White papers - all assets – Page 262
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White papers
One Quarter Or Two?
Markets will stabilize when investors start to focus on the same question.
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White papers
One month for the history books
Global equities (MSCI World) have lost 30% since the 19th of February, as the Chinese sanitary crisis morphed into a Global Covid Crisis (GCC). This is the fastest sell-off ever. The drawdown has cut $24 trillion from the global equity market capitalisation – more than the annual US GDP! Investors are scared and praying that the contagion of the coronavirus will slow. But for now the pandemic crisis is still worsening: in the 7 days to 19 March, the total numbers of cases, now 235k, has increased at an average 9% per day.
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White papers
Gold at the End of the Government’s Rainbow
Initial claims show the first impact on the U.S. labor market and are likely to increase, the second U.S. stimulus package is in the books and a third is on the way while the ECB announces a Pandemic Emergency Purchase Program.
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GIAM Macro & Market Research - Market Commentary
Yesterday evening the ECB surprisingly launched its new QE program “to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19.” At the March 12 policy meeting President Lagarde made clear that the response to the crisis should be “fiscal first and foremost”. However, the dramatic developments since then – with specifically sovereign euro area bond spreads rising strongly – induced further ECB action.
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Covid-19 update - Current credit market perspectives
The rapidly expanding footprint of the new Covid- 19 coronavirus, has shaken investor confidence, with significant falls in global equity markets as investors focus on the likely recessionary impact on global growth, as well as the direct sectoral impacts in key areas such as tourism, retail, autos and at company level on supply chain exposures to China. This has also fed into global credit markets.
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Quarterly Economic Outlook: Keeping the Punch Bowl Filled
In his latest Economic Outlook, Senior Economic Adviser to the International business of Federated Hermes, Neil Williams, looks at the arguments for keeping the punch bowl of central-bank liquidity filled, and warns that we may only be half way through our current era of cheap money.
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AIQ - The Climate Edition : ‘Sticking’ it to carbon
The pros and cons of taxing emissions
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Outlook 2020: Private equity
As headwinds build for traditional assets, we expect private equity to attract more new capital in 2020, but there are some pockets with high valuations where investors should be careful.
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Fundamentals: making sense of current market conditions in Asia ex Japan
How does a portfolio manager deal with something as impactful but as uncertain as the coronavirus? What will the long-term impact be on stocks?
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Multi-Asset Allocation Views: Uncertainty and Opportunity
With a sharp deterioration in market sentiment our Allocation Views focus on the macroeconomic backdrop affecting market fundamentals
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Sharpe Thinking: managing coronavirus volatility
What’s moving the investment landscape? In these turbulent markets, we bring you views from our portfolio managers, analysts and economists, delivered by our Investment Office – an independent team ensuring that our strategies perform in the best interest of clients.
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White papers
Emergency Landing to the Zero Bound
Two weeks after reducing its policy rate by 50 bps to 1.25%, the Federal Reserve met Sunday in lieu of its scheduled meeting on March 18th and cut rates by a further 100 bps, effectively returning to the zero lower bound. The central bank also announced a host of other measures aimed at supporting the financial markets, and by extension, the real economy.
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White papers
Navigating Uncharted Territory
A conversation between Dr. Sonal Desai and Dr. Michael Hasenstab on macro views and navigating volatility in the shadow of Coronavirus and other shocks, along with a global investment outlook.
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White papers
Fixed Income: The Fed speaks loudly and carries a big stick
Reaction to the US Federal Reserve’s dramatic action. CIO Sonal Desai, Franklin Templeton Fixed Income, calls the Fed’s response “massive and well crafted.”
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AIQ - The Climate Edition: Hot Water - The threat of warming oceans
As the challenges posed by climate change continue to loom large, due attention should be given to oceans, not just the solid ground under our feet and the air we breathe.
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High Drama in High Yield
Coronavirus and the OPEC price war combine for a one-two punch to high yield markets.
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Distressed Debt: Capturing Late-Cycle Value
Barings’ Stuart Mathieson and Bryan High discuss how recent macro events and credit market dynamics are impacting the outlook for distressed debt.
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White papers
The credit-market breakup: it’s not V, it’s U
What should fixed-income investors read into the recent moves in markets and how should they respond in the near, medium and longer term? In an atmosphere of uncertainty, we consider how a bias towards higher-quality credit and a flexible approach to protecting against the downside can help investors weather any further turbulence.