All Credit articles – Page 24
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Euro Investment Grade Credit: A Growing, Diversifying, High-Quality Market
The financial crisis and subsequent regulation has ended the dominance of financials in euro corporate bonds.
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Banking problems impede India’s reforms
There has generally been a positive response to Prime Minister Narendra Modi’s structural reforms, but there has been an investment slowdown in the medium-term, and recent scandals, huge bad loans and ATM cash shortages imply a banking system that is in crisis – to the tune of $210 billion.
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Strategic Relative Value: Q2 2018
Even modest upward interest rate adjustments can be disruptive to risk markets when they collide with slowing economic growth, shifting monetary regimes, and geopolitical shocks.
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What to know about investing in China
There used to be a lot of concern around China’s old industrial economy, but supply-side reforms have curtailed excess capacity.
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Why sustainable growth supports ASEAN equities
The Association of Southeast Asian Nations is in a cycle of high-quality, balanced economic growth, with China leading the way.
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Asset Allocation Update: Strong earnings prompt US equities upgrade
Amid background noise such as ongoing trade skirmishes involving the US, the evolving Chinese economy and geo-political tensions, we have spent time analysing recent market movements and the implications for risk assets.
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The inflation pendulum
It’s not good to have too much or too little inflation, but trying to get a huge pendulum the size of the US economy to settle in the middle is very difficult.
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The employment enigma: why is there no inflation?
After years of monetary stimulus, zero interest rates and quantitative easing, the global economy is now experiencing strong, synchronised growth.
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Cross Asset Investment Strategy: May 2018
While in 2017 financial markets largely ignored geopolitical risks, as they were more inclined to read the Goldilocks narrative, this mood now appears to be changing.
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Sparkling performance boosts luxury goods
The past two years has seen a pick-up in luxury goods, as the global economy continues to expand.
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Going global with a consistent small cap strategy
‘Big is best’ is not an adage that we subscribe to with the Threadneedle Global Smaller Companies strategy: we concentrate on high-quality growing companies that we believe are undervalued by the market – and we do so on a global scale.
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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.