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    1. On the Minds of Investors

    On the Minds of Investors

    On the Minds of Investors

    Drawing on the depth and breadth of their market and economic expertise, our global macro strategists offer insight into today's big investment themes to enable more confident portfolio decisions.

    You asked, we answer. On the Minds of Investors tackles the big questions we hear in our conversations with clients – it’s our latest thinking on the issues that matter to you.

    Tai Hui

    Chief Market Strategist, Asia Pacific

    LATEST COMMENTARY

    Could the recent banking sector stress persuade the Fed to go slow?

    This paper, written by Tai Hui, discusses the recent bank failures and our expectations of the March FOMC meeting results.

    Read more

    Is 2% still the magic number for central banks?

    This paper, written by Kerry Craig, discusses the Fed's 2% inflation target and our expectations of the inflation trajectory.

    Read more

    A weaker U.S. dollar should support EM and Asian assets

    This paper, written by Tai Hui, addresses the outlook for U.S. dollar and the key factors driving its performance with investment implications.

    Read more

    China NPC preview

    This paper, written by Chaoping Zhu, provides the preview of the National People's Congress annual session and its investment implications. (3-minute read)

    Read more

    The path ahead for Japan’s monetary policy

    This paper, written by Marcella Chow, Shogo Maekawa, Jennifer Qiu and Adrian Tong, discusses the outlook for Japan's monetary policy and its investment implications. (3-minute read)

    Read more

    4Q22 U.S. Earnings: The calm before the storm?

    This paper, written by David Lebovitz and Nimish Vyas, discusses the 4Q22 U.S. earnings results so far and the investment implications. (3-minute read)

    Read more

    Navigating rates and growth uncertainty within fixed income

    This paper, written by Marcella Chow, discusses our views on growth and rates, as well as the outlook for different fixed income assets. (3-minute read)

    Read more

    Disagreement between the Fed and investors could bring more volatility

    This paper, written by Tai Hui, discusses U.S. growth and inflation, as well as expectations of the Fed's upcoming rate decisions. (3-minute read)

    Read more

    Marking the bottom of the Chinese economic cycle

    This paper, written by Chaoping Zhu, discusses the outlook for the Chinese economy with update on latest GDP number and situation of COVID-19. (3-minute read)

    Read more

    The spillover effects of China’s reopening

    This paper, written by Marcella Chow, Adrian Tong and Jennifer Qiu, discusses the impact of China’s reopening on tourism, trade and inflation. (3-minute read)

    Read more

    A policy party to end 2022

    This paper, written by Tai Hui, Chaoping Zhu, Marcella Chow and Adrian Tong, discusses continued hawkishness among DM central banks and China's Central Economic Work Conference. (3-minute read)

    Read more

    China market: buoyant market sentiment along a bumpy road to recovery

    This paper, written by Chaoping Zhu and Marcella Chow, discusses the outlook for the Chinese economy and CNY in light of the recent easing of COVID restrictions and upcoming policy conferences. (3-minute read)

    Read more

    All eyes on U.S. consumers this holiday season

    This paper, written by Adrian Tong and Jennifer Qiu, discusses the mixed outlook for U.S. consumer spending given lower savings rate, real wage growth and consumer sentiments. (3-minute read)

    Read more

    Gridlock means greater focus on inflation and the Fed

    This paper, written by Meera Pandit, Ian Hui and Adrian Tong, discusses the outlook for markets after the mid-term U.S. elections. (3-minute read)

    Read more

    A glimpse of hope for U.S. and China equities?

    This paper, written by Tai Hui, discusses the outlook for U.S. and China equities after recent economic and policy news. (3-minute read)

    Read more

    What is the outlook for long term returns?

    This paper, written by Tai Hui and David Lebovitz, discusses the outlook for the macroeconomic environment and asset class returns based on the 2023 Long-Term Capital Market Assumptions. (3-minute read)

    Read more

    Key events to watch out for to gauge China’s policy pivot

    This paper, written by Chaoping Zhu, discusses the outlook for China's policy pivot and the investment implications. (3-minute read)

    Read more

    The advantage of high dividend stocks in a stagflationary environment

    This paper, written by Paola Toschi and Vincent Juvyns, discusses the outlook for high dividend stocks in the current market environment and its investment implications.

    Read more

    Opportunities within fixed income: A trick or a treat?

    This paper, written by Ian Hui and Adrian Tong, discusses the outlook for fixed income and the investment implications. (3-minute read)

    Read more

    What should investors expect for 3Q22 earnings?

    This paper, written by Nimish Vyas, summarizes the results from the 3Q22 earnings season so far and the outlook for equity markets.

    Read more

    Politics and policy: The U.S. midterm elections

    This paper, written by Tai Hui and Meera Pandit, discusses the policy and market outlook with regards to the upcoming U.S. midterm elections. (3-minute read)

    Read more

    Are European assets cheap enough?

    This paper, written by Kerry Craig, Vincent Juvyns, Marcella Chow and Hugh Gimber, discusses the outlook of European equities and fixed income. (3-minute read)

    Read more

    After robust job gains, is the labor market coming into balance?

    The September Jobs report showed the economy continues to make progress in easing labor market tightness. The recent pace of job growth remains solid but has moderated, and wage growth continues to run at a more modest pace of 0.3% month-over-month.

    Read more

    Why cash is not king

    This paper, written by Clara Cheong, discusses why investors should stay invested through an income approach. (3-minute read)

    Read more

    The challenge facing UK policymakers to stabilize sterling markets

    This paper discusses the current uncertainties surrounding the UK government and economy, as well as market movements and outlook. (3-minute read)

    Read more

    A strong U.S. dollar and impact on Asian currencies

    This paper, written by Tai Hui, discusses our outlook for the U.S. dollar and its investment implications on Asian assets and currencies. (3-minute read)

    Read more

    Catalysts for growth style outperformance

    This paper, written by Clara Cheong, discusses the current outlook of growth stocks and its investment implications. (3-minute read)

    Read more

    The pros and cons of U.S. high yield corporate bonds

    This paper, written by Tai Hui, discusses the outlook of the U.S. high yield corporate bonds and its investment implications. (3-minute read)

    Read more

    Fed policy outlook after Jackson Hole

    This paper, written by Tai Hui, summarizes the key takeaways from the Jackson Hole meeting and its investment implications. (3-minute read)

    Read more

    U.S. 2Q22 earnings update: Where have all the earnings gone?

    This paper, written by David Lebovitz, Ian Hui and Nimish Vyaz, summarizes the 2Q22 U.S. earnings result and its investment implications. (3-minute read)

    Read more

    The outlook for Asian electronics and internet platforms

    This paper, written by Tai Hui, discusses the current situation and development of Asian technology sector with investment implications. (4-minute read)

    Read more

    The 60/40 Reloaded

    This paper, written by Clara Cheong, discusses the views on enhancing the 60/40 portfolio in today's market environment with investment implications. (4-minute read)

    Read more

    Is an earnings recession in the U.S. imminent?

    ​This paper, written by Clara Cheong, discusses the views regarding the earnings recession in the U.S. and path of inflation with investment implications. (4-minute read)

    Read more

    China’s economy: a gradual recovery in 2H 2022

    ​This paper, written by Chaoping Zhu, addresses the prospects and views regarding the gradual recovery of China's economy and its investment implications. (4-minute read)

    Read more

    Investors should not lose sight on sustainability as a long-term investment theme

    This paper, written by Tai Hui, addresses the reason behind and our view regarding the sustainability as a long-term investment theme and its investment implications. (4-minute read)

    Read more

    A few thoughts on fixed income

    This paper, written by Tai Hui, addresses the reason behind and our view regarding the fixed income as a portfolio component to prepare for slower growth and its investment implications. (3-minute read)

    Read more

    How are higher rates impacting private markets?

    This paper, written by Kerry Craig, describes the situation of private markets under the prospect of higher rates, higher inflation and a slower growth outlook with investment implications. (4-minute read)

    Read more

    Gauging U.S. economic recession risk

    While investors will inevitably be focusing on the Federal Reserve’s policy this week, one question on the back of everyone’s mind would be the risk of a recession in the U.S. (4-minute read)

    Read more

    What should I know about quantitative tightening?

    Even as QT commences, long-term rates are likely to trade range bound between 3.00%-3.5% and be little impacted by balance sheet reduction at first. That said, as bank reserves decline to levels that may restrict bank activity, markets will likely signal the Fed may need to change course.

    Read more

    Rising inflation in Asia and central banks’ response

    This paper, written by Tai Hui, discusses inflation and central bank policy in Asia, and its investment implications. (4-minute read)

    Read more

    China stimulus measures: what have been introduced and what is the next key catalyst

    This paper, written by Chaoping Zhu and Marcella Chow, discusses the current China's COVID situation and future policy with its investment implications. (4-minute read)

    Read more

    Should I time the bottom in today’s market?

    Long-term investors are facing a number of challenges today. Multi-decade-high inflation is eroding purchasing power and portfolio values, and recent volatility across capital markets has made the investment landscape look perilous.

    Read more

    Are bonds attractive?

    The spike in yields through the first five months of this year has led to some very ugly returns in fixed income.

    Read more

    1Q22 U.S. earnings and current market volatility

    A re-rating of valuations has led to negative equity returns year-to-date, but importantly, earnings estimates have continued to trend higher. In an environment of rising rates, earnings will be the key driver of returns. (4-minute read)

    Read more

    Are we in or headed towards a recession?

    The US economy is showing signs that the post pandemic surge is beginning to moderate, but we do not think a recession is imminent. Nonetheless, stocks are near correction territory, consumer sentiment has soured to levels last seen in 2011, geopolitical tensions are elevated, and prices are higher everywhere; all of which challenge this view.

    Read more

    How do investors navigate market volatility?

    The war in Ukraine is causing surging commodity prices, COVID lockdowns in China are exacerbating strained supply chains, and 40-year-high inflation has prompted the Fed to aggressively tighten monetary policy. Together these dynamics are also creating uncertainty about future growth.

    Read more

    Looking beyond the recent volatility

    This paper, written by Marcella Chow and Adrian Tong, addresses the current volatility in global equity markets and its investment implications. (4-minute read)

    Read more

    When will Chinese supply chain pressures ease?

    This paper, written by Kerry Craig and Chaoping Zhu, discusses the current Chinese supply chain under the impact of the COVID-19 wave and Chinese policy, and its investment implications. (4-minute read)

    Read more

    Achieving net zero: The path to a carbon-neutral world

    Governments are aligning behind the goal of achieving net zero emissions by 2050, but dramatic changes to the global economy will be required to get us there. Learn more about the policies and innovations that could pave the way to a carbon-neutral world.

    Read more

    Pressure on the yen and the yuan

    This paper, written by Tai Hui, discusses the driving forces behind recent depreciation pressure in the Japanese yen and Chinese yuan, and what this means for investors. (4-minute read)

    Read more

    Growth pressure and policy easing in China

    This paper, written by Chaoping Zhu, discusses the weakened Chinese economic data in March, and the subsequent policy and investment implications. (4-minute read)

    Read more

    Has the sell-off created an opportunity in growth stocks?

    2022 has seen a volatile start, with many of the growth names that performed well in the initial stages of the pandemic—as well as over the prior cycle—under pressure. (4-minute read)

    Read more

    Should investors hedge the currency when investing in international equities?

    Over the last 15 years, international equities have underperformed U.S. equities by a cumulative 270%. Currency played a role in this underperformance, subtracting 25%, as foreign currencies steadily weakened against the U.S. dollar.

    Read more

    Too Hawkish Too Fast?

    This paper, written by Clara Cheong, discusses the recent turn to hawkishness in developed market central bank policies and its investment implications.

    Read more

    Chain Reaction

    This paper, written by Clara Cheong and Adrian Tong, looks at our deep-dive analysis into the forward-looking demand, supply chain issues, inflation and their investment implications. (4-minute read)

    Read more

    COVID-19 shows ESG matters more than ever

    The COVID-19 crisis is causing short-term ESG repercussion and longer-term shifts. Find out why sustainability has never been more important for investors.

    Read more

    Protecting against inflation: Part 3 – Protecting your capital

    Explore how investors can hedge against inflation to protect their capital in the next cycle with the help of alternatives and cyclical sectors.

    Read more

    On the Minds of Investors_20191114

    Top questions on the minds of investors. See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20191010

    Top questions on the minds of investors. See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20191024

    Top questions on the minds of investors. See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190912

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190905

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190827

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190822

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors-20190815

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190806

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190801

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190725

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190620

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190627

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190711

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190613

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190606

    Top questions on the minds of investors - See what your peers are asking and read answers from our team of Global Market Strategists.

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    On the Minds of Investors_20190530

    What does the Global Industry Classification Standard (GICS) sector reclassification mean for equities?

    Read more

    On the Minds of Investors_20190523

    What does the Global Industry Classification Standard (GICS) sector reclassification mean for equities?

    Read more

    On the Minds of Investors_20190514

    What does the Global Industry Classification Standard (GICS) sector reclassification mean for equities?

    Read more

    On the Minds of Investors_20190425

    What does the Global Industry Classification Standard (GICS) sector reclassification mean for equities?

    Read more

    Should investor cheer Brexit progress and trade agreement?

    October 15, 2019

    Read more

    Should we be worried about Chinese growth?

    October 24, 2019

    Read more

    Will a general election in the UK solve the Brexit impasse?

    October 30, 2019

    Read more

    Should investors be optimistic on U.S.-China trade negotiations?

    November 7, 2019

    Read more

    Should we be concerned about the rising inflation in China?

    November 14, 2019

    Read more

    What to expect from the 2020 U.S. elections?

    November 21, 2019

    Read more

    How are Asian exports faring lately?

    November 28, 2019

    Read more

    Are the latest improvement in manufacturing PMIs a sign of recovery?

    December 5, 2019

    Read more

    What is the Federal Reserve’s plan for 2020?

    December 12, 2019

    Read more

    Should investors still worry about U.S.-China trade?

    December 19, 2019

    Read more

    Is the U.S.-China trade war over?

    January 16, 2020

    Read more

    Should investors worry about inflation?

    January 23, 2020

    Read more

    What are the investment implications from the coronavirus outbreak? 

    On the Minds of Investors - January 29, 2020

    Read more

    What can the Chinese authorities do to protect growth from the outbreak?

    February 5, 2020

    Read more

    Could we see more monetary easing by Asian central banks? 

    February 11, 2020

    Read more

    What happens if the Fed tries to normalize its balance sheet again?

    February 19, 2020

    Read more

    Could the COVID-19 outbreak derail Asian economic growth?

    February 25, 2020

    Read more

    Equity markets fall into correction

    February 28, 2020

    Read more

    Monetary Medicine of Limited Effectiveness

    March 4, 2020

    Read more

    How low can U.S. Treasury yields go?

    March 4, 2020

    Read more

    What does the latest oil price collapse mean for investors?

    March 9, 2020

    Read more

    Will the Fed’s shock and awe work?

    March 16, 2020

    Read more

    The Fed’s aggressive actions to restore market stability

    March 24, 2020

    Read more

    China set to advance stimulus efforts

    March 31, 2020

    Read more

    Can oil prices recover if there is a deal between OPEC and Russia?

    April 7, 2020

    Read more

    How vulnerable are emerging markets?

    April 16, 2020

    Read more

    Does a slowdown in new infections mean the worst is over?

    April 21, 2020

    Read more

    Are U.S. equity valuations sustainable?

    April 28, 2020

    Read more

    What are some of the long-term structural changes from the COVID-19 pandemic?

    May 5, 2020

    Read more

    What can we expect from the National People’s Congress?

    May 12, 2020

    Read more

    What are the arguments for investors to stay invested in long-dated Treasuries?

    May 19, 2020

    Read more

    Does re-opening mean re-orienting equities?

    May 28, 2020

    Read more

    Income hunting: If life was tough before, it’s even tougher now

    While dividends in some regions are likely to face pressure in the coming months, now is not the time to give up on equities as a key source of income for multi-asset portfolios.

    Read more

    Why should investors take a look at the Chinese fixed income market?

    June 2, 2020

    Read more

    Should investors be concerned with another round of risk aversion?

    June 16, 2020

    Read more

    Could we see another round of fiscal stimulus in the U.S.? 

    July 8, 2020

    Read more

    Why should investors consider Sustainable Investing?

    Due to COVID-19 and the discussions around social issues and climate change, Sustainable Investing (SI) is more relevant today than ever before.

    Read more

    What are earnings forecasts telling us about the recovery?

    This paper, written by Tai Hui, analyzes the S&P 500 earnings reports and forecasts and their implications on the recovery from the effects of COVID-19.

    Read more

    What are the implications of China's inclusion in the FTSE WGBI?

    This paper, written by Alex Cheung and Ian Hui, discusses the outlook on the Chinese fixed income market following FTSE Russell's decision to include China in its World Government Bond Index.

    Read more

    When will we finally see a market correction?

    At the end of last week, it looked like the equity market pullback that everyone had been expecting was finally beginning to materialize.

    Read more

    Will the Fed cause inflation?

    The balance sheet of the U.S. Federal Reserve (Fed) has increased by 2.9 trillion USD since the start of March, meaning that in just over eleven weeks it has grown more than it did in the five years following the Financial Crisis.

    Read more

    How will COVID-19 affect Sustainable Bonds?

    covid 19 affect sustainable bonds

    Read more

    The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions. 

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