All Commentary articles – Page 48
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White papersInfographic – Investing as the economy enters a new configuration
What should investors expect at a time when central banks are fiercely fighting inflation, economies are slowing and geopolitics and global economic integration are in turmoil? Check out this infographic for our views on monetary policy, equities and bonds, and sustainability in 2023 – in short, on investing in an age of transformation.
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White papersMarket Scenarios and Risks - January 2023
We see risks on all fronts, but with a little less intensity at the beginning of the year. As such, we lowered the probabilities from 30 to 25%.
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White papersA strained German economy can be good news for Europe
The energy crisis resulting from the war in Ukraine has altered profoundly Europe’s economic performance and prospects. Countries have been affected unevenly, based on how dependent they are on Russian gas and oil.
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White papersCross Asset Investment Strategy - January 2023
An economic backdrop characterized by high risk of policy mistakes and strong regional divergences calls for a prudent stance in risk assets, especially now that markets are priced for perfection, leaving little room for any negative surprise.
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White papersFixed-Income Outlook 2023: Finding Equilibrium
2022 was an ugly year for investing. As central banks battled inflation, interest rates soared and recession fears mounted. Equity and fixed-income markets broke with convention and fell in tandem. Nearly every bond-market sector suffered historic losses, leaving almost nowhere for investors to hide.
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White papersEquity Outlook: Rebuilding Conviction in Stocks for a Changing World
For 40 years, steadily declining inflation and interest rates buoyed equity returns. That changed abruptly last year. Investors must now adjust expectations to a new macroeconomic and market landscape that will require a fresh mindset to reach long-term goals.
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White papers2023 Outlook: Long-term perspective on markets and economies
There’s a new reality taking shape in global markets.
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PodcastWhat Goes Up Must Come Down…Right?
As we wrap up on the past year, many would agree that the predominant market trend that impacted investors would have to be inflation. In 2022, inflation levels rose to the highest we have seen in four decades. How did we get here?
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White papersAsia Pacific Market Perspective 04 2022
Asia Pacific Growth Positive In 2023, Benefit Of China Re-Opening To Be Visible By Q2
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White papersEscape From Flatland
A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.
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PodcastSolving for 2023: How the Tables Have Turned
As we conclude another year of volatile markets, geopolitical turmoil as well as record-setting inflation getting added to the mix, one could say that 2022 was truly an eventful year. But as we reflect on the pivotal events that occurred, what lessons can investors take away as we prepare for the year ahead? Could there be an end in sight for the volatility? And what asset classes might investors want to delve into in the coming year, now more than ever?
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White papersPrivate real estate appreciation moves negative as re-valuation starts
US private real estate returns weakened considerably in 3Q 2022 as higher interest rates continued to have a major impact on market pricing and appraised values. This trend is expected to continue in the remainder of 2022 and into the opening quarters of 2023. This is leading to a dramatic slowdown in returns from the record levels seen less than a year ago.
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White papersA downturn is ahead, but pinpointing when and where is the real question
Around this time last year we expected high yield markets to rebound after an August reboot. However, as at the end of October we were looking at our global high yield benchmark losing 15% from the start of 2022. Against this, we did correctly predict that the global yield market would outperform gilts and sterling credit, and that emerging market debt would be a key area of weakness, delivering returns well below the US and European regions.
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White papersCreditably building into risk positions amid falling markets
A series of bear market catalysts punctuated 2022 – from ongoing supply chain issues to Russia’s invasion of Ukraine, political instability in parts of Europe, rising inflation and higher interest rates. While the economic environment would prescribe taking a step back to crouch and observe as the cycle plays through, government bond and credit valuations tell a different story, writes Gaurav Chatley, a Senior Portfolio Manager for European Credit at M&G Investments.
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White papersIG Credit Outlook 2023: Adding balance to portfolios
It has been a difficult year for fixed income in general. Stocks and bonds rarely decline in tandem in a calendar year, and 2022 was the only exception in the 45-year period dating back to 1977.
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White papersESG Thema – Special COP15 – The Paris moment for biodiversity?
From December 7th to 19th, 2022, the second part of the 15th Conference of the Parties to the Convention on Biological Diversity (COP15) was held in Montreal, Canada. Whereas COP15 was initially supposed to take place in October 2020 in Kunming, China, it was postponed four times due to COVID-19.
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White papersGlobal Investment Views - January 2023
The bear market rally materialised, but strong US November job market data cooled the markets’ dovish narrative, creating a mixed picture for US inflation, given that the service components remain sticky. The Fed, for its part, slowed the pace of rate hikes, but reiterated that its job is far from over. We believe central banks, including the ECB, will be walking a policy tightrope, as risks of mistakes are high.
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White papersOutlook for 2023: Complicated, fragmented macro road map
Brandywine Global: A complicated, fragmented world adds to the heightened uncertainty over what next year may bring for markets. Our top macroeconomic and investment experts offer their outlooks for 2023.
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White papersMore Complicated From Here
If you thought this year was difficult, just wait. The good news is that the extreme outcomes investors worried about through most of 2022 look less likely for 2023.
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White papersWhy It’s About to Get Even More Complicated From Here
This year’s choices were hardly simple, but economic policymakers in China, Europe and the United States face much trickier decisions in 2023.
