All Credit articles – Page 24
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Daisuke Nomoto: Japan - more tailwinds than headwinds for 2018
With GDP on a sustained growth track, supported by structural reforms and the Bank of Japan’s accommodative monetary policy, we maintain a positive outlook for the region.
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Dara J. White: Emerging Markets Outlook for 2018
Emerging markets have previously performed well in periods of rising rates, so while the macro dynamics from the US and elsewhere could be seen as a threat, they shouldn’t necessarily blow EMs off course.
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Reaction: Italian election
The Italian election result looks messy, but we do not believe that the chances of Italy leaving the eurozone have gone up materially.
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What the recent market move means for European credit
Not a cycle reversal. We qualify the recent price actions as corrections, not as a cycle reversal. This position is mainly supported by past performance: profit taking is appealing when volatility increases.
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The improvement of peripheral bonds’ fundamentals has accelerated
Two events pushed down Eurozone sovereign spreads in 2017: the French presidential election in April & May, which dissipated investors’ fears about Eurosceptic movements, and the announcement on 26 October of a smaller-than-expected reduction in ECB’s QE for 2018 (monthly purchases lowered from € 60 bn to €30bn).
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Cross Asset Investment Strategy: February 2018
The recent sharp correction of equity markets and the increase in yields which have materialized since the start of the year have created a turbulent phase, interrupting the “Garden of Eden” kind of setting which investors were getting used to.
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Quarterly Asset Class Return Forecasts: Q1 - 2018
The robust global economic growth experienced in 2017 is expected to continue into 2018, albeit with some notable exceptions such as UK. Such growth is to be reflected in ever higher equity price levels and thus expected to become costlier with respect to the most recent valuations.
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US credit: don’t worry about the macro, focus on technicals
What should we expect for US credit in 2018, in a context where spreads and volatility are closing in on cycle lows?
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House View: 2018 Outlook
Our global growth outlook for 2018 is strong. The broad-based, synchronised upswing that began a year ago shows no signs of easing up, with above-trend growth expected to extend from the major G7 economies to the emerging markets in 2018.
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Global Investment Views: February 2018
The recent sharp correction of equity markets and the increase in yields which have materialized since the start of the year have created a turbulent phase, interrupting the “Garden of Eden” kind of setting which investors were getting used to.
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Is it too quiet as we head into 2018?
As we look forward to 2018, there’s an illusion of calm in financial markets. But this doesn’t mean that nothing is going on. In fact, opposing forces are simply cancelling each other out.
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Fixed income playbook 2018: less risk, more diversification
On the heels of two good years in the bond market, the best days for fixed income are likely behind us. 2016 produced strong returns in most sectors, especially high yield corporate bonds, which generated double digit gains.
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Technology and ‘mega-trends’ to drive US equity performance
US equities have outperformed global equities since the beginning of the recovery because the US economy was initially the sole engine of global growth, as European countries wrestled with the Eurozone crisis.
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Asia’s new era of sustainable growth
The huge Chinese economy is experiencing a ‘second awakening’ under President Xi Jinping, with a strong agenda for supply-side reforms and an emphasis on sustainable macroeconomic growth.
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Commodities hitch a ride on global growth
Highly favourable tailwinds give us confidence that commodity prices will push significantly higher in 2018.
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The UK’s demise is overstated
UK equities reached all-time highs in 2017, but relative to world stocks (in US dollar terms) they were laggards.
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Japan: three reasons for a positive outlook
In recent weeks we further raised our allocations to Japanese stocks, with near-term catalysts.
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Cross Asset Investment Strategy: January 2018
Investors have enjoyed a quiet year in 2017, with few bumpier spots, overall record-low volatility and nice returns. Moving into 2018, the temptation for risk assets is still high.