessments of recent trade tariffs and their implications for the global economy and markets, with a special focus on Europe.
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White papersAdapting to Uncertainty
In an era characterized by complexity and unpredictability, we believe it is crucial to enhance portfolio resilience for the long term.
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White papersTrump’s tariffs – A paradigm change
In the absence of major revisions, the latest US import tariffs are a stagflationary shock for the US economy, potentially derailing growth and raising recession risks. A major risk-off move is now underway as financial markets move to a completely new interpretation of ‘US exceptionalism’.
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White papersGold at a time of tariffs and trade war
“Gold prices should remain supported by demand for safe-haven assets, amid a threat of trade war, tariffs and their economic fallout.”
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White papersTrump tariffs roil markets. What’s next?
If investors were looking for a reason to sell US stocks, they found it in President Donald Trump’s sweeping tariffs. Following several weeks of volatility sparked by on-again off-again tariffs, Trump’s 2 April announcement of higher-than-expected levies against virtually every US trading partner sent shockwaves through global financial markets.
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White papersTariffs on Canadian lumber could boost U.S. production
With tariffs on U.S. imports of Canadian goods looming, we analyze the potential impacts on lumber markets and possible benefits for regions with untapped production capacity.
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White papersExpert perspectives: ‘Liberation Day’ tariffs unpacked
‘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.
