All Commentary articles – Page 14
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White papersSoftware Leads AI-Driven Tech Rout—What Next?
The breadth and ferocity of the sell-off in technology stocks is a fresh test of the AI story. Buckle up—more tests will come.
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VideoWhat’s the outlook for US high-yield bonds?
Growth forecasts for 2026 are generally being revised up for US companies as the benefits of deregulation and fiscal measures in the One Big Beautiful Bill start coming through, underpinning a still resilient setup for the high-yield fixed income market. Accordingly, default rates should remain in a manageable 1-3% range – well below long-term averages.
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White papersDancing Through the Lightning Strikes? The Ongoing Case for Gold
The extraordinary return from gold in recent months, followed by an abrupt spike in volatility, ensures that questions about gold allocations come up in every single client meeting. But investors worry whether, after such a rally, there is still a case to own gold. We maintain our recommendation for a strategic allocation as part of an allocation to non-fiat, zero-duration assets.
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White papersPositioning for growth: 2026 Outlook for Emerging Market Equities and Fixed Income
Emerging markets (EM) include countries that span the whole gamut of policy quality, growth dynamics and political cycles, leading to a diverse and dynamic investment universe. Many EM countries currently have stronger monetary credibility, healthier balance sheets and better inflation control than some developed markets. EM investment opportunities span multiple return drivers from domestic consumption and digitalization to sovereign credit reforms and local interest rate cycles.
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White papersPlugging water network leaks with smart technologies
Ageing and leaky water systems are in urgent need of an upgrade, presenting opportunities for innovative solution providers and utilities alike.1
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White papers2026 inflation outlook: Navigating uncertainty
The year ahead looks set for a more balanced, although not necessarily benign, inflationary backdrop, even as the full impact of the US trade tariffs has yet to materialise in prices. For investors returns are more likely to come from income carry and specific exposure to inflation risk.
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White papersSeismic Shifts That Could Drive Private Markets
Dealmaking appears to be on the mend, but investors could be well served to look through near-term trends toward six major themes that we think may drive private markets for years to come.
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White papersThe future of alternatives: Insights from nPOWERED
What do today’s dynamic markets mean for long-term investors navigating complex structural shifts and evolving asset classes? At the recent nPOWERED event, Nuveen gathered leading experts, policymakers, and practitioners to explore trends shaping capital allocation strategies. This summary examines four key themes emerging from these discussions: the acceleration of AI and digital infrastructure investing, the evolving relationship between public and private markets, macroeconomic and geopolitical considerations, and the integration of energy transition and sustainability objectives in portfolio construction. Find out more.
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White papersCould US GDP growth hit 5% this year?
The resilience of the US economy never fails to amaze me. Despite all the turmoil in the world, the US economy somehow manages to look past it, power through it, and come out stronger on the other side.
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White papersInfrastructure equity Q&A: Uniting innovation and rigour
Angenika Kunne outlines Aviva Investors’ infrastructure equity strategy and the key themes driving origination, management and value creation.
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White papersInvesting Amid the Chaos
Political noise can become deafening, but investors should tune into the quieter drumbeat of strengthening economic fundamentals and the broadening-out story reshaping equity markets.
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White papersWhen the old rules no longer apply: Rory Stewart on geopolitics, markets and the risks investors are underpricing
The following reflections draw on a recent conversation between Rory Stewart, British author, academic and former diplomat and politician, and Barry Gill, Head of Investments, UBS Asset Management, held shortly after the World Economic Forum in Davos. Their discussion, the first in a series of external expert perspectives, ranged across geopolitics, markets and technology. An overarching concern emerged: many of the risks now reshaping the global landscape are not cyclical, but structural – and consistently underappreciated.
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VideoInnovation in late-stage private markets
Matt Witheiler, head of Late-stage Growth, highlights potential areas of innovation and hype in late-stage private markets, diving into AI’s impact on enterprise budgets and the evolving landscape of defense tech.
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VideoPrivate biotech innovation versus hype
Nilesh Kumar, Head of Biotech Private Investments, explores innovation in obesity, autoimmunity, and oncology, emphasizing drugs that solve real-world unmet medical needs.
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White papersWhy and Where to Invest in European Real Estate
As 2026 has started, we provide a reminder and update on the reasons for investing into European real estate and identify the specific markets where we believe the best risk-adjusted returns can be expected.
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White papersIndia and EU trade deal: a look beyond financial benefits
On 27 January 2026, the European Union and India have formally concluded negotiations on a landmark free trade agreement (FTA), marking a major milestone nearly two decades in the making. Legal vetting—or “textual scrubbing”—is now underway, with both sides aiming to complete the process and sign the agreement within five to six months. Once ratified, the deal is expected to enter into force in early 2027.
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White papersA blockbuster, but skewed, tax refund season
Tax refunds are coming in strong, but unevenly distributed — shaping consumer spending patterns and near-term economic momentum.
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White papersBack to the Future (Again)
Dickens is likely the first and almost certainly the most famous commentator to employ the K-shape analogy to describe the world as he saw it—the best of times and the worst of times.
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White papersWinners and Losers at the All-K Corral
Economic growth through the third quarter of 2025 came in above expectations and will likely end the year on a strong note. At the same time, the K-shaped economy is more present than ever: even outside the consumer. Most of our recent productivity gains have been concentrated in the information sector while others remain stagnant. Services industries continue to grow, but manufacturing has been in contraction for 34 out of the last 36 months. Large firms are also seeing strong profits, but small firms continue to struggle.
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White papersGlobal equities forge ahead
Global equities posted strong gains in 2025, with non-U.S. developed and emerging markets outperforming the S&P 500 Index for the first calendar year since 2006. As we enter 2026, modest economic growth, gradually declining interest rates, and positive earnings momentum may provide support for equity markets, though elevated valuations and potential volatility warrant careful consideration. Our latest analysis explores how investors might balance growth-oriented holdings with allocations to global infrastructure and dividend-growing companies as they seek portfolio resilience and stable income potential. Read the full analysis.
