All Gilts articles
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White papers
Who wins the next property cycle?
Alex Ross, manager of the Premier Miton Pan European Property Share Fund, shares the importance of understanding why this next property cycle will see a different type of winner.
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White papers
Investors Cannot Ignore the Debt-Sustainability Question
Despite a pullback in bond yields, clients at our Solving for 2024 event were still uncertain about how to invest in a world of runaway government debt.
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White papers
Up then (marginally) down again
Markets rose earlier in the week on hopes of an interest rate freeze from the world’s central banks; only to reverse course on the back of less dovish outlooks from the US Federal Reserve and the Bank of England.
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Podcast
The Investment Podcast: Dissecting the fallout from the gilt crisis
Just over a year has passed since the gilt market turmoil of September 2022, sparked by the UK government’s so-called ‘mini-budget’. The fallout from the crisis, as the pound fell and gilt yields spiked, prompted an emergency intervention by the Bank of England to restore orderly market conditions against a global backdrop of high inflation and rising interest rates. A significant change in asset class demand dynamics ensued as pension funds sought to meet collateral calls for their LDI mandates.
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White papers
Fixed Income: What’s next for gilts and the United Kingdom?
Gilt prices have been struggling this past year due to surging inflation and interest-rate increases. David Zahn, Franklin Templeton Fixed Income’s Head of European Fixed Income, shares his outlook for the UK economy and why he thinks now is a good time to consider investing in gilts.
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White papers
The UK’s trifle with inflation
Brandywine Global: With the Bank of England still struggling to contain inflation, we believe market expectations for additional near-term rate hikes have left gilts attractively valued relative to other G10 countries.
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White papers
Stubbornly high inflation sends bond yields higher
UK inflation fell by less than forecast in April, Wednesday’s data revealed, prompting expectations of further interest rate hikes, and pushing bond yields to their highest levels since October.
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White papers
Inflation Quarterly Monitor
In March, the UK Debt Management Office (DMO) announced its borrowing remit for fiscal year 23/24, alongside the Office for Budget Responsibility’s updated forecasts for gross financing. A small downward revision of £3.3 billion was made to the remit in April, resulting in less short and long dated conventional gilts being raised via auctions but no change to inflation-linked gilts.
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White papers
Gilts: Testing market appetite for UK Government debt
The Gilt market is bigger than it has ever been – and more volatile than it has been in decades, which throws up interesting and exciting opportunities.
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White papers
UK Fiscal Budget: main political, social and market implications
The UK fiscal budget main political implications: The budget is designed to improve public finances, regain market trust, and help the Conservative government regain some ground ahead of the next election.
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White papers
UK government woes continue to overshadow markets
Investors unnerved by conflicting plans of the Bank of England and the UK Treasury as central bank seeks to put brake on growth to tame inflation while government wants to put foot on the growth accelerator.
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White papers
U.K.’s Mini-Budget Causes Major Market Moves
The U.K.’s sweeping fiscal package caused widespread disruptions—leading the BOE to intervene and restore market stability—which could lead to more hikes in the near term. Meanwhile, labor stats in the U.S. next week should help show just how far the Fed might go.
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White papers
Hoping for the Best, Preparing for the Worst
We’ve officially embarked on a very peculiar tightening cycle—one in which inflation is at levels more associated with the peak of the hiking cycle, and not the start.
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White papers
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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White papers
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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White papers
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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White papers
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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White papers
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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White papers
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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White papers
Sparkling performance boosts luxury goods
The past two years has seen a pick-up in luxury goods, as the global economy continues to expand.