All Equities articles – Page 5
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White papersGlobal equities overcome obstacles, remain in rally mode
Global equities delivered solid third-quarter results in 2025, with emerging markets leading non-U.S. benchmarks through nine consecutive positive months while U.S. shares rebounded from April’s tariff-driven selloff with the S&P 500’s best September since 2010. Despite diverging monetary policy, the Federal Reserve cutting rates to support a softening labor market while the ECB and BoJ held steady, equities rallied amid trade concerns and shifting earnings expectations. A broadly neutral stance balances growth-oriented U.S. technology stocks benefiting from AI with more defensive positioning in dividend growers, global infrastructure and utilities, which offer attractive income, lower volatility and exposure to rapidly expanding energy demand despite elevated valuations in some market pockets.
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White papersSoft signal: How Labubus became a barometer for the global economy
In 2025, few would expect a plushie keychain to offer a window into the state of the global economy. Yet, Labubus, by Chinese toymaker Pop Mart, have become an unlikely proxy for shifting consumer behaviour, the rise of cultural commerce and China’s expanding soft power, writes Noura Tan. Speaking to Jamie Zhou, a fund manager in the Asia Pacific Equities team, they unpack China’s next wave of consumer exports where sentiment drives strategy amid rising protectionism.
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White papersFrom electrons to photons: The next great compute transition
Computing has evolved through significant shifts in the medium and mechanisms of processing information, leading to transformative impacts on industries and economies. Carl Vine, Co-Head of Asia Pacific Equities, argues that another such change is happening now, with the use of photons. He explores what the transition from electrons to photons might mean for today’s dominant technology firms and who could win in the new photonics age.
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White papersAsset Allocation Committee Outlook 4Q 2025
After a remarkably resilient performance in 2025 for the global economy and markets, the Asset Allocation Committee (AAC) maintains confidence in its overall outlook—continued strength in growth and risk assets over the medium term, with targeted tactical exposures across asset classes and regions.
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White papersIn it for the long haul: The private companies creating the future
As the world undergoes rapid transformation, the companies shaping tomorrow’s economy can often go unnoticed. Alex Seddon explores how private markets are now offering a unique opportunity for investors to align their savings with the economy of the future.
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White papersFresh breadth? Market concentration in three charts
With the S&P 500 Index near record highs, have we moved past peak dominance for the Magnificent Seven (“Mag 7”) group of stocks? It appears so, and it represents a healthy move away from the extreme concentration that raised concerns about risks to investor portfolios.
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White papersQuarterly Equities and Multi Asset Outlook – Q4 2025
The recent flurry of AI deals, creating increasing interdependencies among some of the world’s largest AI players, is bringing back memories of the dot.com bubble. The key question in investors’ minds is whether we are now facing an AI bubble. The second derivative of the same question is whether we have reached a peak in equity markets overall, after a remarkable run. In our opinion, as is often the case, the answer’s not straightforward.
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White papersJapanese politics: Brinkmanship or break-up?
The Komeito Party’s announcement of its withdrawal from its 25-year coalition with the Liberal Democratic Party (LDP) has caused political uncertainty in Japan. Carl Vine, Co-Head of Asia Pacific Equities, explores historical precedents and considers the potential political and market implications of this split.
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VideoPortfolio Finance: 101
In this animated explainer video, we unpack what portfolio finance is, why it’s gaining traction, and how it’s helping investors tap into private markets with flexibility, diversification, and downside protection.
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White papersCapital Market Assumptions
Why a new economic regime calls for a reassessment of risk and rewards
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White papersRelative Value & Tactical Asset Allocation – Q4 2025
Turbulence in growth resulting from U.S. policy vacillations continues to drive expectations for global activity and inflation risks. Although initial tariff announcements resulted in a significant equity market downturn and a surge in volatility, financial markets have recovered and rallied. However, the tariff impact on data is likely to lag survey and other data, suggesting that we are unlikely to see a significant acceleration in economic activity anytime soon.
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White papersAI: Boom? Bust? Or Both?
Amid the AI frenzy are some early signs of the technology’s positive impact on productivity, raising profound implications for growth, inflation, labor markets, and asset prices.
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White papersJapanese dividends: The trend is your friend
Dividends in Japan have been growing in the past decade, and the trend is accelerating. Carl Vine, Co-Head of Asia Pacific Equities, explains why dividend growth is a compelling element of the Japan “reform” story – and why he believes the trend is set to continue.
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White papersSpectrum: A quiet revolution
Innovation and evolution are at the heart of our MDT quant strategies. Our latest Spectrum report examines how the team uses machine learning, novel factors and decision trees to gain an edge.
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White papersJapanese markets await clarity on leadership
Japanese equities hit a new record in October following the election of pro-business Sanae Takaichi as the leader of Japan’s ruling political party (LDP). However, the dust hasn’t fully settled as the long-term coalition between LDP and its partner Komeito broke down on Friday. Markets were expecting that if confirmed as PM, Takaichi’s policies to increase government spending could boost the country’s economic growth. On the other hand, the yen weakened on worries that the push for higher spending could negatively affect the government’s financial situation.
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White papersHow China’s anti-involution policy is rewiring global green tech
China is taking aim at one of its most persistent economic ailments: involution. Originally rooted in anthropology, the concept now underpins a sweeping policy shift aimed at curbing hyper-competitive, self-defeating dynamics in sectors like solar, lithium batteries and electric vehicles. Beijing’s campaign to curb margin-eroding competition is reshaping the risk-reward profile of China’s clean tech sectors, and sending signals global investors can’t afford to ignore.
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White papersU.S. equities: A constructive setup for 2026
With rate cuts likely in a non-recessionary environment and strong tech momentum, U.S. equity markets appear well-positioned for further gains into 2026.
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White papersFive forces that could stimulate the US economy
The US economy has demonstrated surprising resilience in the six months since President Trump unveiled a long list of tariffs against virtually every trading partner. In the aftermath of “Liberation Day,” fears of an imminent recession have eased as investors have started to envision a future without a tariff-induced trade war.
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White papersEuropean equities offer potential long-term growth and value
European stocks have enjoyed significant outperformance in 2025, with the regions indices comfortably outpacing other major markets.
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White papersThe impasse in the US Congress
The US government shut down on 1 October, following disagreements between Republicans and Democrats over healthcare-related spending. In particular, the Democrats are demanding an extension of the premium subsidies provided under the Affordable Care Act, which are due to expire by year-end.
