White papers - all assets – Page 197
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White papers
Real Yields, Inflation Breakevens and Risk Assets: The Changing Environment
The fixed income world is beginning to undergo a multiyear transition as aggressive monetary accommodation and government spending across key economies drive higher near-term economic growth rates.
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Striving for a Net-Zero Investment Climate
With climate change continuing to be a predominant issue impacting the globe, investors have been increasingly considering net-zero carbon emission approaches during portfolio development.
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Japan Could Win a Medal in the Recovery Race
A strong manufacturing base and changing attitudes toward shareholder value could mean the world’s capital heads to Japan, even if the world’s sports fans cannot.
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The Temperature’s Rising
As Treasury yields climb and assets geared to the recovery race ahead, the Asset Allocation Committee asks, Will the economy overheat, and should investors rebalance?
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Brazil And South Africa: Two Continental Giants With Feet Of Clay
Following heavy public spending during the pandemic, Brazil’s and South Africa’s government debt has surged over the past year, exacerbating the already sizable fiscal problems both countries were facing before the onset of COVID-19.
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Global Macro Outlook - Second Quarter 2021
Vaccination progress and fiscal stimulus have advantaged the US economy, which we expect to grow about 6.5% in 2021. China, too, is rebounding, with output already topping pre-crisis levels. We’re still cautious, however, about Europe, where rising COVID-19 cases may further delay reopenings.
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Living in the past: Why are controversy scores so controversial
Many investors use controversy scores as a filter to avoid firms whose damaging behaviour has hit the headlines, from human rights violations to environmental disasters. But these scores have serious limitations, making them an inadequate tool for investors who want to manage ESG risks and have a positive impact.
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Shifts & Narratives #1 - Do not give up on fundamental valuations
Today, most investors are at a loss regarding what to think of the notion of value and valuations and, even most importantly, how to use it in portfolio construction.
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*In finance, you have to talk about the blue economy*
As awareness of the importance of the blue economy grows, finance can – and must – make a major contribution.
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Investment Outlook: You asked, we answered
Our Global Views team attempts to answer some of the questions often asked by our clients.
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Market Scenarios and Risks - April 2021
Significant progress in managing the pandemic, massive fiscal impulse in the US, and boosters in the RoW amidst accommodative monetary policies.
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Macroeconomic Picture - April 2021
United States: thanks to fiscal aid and still extremely accommodative monetary policy, the US economy will likely recover much of the ground lost during 2020, returning to prepandemic levels around mid-year, while the labour market will take longer to recover fully.
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Economic Outlook: can things ‘only get better’?
Looking at the rest of 2021 through a macro lens feels a bit like 2009: one would hope that ‘it can only improve on the year before’. Which, surely it must. Stimulus extensions, accelerating vaccine roll-out (notably in the UK), base-effect, and expectations of more are all raising confidence, supporting risk-assets and promising macro improvement.
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Spring has Sprung from Seeds of Spending
In the U.S., fiscal stimulus and vaccine rollout are already leading to improvements in the service sector.
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Q2 2021 Fixed Income Views: Too Much of A Good Thing?
Franklin Templeton Fixed Income Views explores the drivers of the reflation narrative, the potential risks that should not be ignored, and the implication for fixed income investors.
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Global Investment Outlook: Inflation, Rotation and Opportunities
In this global investment outlook, our investment professionals across asset classes share how they’re thinking about portfolios amid continued market uncertainty.
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Why EM bond investors can no longer ignore ESG
The most successful investors will help steer governments towards the path that boosts their credit ratings, gives them most access to the market and improves the fortunes and potential of citizens.
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How ESG considerations can impact emerging market investments
Governments everywhere are racing to lock in historically low borrowing costs by issuing ever longer dated debt – in recent years Mexico and Argentina even managed to sell century bonds. That presents several new challenges for fixed income investors. Particularly those who own emerging market bonds.
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How might climate change impact economic growth for emerging markets?
For all the sovereign issuance of green bonds so far, a great deal more funding will need to be raised to limit climate change. Globally it will cost between USD1 trillion and USD2 trillion a year in additional spending to limit global warming, some 1 per cent to 1.5 per cent of worldwide GDP, according to the Energy Transitions Commission.7 And a significant part of those costs will need to be borne by emerging economies, not least because they are likely to suffer most.