Commentary & analysis
Featured articles
The fixed income sweet spot
Although government bond yields remain at very low levels, the broader fixed income universe has much to offer at present. Indeed, record-low interest rates and central bank liquidity injections are creating very positive conditions for bond investing. In this paper, Nick Gartside looks at the factors driving bond markets, examines …
What a slowing China means for investors
There has been much talk recently about whether the Chinese economy faces a hard landing. In this paper, we explain why we continue to believe that a soft landing is the most likely scenario. China is slowing, but will it be a hard or soft landing? Evidence continues to mount …
Missing the target: Eurozone bailouts and TARGET2
The dramatic depth, dispersion, and duration of the global financial crisis that began in 2007 has led to unprecedented actions by central banks. They have tried to both contain the fallout from the crisis and to speed the economic recovery. The most unusual of the new measures has been quantitative …
Latest articles
-
Weekly Market Recap – 21 May 2012
The Polish government’s recent decision to raise the male retirement age to 67 from 2020 (currently it is 65) is part of an ongoing trend throughout Europe, as governments seek to cut their budget deficits. But such policies need to be accompanied by efforts to retain older workers in the …
-
Weekly Strategy Report – 21 May 2012
A challenging week offers some vindication A challenging week offers some vindication. Last week, we were grateful that our portfolio is relatively lightly risked as the markets took in the prospect that Greece could default and perhaps leave the euro and reports circulated of deposit flight from Greek and Spanish …
-
Weekly stock market report (5 – 11 May 2012)
US: Greek woes overshadow brighter economic news Political tension in Greece contributed to a 1.7% decline for Dow Jones last week, the index’s sharpest weekly fall in 2012. The broader S&P 500 lost 1.1%, while the tech-biased NASDAQ was down 0.8%. EUROPE: Greek political deadlock raises eurozone exit fear The …
-
Going with the flow: Fund flows and asset allocation
Retail investors have traditionally been characterised as chasing the markets and only moving into an asset once most of the returns have already been made. Our analysis of broad asset allocation to equities and fixed income shows that this is not the case. There has been a dramatic change, however, …
-
The underemployment of older workers in Europe
The Polish government’s decision earlier this month to raise the male retirement age to 67 from 2020 (currently it is 65) is part of an ongoing trend throughout Europe, as governments seek to cut their budget deficits through adjustments to pensions and welfare payments. Aggravating the pension problem is the …
-
Grexit: Should I stay or should I go?
The situation in Greece is becoming more preoccupying by the day. No party leader has been able to form a government and new elections may need to be held next month, while the rising popularity of the anti-bailout Syriza party means they would likely receive the greatest number of votes. …
-
Investment Director’s bulletin – May 2012
The key drivers of the pull back in world equity markets were mixed economic data and negative political news, which heightened concerns that the fundamental risks to equities remain material.
-
Weekly market recap – 14 May 2012
There has been much talk of a “growth compact” for the eurozone, but this means different things to different people. At one end of the spectrum is the German government/ ECB view, which has that sustainable growth can only result from government budget discipline and supply side reforms (eg reforming …
-
Weekly strategy report – 14 May 2012
Is it time to go overweight Europe? Every investor’s favourite regional equity bet seems to be underweight Europe against overweight the US. We agree, and are positioned in line with consensus.
-
Weekly stock market report (28 April – 4 May 2012)
US: Economic worries knock sentiment US stocks fell last week as concerns over the strength of the economic recovery hit sentiment. The Dow Jones was 1.4% lower, while the S&P 500 had its worst week of 2012 so far, falling 2.4%. The NASDAQ underperformed, losing 3.7%, as technology stocks succumbed …
