All Commentary articles – Page 158
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Central European countries: Outlook to 2020
Global growth resynchronised in 2017. In this particularly bullish environment, Central European countries “outperformed” with growth rates of between 4% and 6%.
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Client Focus: Women in Investment Management
In investing and other arenas, women are trending higher—and their diverse voices, together, can improve decision-making and success.
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Global Investment Views: November 2018
The late cycle narrative behind the autumn market malaise
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Bavarian elections: European political landscape continues to evolve
The election result in Bavaria marked the defeat of the conservative CSU, which lost its absolute majority, and of its junior ally, the SPD.
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Late cycle features at play: more pain, but not the end of the game
Market sell-off: a late cycle feature where uncertainty due to tariffs, rates and oil prices are sending some red signals.
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US midterm election: potential economic agenda and market implications
In the upcoming US Midterm elections on November 6, there are high expectations of divided Congress, with the Democratic Party taking control of the House of Representatives and the Grand Old Party retaining control of the Senate.
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Cross Asset Investment Strategy: October 2018
The hot summer in emerging markets has been a key investor theme in the third quarter of this year.
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Italian budget proposal under scrutiny
The key points of the budget law. The Italian Government negatively surprised the markets by announcing a substantially increased budget deficit target for 2019-2021 to 2.4% in a move that could undermine the potential to reduce the Italian debt burden (130% of GDP) in the coming years.
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Global Investment Views: October 2018
The hot summer in emerging markets has been a key investor theme in the third quarter of this year. While the ongoing US/China trade tensions continue to weigh on investor sentiment, the sequence of country-specific stories (Turkey, Argentina and South Africa) contributed to the almost indiscriminate repricing of EM assets, starting with plummeting EM currencies.
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Robust asset allocation for robo-advisors
In the last few years, the financial advisory industry has been impacted by the emergence of digitalization and roboadvisors. This phenomenon affects major financial services, including wealth management, employee savings plans, asset managers, private banks, pension funds, banking services, etc.
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Cross Asset Investment Strategy: September 2018
Italian budget discussions are going to intensify as the 27th of September approaches, date of publication of the document outlining the new budget law and when there should be more clarity on the key economic projections and deficit targets.
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The Next Recession: Three Critical Warning Signs
Is the U.S. heading toward a recession? We examine three critical warning signs and conclude that the next downturn could be different from the 2008 crisis.
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Global Investment Views: September 2018
The year began with a synchronised global recovery as most economies benefited from a buoyant environment. The risk of inflation and CB mistakes dominated investors’ fears.
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10 years after Lehman: A reality check for the future
It has been 10 years since the collapse of Lehman marked the beginning of the Great Recession, which threw the global economy into its deepest economic crisis since the 1930s.
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Expect 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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Outlook: 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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Alternative Income Study 2018
Alternative income, real assets, private assets, illiquids: however they are described, the appeal of unlisted assets has grown significantly among European pension funds and insurers over the past decade.
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Commercial 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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Turkey 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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Where 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.