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Factor Views 3Q 2018

By Yazann Romahi
As volatility subsided and equity markets recovered, performance was mixed across factors. We see potential catalysts in place across the equity, event-driven and macro spaces.
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Weekly Bond Bulletin: It’s a relative game

By GFICC Investors
With yields still low across much of the global bond market, the task of the fixed income investor today is to identify pockets where valuations are relatively attractive. European high yield looks like one such bright spot.
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Mind the Valuation

By Pierre-Yves Bareau
Broad emerging market (EM) fundamentals at both the sovereign and corporate end remain strong; however, the widening growth gap between the US and other developed markets, in addition to rising core yields and stronger US dollar, has created a challenging external environment for emerging markets.
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Monthly Market Review - July (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - July (Taiwan Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Here we go again: U.S.-China trade tensions

By Hannah Anderson
This paper, written by Hannah Anderson, responds to the latest escalation in the U.S.-China trade dispute and discusses how investors can position themselves for rising trade tensions.
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3Q 2018 Emerging Market Debt Strategy

By Pierre-Yves Bareau
This paper, written by Pierre-Yves Bareau, analyzes the emerging market debt sectors and its strategic implications over the coming quarter.
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Global Asset Allocation Views 3Q 2018 (Taiwan Traditional Chinese)

By John Bilton
Each quarter, the J.P. Morgan Multi-Asset Solutions team meets to debate current views and establish key global themes. Our 3Q 2018 Global Asset Allocation Views and Model Portfolios represent the outputs of this meeting.
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Brexit: Ready for the main event

By Karen Ward
This paper, written by Karen Ward, provides an update on Brexit following Prime Minister Theresa May's cabinet meeting and the subsequent resignation of David Davis, Brexit Secretary.
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Monthly Market Review – July

By Tai Hui
We are pleased to release this month’s market review, a summary of the factors driving global markets over the last month.
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Trade tensions: A fight on many fronts

By David Lebovitz, Gabriela Santos, Hannah Anderson
This bulletin, written by David Lebovitz, Gabriela Santos and Hannah Anderson, addresses the current trade with clarity on which tariffs have been enacted vs. those still under discussion.
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Global Fixed Income Views 3Q 2018

By Bob Michele
Our base-case scenario remains Above Trend Growth, amid continuing global economic strength. We remain cautious on U.S. rates, expecting market volatility with transition away from QE. Favored sectors: Short duration securitized credit, leveraged credit.
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European Central Bank meeting: Time called on the asset purchase program

By Karen Ward
This paper, written by Karen Ward, examines the European Central Bank meeting outcome and its investment implications.
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Dividends: Sidelined, but still in the game

By Ian Hui
This paper, written by Ian Hui and Marcus Yiu, addresses the relevance of high dividend strategies amid the current rising U.S. interest rate environment.
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The Fed: More hawkish, but what did you expect?

By Dr. David Kelly
This paper, written by Dr. David P. Kelly, addresses the main implications of the U.S. Federal Reserve meeting in June.
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Monthly Market Review - June (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - June (Taiwan Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Global Asset Allocation Views 3Q 2018

By John Bilton

While global growth remains above trend, it is late cycle. We are modestly pro-risk, but our conviction is a touch lower. We keep a moderate overweight to stocks, but close our duration underweight and remain neutral on credit and cash.

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Monthly Market Review – June

By Tai Hui
We are pleased to release this month’s market review, a summary of the factors driving global markets over the last month.
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A populist shift in Italy but not a systemic risk

By Maria Paola Toschi
This paper, written by Maria Paola Toschi, addresses the latest formation of populist government in Italy and its investment implications.
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Global Equity Views 2Q 2018

By Paul Quinsee
While investors have become more nervous, concerned about trade tensions and/or a monetary policy mistake, we see enough profit growth ahead to stay fully invested in equities. Regionally we like emerging markets and, on a sector basis, financials.
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Monthly Market Review - May (Taiwan Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - May (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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UK Bank of England meeting: Rates on hold amid mixed signals on the economy

By Karen Ward
This paper, written by Karen Ward, addresses the latest Bank of England’s base rate of interest announcement and its investment implications.
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Emerging Market Strategy Q2 2018: Internal strength, external risks

By George Iwanicki
Risks to an asset class come in two varieties—internal and external. In past cycles, the main risks to emerging markets came from within (overheating economies, FX peg regimes amid external deficits and hard currency-denominated sovereign debt, among others). But as we assess the prospect for EM equities, the risks today appear to be primarily external, not internal.
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Investors eye the negotiating table: Rebalancing China-U.S. trade and markets

By Hannah Anderson
This paper, written by Hannah Anderson, examines the micro and macro investment implications of ongoing China-U.S. trade tensions.
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Australian Budget 2018-2019: finding the middle ground

By Kerry Craig
This paper, written by Kerry Craig, addresses the latest announcement of Australian budget and its investment implications.
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Monthly Market Review – May

By Tai Hui
We are pleased to release this month’s market review, a summary of the factors driving global markets over the last month.
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The LIBOR spike

By Alex Dryden, Jordan Jackson
U.S. LIBOR has spiked causing some investors to fear that there is a fundamental problem with the global interest rate market. This bulletin, written by Alex Dryden and Jordan Jackson, provides clarity on what LIBOR is, what has been recently happening, and three important ways rising U.S. LIBOR could impact investors.
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2Q 2018 Emerging Market Debt Strategy

By Pierre-Yves Bareau
This paper, written by Pierre-Yves Bareau, analyzes the emerging market debt sectors and its strategic implications over the coming quarter.
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2Q 2018 Global Fixed Income Views (Taiwan Traditional Chinese)

By Bob Michele
Every quarter, J.P. Morgan's Global Fixed Income, Currency & Commodities team, led by Robert Michele, CIO, determines its outlook for fixed income markets for the next three to six months and identifies its most attractive investment ideas.
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1Q18 earnings update: A tailwind from taxes

By David Lebovitz
This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 1Q18 U.S. earnings with performance of cyclical sectors and its investment implications.
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Monthly Market Review - April (Taiwan Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Global Asset Allocation Views 2Q 2018 (Taiwan Traditional Chinese)

By John Bilton
Each quarter, the J.P. Morgan Multi-Asset Solutions team meets to debate current views and establish key global themes. Our 2Q 2018 Global Asset Allocation Views and Model Portfolios represent the outputs of this meeting.
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Monthly Market Review - April (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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PBoC to push financial market opening with a concrete timetable

By Marcella Chow
This paper, written by Marcella Chow, analyzes the recent financial market opening measures announced by Governor Yi and how they impact our view on Chinese equities.
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Monthly Market Review - April

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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301 problems, and retaliation is one

By Hannah Anderson
This paper, written by Hannah Anderson, unpacks the latest changes in U.S. trade policy and discusses their market implications.
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A logical tilt toward tighter policy

By Dr. David Kelly
This paper, written by Dr. David P. Kelly, addresses the main implications of this week’s U.S. Federal Reserve meeting.
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Renewable energy and battery storage: Impacts of disruption on the core infrastructure investor

Disruption threatens all investors. Every industry and sector faces disruption risks from new technologies, competitors, politics and regulations.
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Monthly Market Review - March (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - March (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - March

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Shedding light on trade turmoil

By Dr. David Kelly, Samantha Azzarello, David Lebovitz
Over the past week financial markets have reacted negatively to President Trump’s announcement of tariffs on steel and aluminum, mainly due to fears of a trade war that could reduce global trade. We address a number of key questions that investors have been asking about this issue.
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Italian election: Let the coalition battle commence

By Maria Paola Toschi
This paper, written by Maria Paola Toschi, examines the impact of the Italian election outcome and its investment implications.
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European Central Bank meeting: Subdued inflation to keep policy accommodative

By Karen Ward
This paper, written by Karen Ward, examines the European Central Bank meeting outcome and its investment implications.
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German politics: SPD members vote for four more years of Chancellor Merkel

By Tilmann Galler
This paper, written by Tilmann Galler, discusses the German election and the investment implications from the change in European policy.
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Trade Turmoil: U.S. actions on steel and aluminum worry investors

By Hannah Anderson
This paper responds to the latest turmoil surrounding U.S. trade policy. 
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Asian equities: More room to run?

By Tai Hui, Ian Hui
This paper, written by Tai Hui and Ian Hui, discusses the current situation on earnings, valuations and headwinds for Asian equities and how it affects our outlook.
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Time to stress test your portfolio

A case for private core infrastructure. Now is the time for investors to prepare for the next period of financial stress, by testing their portfolios against a wide range of potential outcomes.
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1Q18 Global Equity Views (Taiwan Traditional Chinese)

By Paul Quinsee
Every quarter, J.P. Morgan's Global Equities’ senior investors, led by Paul Quinsee, Global Head of Equities, meet to discuss and debate current trends, best opportunities, and key risks in global equity markets.
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The Fed in 2018: Five things to know

By Alex Dryden, John Manley
This paper, written by Alexander Dryden and John C. Manley, addresses that the composition of the Fed will be different in 2018 and will likely be moving in a more hawkish direction.
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Emerging markets strategy Q1 2018: Volatility returns, fundamentals stay strong

By George Iwanicki
The combination of broadening economic growth and contained inflation is driving strong earnings gains.
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Monthly Market Review – February (Taiwan Traditional Chinese) 

By Tai Hui
We are pleased to release this month’s market review, a summary of the factors driving global markets over the last month.
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February volatility: More noise than signal?

By Karen Ward
This paper looks at whether recent volatility is more market noise, rather than selling signal.
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Bank of England: Less willing to tolerate inflation above target

By Karen Ward
This paper examines the latest monetary policy of the Bank of England and its investment implications.
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Monthly Market Review - February (Hong Kong Traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - February

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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The PBoC will not cause a hard landing in 2018

By Hannah Anderson
This paper, written by Hannah Anderson, presents global investors with a framework to use in understanding the People's Bank of China policy apparatus and discusses recent policy changes.
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Italian general election: Some concern is warranted but risks to the eurozone remain low

By Maria Paola Toschi
This paper reviews the possible outcomes of the Italian election that will take place on 4 March 2018.
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2018 Solving for income (Taiwan Traditional Chinese)

By Tai Hui
This presentation uses selected slides from the Guide to examine the role of income and benefits to investors.
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1Q 2018 Global Fixed Income Views (Taiwan Traditional Chinese)

By Bob Michele
Every quarter, J.P. Morgan's Global Fixed Income, Currency & Commodities team, led by Robert Michele, CIO, meets to discuss and determines its outlook for fixed income markets for the next three to six months and identifies its most attractive investment ideas.
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2018 Principles for successful long-term investing (Taiwan Traditional Chinese)

By Tai Hui
This presentation uses select slides from the Guide to explain key investment principles.
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2018 Principles for successful long-term investing (Hong Kong Traditional Chinese)

By Tai Hui
This presentation uses select slides from the Guide to explain key investment principles.
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Monthly Market Review - January (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - January (Hong Kong traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Global Asset Allocation Views 1Q 2018 (Taiwan traditional Chinese)

By John Bilton
Amid strong growth and modest inflation, it’s a good environment for taking risk. But it is late cycle-no time for complacency. We take U.S. high yield down to neutral, keep a broad regional diversification in equities and a small underweight to duration.
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2018 Solving for income

By Tai Hui
The Solving for Income presentation uses selected slides from the Guide to the Markets – Asia to examine the role of income and how it will benefit investors by keeping it as a key investment objective.
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2018 Principles for successful long-term investing

By Tai Hui
The Principles for successful long-term investing presentation uses selected slides from the Guide to the Markets – Asia to explain key investment principles that financial professionals can use with their clients.
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Monthly Market Review - January

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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The investment implications of tax reform

By Dr. David Kelly
This paper, written by David Kelly and John Manley, addresses the key elements of the U.S. tax reform and its investment implications.
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Monthly Market Review - December (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - December (Hong Kong traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review – December

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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The Year Ahead | 2018 (Taiwan Traditional Chinese)

By Tai Hui
This paper spotlights the 2018 investment landscape that investors should monitor to formulate an informed and rational view.
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The Year Ahead | 2018 (Hong Kong Traditional Chinese)

By Tai Hui
This paper spotlights the 2018 investment landscape that investors should monitor to formulate an informed and rational view.
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The Year Ahead | 2018

By Tai Hui
This paper spotlights the 2018 investment landscape that investors should monitor to formulate an informed and rational view.
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Monthly Market Review - November (Hong Kong traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - November (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review – November

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Quality over quantity: Investment implications of China’s new economic policy

By Marcella Chow, Chaoping Zhu, Hannah Anderson
This paper, written by Marcella Chow, Chaoping Zhu, and Hannah Anderson, discusses the evolution of China’s economic policy after the 19th National Party Congress and how it impacts our view on Chinese equities.
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Monthly Market Review - October (Hong Kong traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - October (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review – October

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Principles for a successful retirement (Taiwan Traditional Chinese)

By Wina Appleton
This booklet presents eight essential retirement planning principles toward a successful retirement.
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Monthly Market Review - September (Hong Kong traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - September (Taiwan traditional Chinese)

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - September

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Evolving expectations for infrastructure investing

Infrastructure remains an attractive asset class for institutional investors given its low correlations to other asset classes, relatively high yields, and the positive outlook for investor demand.
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Tackling China’s debt mountain needs more than SOE reform

This paper examines what China's continued efforts to clean-up corporate balance sheets, especially of State-Owned Enterprises, mean for investors.
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Goldilocks and the three risks

By George Iwanicki
Emerging markets are in the early phase of their recovery cycle. When comparing cycle-adjusted P/E multiples, emerging market equity ranks as the cheapest segment of the global equity market.
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The Bank of England votes to keep rates on hold… for now

By Michael Bell
The Bank of England (BoE) voted 6—2 in favour of keeping interest rates on hold at 0.25%, but indicated that rates may have to rise faster than the two rate rises the market had been anticipating over the next three years.
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Monthly Market Review - August

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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3Q 2017 Guide to the Markets and Quarterly Perspectives

Introducing our third quarter 2017 Guide to the Markets and Quarterly Perspectives. A comprehensive array of market and economic trends illustrated with clear and compelling charts.
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Monthly Market Review - June

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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Monthly Market Review - May

By Tai Hui
We are pleased to release this month's market review, a summary of the factors driving global markets over the last month.
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1Q 2017 earnings update: The recovery continues

By David Lebovitz
Given our view that the economy should continue to expand at a moderate pace, wage growth will gradually accelerate and interest rates will drift higher, it seems reasonable to expect that S&P 500 earnings will continue to rise over the remainder of 2017. For investors, we believe the prudent strategy is to follow the cash flows, and invest in those companies that are able to grow their earnings against the economic backdrop described previously.
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Emerging Market Debt: Reflation takes root

By Pierre-Yves Bareau
Given the risks posed by protectionism, we are more cautious on open economies and those more dependent on external funding. Overall, we have shifted our focus from market beta to carry this quarter, coming off of solid first quarter performance, tighter valuations and the little market premium attached to the risks we have identified. We place an emphasis on short-end names and those idiosyncratic stories that we identify as having positive event skew.
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Inflation's next phase

By Benjamin Mandel, Michael Hood
For investors, the recovery of inflation and inflation risk premia, against the backdrop of anchored inflation expectations, imply a supportive environment for risk assets. Our outlook suggests continued upward pressure on the market pricing of inflation, manifesting in higher bond yields and a widening spread between nominal and inflation-protected bonds.
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Fed's balance sheet "diet" should not limit appetite for EM assets

By Kerry Craig, Hannah Anderson
This paper addresses concerns about the Federal Reserve's balance sheet and emerging market investing.
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UK GDP: Continued strong growth numbers 

By Alex Dryden
With the economy growing at 2% and inflation hitting a 30-month high in December, the Bank of England is in a tough spot. In normal times, strong economic growth and higher inflation would lead to tighter monetary policy.
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Entering the reflation era

By Pierre-Yves Bareau
We are entering a new investment paradigm: the era of "lower for longer" and "search for yield" has now been replaced by an era shaped by higher growth, inflation and rates.
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