All White papers articles – Page 89
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White papersFixed income: New challenges for the easing cycle
Following an extraordinarily friendly market for fixed income in 2024, our fixed income teams assess the outlook for 2025.
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White papersWill the equities rally continue in 2025?
Our Equities Outlook 2025 outlines why the Republican sweep in the US election could have wide-reaching implications for stock markets, currencies, commodities and foreign countries.
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White papersAnother banner year for liquidity?
Investors won’t forget near-zero yields in a hurry. Liquidity – and the healthy returns on offer – will remain king in the coming year.
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White papersA short-lived crisis with long-lasting implications: first take on South Korea’s political event
In a significant political development, South Korean President Yoon declared emergency martial law on December 3, 2024, accusing the opposition of engaging in “anti-state activities” and plotting rebellion. This declaration followed the opposition Democratic Party’s actions in the parliamentary budget committee, where they pushed through a downsized budget bill and submitted impeachment motions against key government officials.
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White papersWhere will returns come from? Pensions in a new economic regime
Where will returns come from? Pensions in a new economic regime
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White papersSolid equity performances keep funding ratios on a high
Despite experiencing volatility in Q3 2024, markets demonstrated resilience with largely positive returns. The decrease in liability discounting rates in Q3 compensated these good performances, and funding ratios have been mostly stable over the period, still at comfortable levels.
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White papersEuropean Securitisations: Risk and Opportunities for Pension Funds
European Securitisations have recently attracted attention, with 2024 to date seeing record volumes of issuance since the Great Financial Crisis. European regulators have also shown strong support through several recent reports (from Noyer, Letta and Draghi), which have led to a public consultation from the European Commission. We review the opportunities and the associated risk of European securitisations for pension funds.
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White papersBeyond the Numbers: ESG in Action
As the 2024 Amundi-CREATE report highlights, the private markets asset class is particularly suitable for responsible investing. This article explores how an investor in private assets, such as Amundi Alpha Associates, can approach and refine responsible investment capabilities, as well as the practical steps taken to integrate ESG factors into their portfolio monitoring processes.
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White papersWhat’s next for France
The French fiscal situation deteriorated post-Covid. Public debt as a percentage of GDP now surpasses levels in the Euro Area, including Germany and Spain, even if it remains lower than the ratio in the US (which exceeds 120%).
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White papersM&A in 2025: Opportunity, with a Side of Scrutiny
Governments, businesses and consumers all took advantage of a decade of free money. Bond markets are now multiple times larger than before the Great Financial Crisis (GFC), having soared to record levels. Economic activity and most financial markets benefited. As central banks around the world swiftly raised interest rates to fight inflation, significant challenges are emerging, especially concerning the ability to refinance or repay substantial volumes of maturing debt.
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White papersSchroders Capital Global Real Estate Lens Q4 2024: your go-to guide to global property markets
Deal volumes and performance remain subdued, but there is evidence that pricing is recovering and sentiment is improving against a stabilised economic backdrop, which should support increased activity as we head into 2025.
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White papersNuveen hits over AUD $400 million first close for Australian real estate debt strategy
Nuveen, one of the largest asset managers with over $1.2tn AUM, has closed its first commingled Australian commercial real estate debt strategy with anchor investments of over AU$400M from the Teachers Insurance and Annuity Association of America (TIAA) and Temasek, a global investment company headquartered in Singapore. These commitments are expected to grow via additional investments from other global investors who are currently progressing due diligence.
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White papersOutlook 2025-2026: Trump-starting the global economy
2025 may be characterised by divergence across the world’s main economic regions, around three dimensions: underlying growth, fiscal policy, and monetary policy
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White papersTrumponomics to provide new twists in 2025
The US election and the radical economic programme President-elect Donald Trump has promised to implement will heavily influence macroeconomic developments in 2025. While much of the course of the year from an economic perspective is largely baked in, reflecting the existing momentum (or lack of) of the major economies, ‘Trumponomics’ will affect all and provide new twists.
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White papersThe Head of Macro Research view: Trump-starting the global economy
Two major policy uncertainties lie at the heart of the global outlook for 2025 and 2026. The first is the extent that US President-elect Donald Trump translates campaign promises into policy. Our view is that he will not fully deliver what he suggested on tariff increases, migrant deportations or fiscal loosening. However, we anticipate enough delivery to materially impact US growth as these policies bite into 2026.
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White papersThe CIO view: Shifts in the balance of risk and return
US President-elect Donald Trump’s radical policy agenda has created some financial market uncertainty, in terms of the outlook for investment returns. Nevertheless, we believe the central macroeconomic outlook remains favourable for bonds and equities. Growth, stable inflation and lower interest rates should support markets. But investment decisions need to consider cashflow resilience and valuations, given policy risks and broader concerns. For now, we don’t expect a recession in 2025 which should help deliver positive equity returns, while credit markets should provide attractive income opportunities.
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White papersThe Chief Economist view: Divergence
2025 may be characterised by divergence across the world’s main economic regions, around three dimensions: underlying growth, fiscal policy, and monetary policy.
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White papersGlobal Real Estate Outlook 2025: A new chapter begins
Appetite for real estate investments is continuing to rise, given most global markets have reached a turning point, with capital values largely stabilised and some having begun their recovery phase. As we enter a new cycle, we believe lower entry prices, coupled with strengthening rental growth, make for attractive return potential.
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White papersOutlook 2025: Highlights and investment implications
Two major uncertainties lie at the heart of the global economic and investment outlook - to what extent will US President-elect Donald Trump translate campaign promises into policy and how successful will China be in reigniting its economy?
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White papersThe constructive outlook for sustainable corporate bonds
Renewed economic growth and lower interest rates should support corporate bonds generally. Sustainable corporate bonds in particular may benefit from additional tailwinds and provide investors with opportunities to boost returns and temper credit risk, write Michel Baud and Yrieix De James.
