All Commentary articles – Page 154
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White papersExpect the bumpy ride to continue
Investors have been buffeted by a large number of negative headlines in 2018. We remain of the view that tightening global liquidity conditions are likely to exacerbate market volatility.
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White papersOutlook: The Global Emerging Markets Asset Class
2018 has been challenging for investors in Global Emerging Markets (GEM), with rising volatility in Forex, debt and equity prices causing negative returns. As the year has progressed, several themes have increasingly influenced sentiment and momentum.
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White papersCommercial Real Estate is a Clear Winner from Tax Reform
The Tax Cuts and Jobs Act of 2017 is the most significant revision to the U.S. tax code since 1986. The reduction of the headline corporate tax rate from 35% to 21% makes the country significantly more competitive within the global marketplace and is already spurring domestic investment.
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White papersTurkey shakes summer thin markets, but contagion risk is contained
The domestic boom has been financed by private debt (mainly external debt). Well before this week’s crisis, Turkey was the most vulnerable country in our EM ranking
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White papersWhere will the next financial crisis come from? Are we ready to confront it?
The world is not yet completely out of the 2007- 2008 financial crisis, but the risk of a new crisis already arises. The theme of “regime shift” (volatility, interest rate, inflation, etc.) has resurfaced, which led to a marked correction in financial markets in January – February.
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White papersAsset Class Return Forecasts: Q3 2018
The current global expansion is set to run until 2020, with above potential growth in most countries in 2018 and 2019. However, the global GDP growth has started to decelerate and we expect it to slow further in 2020.
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White papersGlobal Investment Views: August 2018
Concerns about trade continue to take centre stage. While US assets have so far been resilient amid escalating protectionist rhetoric, markets targeted by tariffs are under pressure.
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White papers2018 Midyear Outlook: (Still) Risk On
Investors are facing some pretty big questions: How long will the economy continue to expand? How will rising interest rates affect my portfolio? Will volatility continue to climb? Do geopolitics (or even just political posturing) really matter?
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White papersEconomic Insights: June 2018
Stock market outlook: It may be a long, hot summer. Defensive stocks outperformed in June; investors may be starting to worry. We believe the robust U.S. and world economy should bring higher stock prices later this year.
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White papersInvestment Outlook for the Automotive Industry
We believe that today’s automotive industry—more than at any other time in its history—presents ample opportunities for active managers to uncover value for their investors.
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White papersThe living wage: towards better industry practices
The concept of living wage goes back to the early twentieth century, with the creation of the International Labour Organization in 1919. Subsequently, this concept was taken up several times in texts that played a structural role in labour law (Universal Declaration of Human Rights, Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy, and the ILO Declaration on Social Justice for a Fair Globalization).
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White papersChina Assets hit by trade talks: what expect from now
The US-China relationship appears to be deteriorating. US recently published a list of an additional $200bn of Chinese products subject to 10% tariff rates that will be put forward for the public hearing process by 30 August and could possibly be implemented in September.
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White papersPacte Law: what changes lie ahead for savings in France
The Pacte Law, presented on June 18, 2018 at the French Council of Ministers, should come into force no later than January 2020, after a period of parliamentary debates and the publication of implementing decrees.
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White papersCross Asset Investment Strategy: July 2018
Since the beginning of the year, emerging market risky assets have become more volatile.
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White papersCIO Insights: Key investment convictions for the short and long term
Long-term investing is about the belief that fundamental value exists and that asset class returns tend to mean revert to their equilibrium level and rotate around it, within regimes.
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White papersGlobal Investment Views: July 2018
Investors have experienced generally low returns so far this year, due to the clouds currently gathering on the horizon, and the approach to risk assets is being characterised by increased caution.
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White papersItaly: Troubled waters and complex challenges ahead but no Italexit on the roadmap!
In just a few days, investors have shifted from perhaps excessive complacency to excess pessimism about Italian politics.
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White papersItaly: Fundamentals are the compass amid political twists
A new Government: After three months of deadlock, 5Star Movement and the League agreed on a redesigned Government formation.
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White papersPolitical Event Risk Raises Stakes for Sudden Price Moves
Major political event risk, ranging from elections in Mexico, Brazil and the U.S., to Brexit and NAFTA negotiations, could swing equity, bond, FX and ags markets.
