White papers - all assets – Page 268
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White papers
Europe needs new approach to escape economic malaise
With monetary policy seemingly reaching the limits of its effectiveness, another approach is required for the continent to avoid ‘Japanification’. We believe a focus on productive sustainable investment could not only stimulate growth, but also bring about social and environmental benefits
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White papers
Amplified: the future of finance is female
In this episode of Amplified, Aoifinn Devitt, Head of Investment of Hermes Fund Managers Ireland Limited, is joined by Steve Chiavarone, a portfolio manager and equity strategist at Federated Global Investment Management and Louise Dudley, Portfolio Manager, Global Equities at Hermes Investment Management, to discuss research carried out by Chiavarone in his paper ‘Respect – The Ascendancy of Millennials and How the Future of Finance is more female’.
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White papers
Reform: A route to resilience in emerging markets?
Following a series of IMF meetings in Washington, D.C., Carmen Altenkirch and Dariusz Kedziora discuss their views on how reform prospects may shape emerging market debt.
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Focal Point US outlook: a soft landing supported by the Fed
We expect the US economy to cool this year. Growth will likely ease from 2.2% to 1.6% because of the full effect of tariffs becoming effective during the first half of the year. The lagged impact of the 2019 rate cuts and that of the additional reduction we expect for Q2 will engineer a soft landing of the economy, despite still substantial headwinds. The Fed will take big steps to adapt its monetary policy strategy to a low-inflation, low-interest rates world. The broad view of this strategy should be clearer by summer, but the dovish bias it will most likely produce will be welcomed by markets.
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White papers
Coronavirus And The Implications For Emerging Markets
Our emerging markets equity team takes a look at the economic and market implications of the coronavirus.
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Risks Rebalanced - Asset Allocation Committee Outlook 1Q 2020
On Tuesday, January 14, Erik Knutzen, CIO of Multi-Asset Class, Gorky Urquieta, Co-Head of Emerging Markets Debt, and Conrad Saldanha, Senior Portfolio Manager, Emerging Markets Equity, discussed the AAC’s latest views on navigating the current market environment.
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White papers
Stable Growth, Policy in Transition - Fixed Income Investment Outlook 1Q 2020
With a stable economy likely to provide a positive environment for credit this year, shifts in monetary policy could contribute to more frequent volatility in fixed income markets, while political developments will be an ongoing risk.
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White papers
Fiat Money Vs. Cryptocurrencies / Private Vs. Public Digital Currencies…
The first part of this study analysed the competition between USD, RMB and EURO and presented the challenges for China and Europe to develop a genuine international currencies, having the capacity to compete with the USD. However, currency competition goes well beyond the “simple” competition between sovereign currencies (USD, EUR, RMB, JPY, CHF…).
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FX wars vs. Currency Wars USD vs. EUR vs. RMB vs. …
The USD is by far the most important international currency, although declining in recent years, especially as regard central banks’ FX reserves. New currencies have emerged (of which the RMB), central banks diversify their portfolios (especially in Asia), while some “old” currencies gain ground (the JPY and gold, to some extent). Moreover, even if two contenders exist at present (the euro and the RMB), the USD is the only currency to be considered as an international currency as regard all its characteristics: reserve currency, invoicing currency, vehicle currency, reference currency …
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White papers
Strategic Relative Value – Q1 2020
Persistent central bank liquidity and easing geopolitical tensions should support a continued rally in risk assets this year. However, the significant disconnect between elevated valuations and only modest economic growth means risk assets are vulnerable to a deterioration in sentiment so investors should also maintain some defensive positioning.
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White papers
What Can German Equity Investors Expect in the Months Ahead?
While the phase one U.S.-China trade deal may provide a near-term boost for German equities, there are a number of risks on the horizon that could introduce volatility in the months ahead—making stock selection as important as ever.
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White papers
On My Mind: Oops! They Qe’d Again
The US Federal Reserve (Fed) has expanded its balance sheet by about $400 billion since last September. This has reversed more than half of the balance sheet unwinding (about $700 billion), which the Fed had started in October 2017.1 A growing number of analysts and investors have concluded that the Fed is once again engaged in quantitative easing (QE). The Fed denies it.
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White papers
Multi-asset allocation views: Uncertainty clouds the outlook for European assets
Sunil Krishnan considers whether Europe can break out of its economic malaise and the factors investors should watch out for in 2020.
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White papers
The Green Swan: Central Banking And Financial Stability In The Age Of Climate Change
Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks’ financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly challenging because of the radical uncertainty associated with a physical, social and economic phenomenon that is constantly changing and involves complex dynamics and chain reactions.
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White papers
Going Viral: The Coronavirus or a Central Bank Holding Pattern?
Wuhan goes on lockdown while the U.S. shifts trade truce considerations to Europe. Meanwhile, Central banks remain optimistic for strengthening global growth, and we’re vigilant for potential insurance cuts from the BoE next week.
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White papers
Flexible credit: six drivers of conviction
What are the key determinants of an active credit fund manager’s decision to invest? From curve and convexity through to sustainability and sizing, we assess six drivers of conviction.
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White papers
Spectrum Asset Management Outlook for 2020
Some macro risks—such as Brexit—appear to be de-escalating, but uncertainties continue; trade war negotiations are likely to overhang sentiment into the United States election.
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EMD in 2020: A year of “alpha,” and the return of the “political economy”
As we end another tumultuous year for emerging markets (EM), it’s a good time to pause and reflect on what the start of the third decade of the 21st century holds for emerging market debt (EMD) investors.
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Delta: our 2020 credit-sector outlook
From electric-vehicle sales to US pharmaceuticals and the strength of European banks, our credit analysts provide their 2020 outlooks for industry sectors.
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Why fixed-income investors should factor sustainability into investment decisions
Why should fixed-income investors factor sustainability into their investment decisions, and what are the approaches available to them? What drives an impactful engagement with a credit issuer? These are some of the key questions that our clients and prospective investors ask about ESG and engagement in fixed-income markets.