All Commentary articles – Page 76
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White papersCan social impact investing actually increase real estate returns?
We believe real estate investors can set out positive social impact goals without hurting financial performance. In fact, done the right way, it can improve risk-adjusted returns.
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White papersShoppers Keep Spending, But For How Long?
A risk-off tone was prominent this week in markets amid rising worries of stagflation, given aggressive monetary policy. Despite the solid U.S. retail sales data, retailers led a sharp decline in equities mid-week, which pushed U.S. Treasury yields lower.
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White papersCryptocurrency Investing - Powerful Diversifier or Portfolio Kryptonite?
Red dogs, stump tails and blue pups were just some of the creative names for the ultimately doomed currencies issued by poorly capitalized state-chartered banks during the wildcat banking era in U.S. monetary history from 1837 to 1863 – until Congress finally passed legislation that created a single centrally backed national U.S. currency.
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White papersPandemic, war and climate change sharpen focus on ESG
While COVID-19 helped accelerate the ESG agenda, the tragic invasion of Ukraine is likely to further speed up its evolution.
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White papers5G Digitalization: Bringing the Back Office Forward
5G digitalization technology is streamlining small and mid-sized businesses’ (SMB) back office processes. What opportunities could this bring?
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White papersA fireside chat about the Hong Kong dollar as it revisits 7.85
For the first time since 2019, the Hong Kong dollar (HKD) has fallen to the lower end of the Convertibility-Undertaking threshold, under which the Hong Kong Monetary Authority limits the currency’s trading range against the US dollar. Chi Lo, our senior market strategist in Hong Kong, explains what is happening and discusses the mechanism in place to sustain the Hong Kong dollar peg.
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White papersEngagement theme: Biodiversity collapse
At AXA IM, we are committed to biodiversity protection. Throughout 2021, this commitment has been continually reaffirmed through a series of actions: Reinforcement of our biodiversity strategy and enhancement of our Deforestation and Ecosystems Protection Policy; further integration of biodiversity issues based on continuous engagement activities; and the consideration of new biodiversity dedicated data developed by our partner Iceberg Data Lab.
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White papersAre We There Yet?
Regardless of whether we get a hard or soft landing, we likely face a steep approach to the runway in trying to “land this plane.” The question is, how well consumers and companies absorb the slowdown, and whether sentiment is already bearish enough to create long-term value.
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White papersJapan: Land of the Rising Prices?
Japan looks set to emerge from 30 years of near-zero inflation in 2022—but are its companies able to absorb higher costs, or even re-learn the art of passing price hikes on to their customers?
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White papersRussian Gas Flows Face New Obstacles
The risk-off tone and heightened volatility in markets continued this week. Disruptions in European gas supplies (see page 2) led the euro to depreciate against the U.S. dollar, approaching 2016 lows. Meanwhile, elevated inflation data in the U.S. buoyed stagflation fears and expectations of an aggressive Fed tightening path, leading equities and the U.S. 10-year yield lower.
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White papersShanghai’s lockdown – What might it mean for global supply chains?
A prolonged Covid-lockdown of Shanghai could cause longer-than-expected disruption to global supply chains and raise inflationary pressure. As one of China’s largest hubs, Shanghai’s manufacturing and transport capacity is simply too big to be replaced elsewhere.
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White papersAlternative Data: Workforce Recovery and the Great Resignation
More displaced workers seem ready to come back into the labor force, but employers may need to watch their highly compensated “stayers.”
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PodcastCLOs: Finding Value in Turbulent Markets
Co-Head of Structured Credit, Melissa Ricco discusses the current state of the collateralized loan obligation (CLO) market. She provides insight into the year-to-date performance of the asset class, the current credit quality picture, and what risks the team is monitoring.
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White papersHow Ukraine Mission Creep Will Fuel the Next Inflation Wave
And that’s on top of the other risks from war aims that are turning ever more resolute, expansive, and vague.
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White papersHold tight for the Chinese demand shock: faith over fear
The extended lockdown in Shanghai and other cities have shattered market confidence, sending Chinese equity market down again over the month. Taking into account the damage of the zero-Covid policy to the Chinese economy, we expect a recession in Q2 and full-year growth to undershoot the government target by a wide margin (Amundi forecast 3.5% versus the 5.5% official target).
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White papersFrench presidential election: Macron’s victory provides continuity but lacks political support
The incumbent president’s re-election avoids an unpredictable political phase for France. Although Emmanuel Macron provides stability from an economic and a geopolitical standpoint, his narrower electoral base might be an issue in implementing his reform agenda.
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White papersQ2 2022: A late cycle with a greater focus on inflation
The shift to an inflationary late cycle has been confirmed with greater conviction and a focus on higher inflation (and rates). Economic momentum is still decelerating at a global level but with tentative signs of stabilisation.
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White papersRising Inflation is Not All Bad News for Profit Margins
Concerns over companies’ profit margins continue to mount as the U.S. economy faces the highest inflation since the 1980s. However, we find that some sectors’ margins actually increase in high inflation.
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White papersHydrogen: Acting today for tomorrow’s net zero economy
CPR AM has been a committed climate player for several years now and has been innovating to offer investment solutions addressing the climate transition across all asset classes.
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White papersReal estate: Going against the crowd
The pandemic has been a positive catalyst for some sectors, like logistics, but those associated with an agglomeration of people, including retail, hospitality and leisure, have been at the sharp end. This has created a pricing opportunity for investors that are prepared to invest against rather than with the crowd into sectors like hotels, which have suffered as a result of forced closures.
