On the Minds of Investors

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

What now for Chinese equities?

This paper, written by Tai Hui, discusses the economic policy insights provided by the recent Politburo meeting, and what this means for investors.

How should investors view the recent Chinese equity sell-off?

This paper, written by Chaoping Zhu, discusses the Chinese new reforms and the subsequent selling pressure in Chinese equities, and what this means for investors.

More inflation pressure from energy prices?

This paper, written by Tai Hui, discusses how the outlook for energy prices will shape the inflation outlook going forward, and what this means for investors.

Normalizing growth and fine-tuning policy

This paper, written by Chaoping Zhu, breaks down China's 2Q 2021 GDP data, and what this means for investors and Chinese policies going forward.

Why are bond yields so low?

This paper, written by Kerry Craig, discusses the confluence of both fundamental and technical factors that has led to a decline in government bond yields despite a still-robust outlook for growth, and what this means for investors.

Is a more hawkish Federal Reserve bullish for the USD?

This paper, written by Tai Hui, discusses what the future path of the USD could look like given a more hawkish stance from the Federal Reserve, and what this means for investors.

What are the latest inflation data telling us?

This paper, written by Tai Hui, discusses what investors should make of the strong recent inflation data, and what it means for their investments.

What happens past the peak in growth?

This paper, written by Kerry Craig, discusses what investors should expect after the recent slew of robust economic data, and what it means for investors.

The implications of carbon pricing initiatives for investors

Could carbon prices be about to rise? Global market strategist Vincent Juvyns looks at the increasing regulatory pressures on carbon pricing, and assesses the potential impact on markets

What’s driving the Chinese yuan stronger and what’s next?

This paper, written by Chaoping Zhu and Marcella Chow, discusses the driving forces behind the recent Chinese yuan rally and what this means for investors.

What does the latest wave of outbreak in Asia mean for Asian equities?

This paper, written by Tai Hui, addresses the latest wave of COVID-19 outbreak in Asia and vaccination progress with its investment implications to Asian equities.

1Q21 U.S. earnings season

This paper, written by Ian Hui, highlights the outlook of 2021 U.S. earnings and its investment implications.

What role should European equities play in asset allocation?

This paper, written by Tai Hui, discusses why Asian investors may want to look to European equities to provide return-generating potential and diversification benefits to their core equities allocation.

What will higher U.S. taxes mean for the market?

This paper, written by Kerry Craig, addresses the recent announcement of U.S. tax increase proposal and its investment implications.

How to protect against the inflation risk?

This paper, written by Kerry Craig, discusses how investing in core real assets can help investors hedge the risk of inflation while still creating income.

What does 1Q 2021 Chinese GDP mean for policy and investment?

This paper, written by Tai Hui and Chaoping Zhu, breaks down the 1Q 2021 Chinese GDP figures and discusses how this would impact China's fiscal and monetary policies, and subsequently, Chinese investments.

Happy Earth Day!

Over the last 12 months, the global pandemic has shaken our lives in many ways. While good health and social interactions are probably top of mind for most of us, the environment and climate are also among our key concerns.

What is the inflation risk?

This paper, written by Kerry Craig, discusses the inflation outlook in the U.S. and around the world in the coming months and years, and what this means for investors.

Asia's decade: Getting ahead of the growth opportunity

Rapidly rising incomes in vast populations are set to make Asia the largest contributor to global growth in the 2020s. For investors, the opportunity looks too big to ignore.

How will the Fed’s decision on the Supplementary Leverage Ratio (SLR) impact markets?

For better or for worse, banks are required to meet various liquidity and leverage requirements. One ratio that measures a bank’s ability to absorb losses is the Supplementary Leverage Ratio (SLR). The SLR formula measures tier 1 capital, which consists mostly of common and preferred stock, as a percent of total leverage exposure.

Chinese equities market correction—why and what is next?

This paper, written by Marcella Chow, discusses the drivers behind the recent Chinese equities market correction, and how investors should prepare for what comes next.

Are emerging markets vulnerable to the recent rise in U.S. Treasury yields?

This paper, written by Tai Hui, discusses the impacts of rising U.S. Treasury yields and stronger U.S. dollar on different emerging markets asset classes.

The case for ESG integration when investing in EM

Explore the strategies that can help investors maintain income and diversification in a post-Covid world of low interest rates and negative government bond yields.

Are commodities entering a supercycle?

This paper, written by Ian Hui and Gareth Lam, discusses the factors driving the recent jump in commodity prices, and whether they are entering a supercycle.

A preview of China National People’s Congress

This paper, written by Chaoping Zhu, provides our forecast of what will be discussed and announced in China's National People's Congress on March 5, as well as its implications for investors investing in China.

Inflation worries and the rise in government bond yields

This paper, written by Tai Hui, discusses the recent rise in government bond yields on the back of market expectations of economic recovery in the U.S., upcoming fiscal stimulus and the prospects of high inflation, as well as its implications for different asset classes.

What does Biden's presidency mean for the global climate agenda?

Joe Biden’s presidency is expected to bring increased momentum on tackling climate change. Carbon intensity is likely to become an increasingly important metric in investment decisions.

Why and how to re-think the 60:40 portfolio

The challenge of low government bond yields means investors must rethink the 60:40 stock:bond allocation. Discover where they can turn for diversification.

U.S. 4Q20 earnings season

This paper, written by David Lebovitz and Ian Hui, discusses our views on the U.S. 4Q20 earnings season so far and its investment implications.

How should Asian investors handle the current bout of market volatility?

This paper, written by Tai Hui, addresses the reason behind and our view regarding the latest market volatility and its investment implications.

What are President Biden’s policy priorities?

This paper, written by Tai Hui, discusses the implications of newly-elected President Biden's policies, such as those regarding COVID-19 and China.

Can China sustain its strong economic momentum?

This paper, written by Chaoping Zhu, discusses the outlook on China following its recent economic data releases and fresh outbreak of COVID-19 infections.

Should investors worry about the recent rise in Treasury yield?

This paper, written by Tai Hui, discusses the implications of rising Treasury yields on inflation, the U.S. dollar and overall economic recovery.

What could upset a happy New Year?

This paper, written by Tai Hui, discusses the key market risks heading into 2021.

Should investors worry about inflation?

This paper, written by Tai Hui, discusses the outlook on central bank policies to address inflation concerns heading into 2021.

What are the implications of rising corporate bond defaults in China?

This paper, written by Marcella Chow and Chaoping Zhu, discusses the outlook on capital markets following a rise in Chinese bond defaults.

What does the end of the Fed’s credit facilities mean?

This paper, written by Kerry Craig, discusses the ending of various Federal Reserve credit facilities in a time of lower fiscal support and weaker economic activity.

Was the 3Q earnings season really that great?

This paper, written by Ian Hui and Alex Cheung, analyzes the 3Q 2020 U.S. earnings results and the outlook for the COVID-19 pandemic.

Where still offers value and could continue to benefit if a vaccine is approved?

A Covid-19 vaccine could be a game changer for the global economy and markets. Global Market Strategist, Mike Bell highlights three areas that could continue to benefit should a vaccine be approved.

Election 2020: Results and consequences

This paper, written by Dr. David Kelly and Meera Pandit, provides the latest update on the U.S. presidential election and its investment implications.

How should investors consider the impact of climate change on their portfolios?

This paper, written by Vincent Juvyns, looks at how investors can manage climate-related risks in their portfolios, while also driving real change.

What should investors do, given the latest surge in COVID-19 in Europe and the U.S.?

This paper, written by Tai Hui, discusses the recent rebound in COVID-19 cases and their implications on global markets.

China’s recovery on track

This paper, written by Chaoping Zhu, addresses the latest Chinese GDP data and recovering economy with its investment implications.

Are Chinese authorities worried about the Chinese yuan's strength?

This paper, written by Tai Hui, discusses the outlook on the Chinese yuan following its recent strong performance.

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.

What is the latest progress of China's economic recovery?

This paper, written by Tai, Hui and Chaoping Zhu, discusses the outlook on China following recent economic data releases.

Why should I invest in equities when they are already so expensive?

This paper, written by Tai, Hui, discusses the positive outlook on global equities despite high valuations.

Can the market bounce back?

This paper, written by Kerry Craig, discusses the longer-term outlook for equities following the recent sell-off of tech and growth stocks.

What does the Fed’s latest change in monetary policy framework mean for Asian investors?

This paper, written by Tai Hui, discusses the recent statement by the Federal Reserve and its implications on global markets.

Loss aversion: How does this impact investors now?

Asymmetry between losses and gains is actually a very powerful bias that influences decision making and how people invest and allocate in markets.

What are the implications from the latest review of the U.S.-China Phase One Agreement?

This paper, written by Tai Hui, analyzes the recent discussion between the U.S. and China regarding the Phase One trade agreement.

Where do we stand in the economic recovery?

Last week we learned that the unemployment rate fell to 10.2% in July.

Will tensions between the U.S. and China keep rising?

This paper, written by Gabriela Santos, discusses the outlook for U.S.-China tensions amidst COVID-19 and the upcoming election season.

How should current conditions be reflected in asset allocation?

We revisit asset allocation views as the global economy appears to be in the early innings of recovery, but stares down the limitations to growth in a pre-vaccine world.

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.

Is the U.S. dollar weakness here to stay? What should investors do?

This paper, written by Tai Hui, examines the recent decline of the U.S. dollar and its implications on global markets.

Could a second wave of outbreak derail economic recovery?

July 28, 2020

Is the Fed reducing liquidity?

July 21, 2020

Our views on the current A-share rally

July 14, 2020

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.

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

July 8, 2020

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.

Should investors be concerned with another round of risk aversion?

June 16, 2020

Is it Europe’s time to shine?

June 10, 2020

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.

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

June 2, 2020

How will COVID-19 affect Sustainable Bonds?

covid 19 affect sustainable bonds

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.

Does re-opening mean re-orienting equities?

May 28, 2020

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

May 19, 2020

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.

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

May 12, 2020

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

May 5, 2020

Are U.S. equity valuations sustainable?

April 28, 2020

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

April 21, 2020

How vulnerable are emerging markets?

April 16, 2020

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

April 7, 2020

China set to advance stimulus efforts

March 31, 2020

The Fed’s aggressive actions to restore market stability

March 24, 2020

Will the Fed’s shock and awe work?

March 16, 2020

What does the latest oil price collapse mean for investors?

March 9, 2020

How low can U.S. Treasury yields go?

March 4, 2020

Monetary Medicine of Limited Effectiveness

March 4, 2020

Equity markets fall into correction

February 28, 2020

Could the COVID-19 outbreak derail Asian economic growth?

February 25, 2020

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

February 19, 2020

Could we see more monetary easing by Asian central banks?

February 11, 2020

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

February 5, 2020

What are the investment implications from the coronavirus outbreak?

January 29, 2020

Should investors worry about inflation?

January 23, 2020

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

January 16, 2020

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

December 19, 2019

What is the Federal Reserve’s plan for 2020?

December 12, 2019

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

December 5, 2019

How are Asian exports faring lately?

November 28, 2019

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

November 21, 2019

Should we be concerned about the rising inflation in China?

November 14, 2019

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

November 7, 2019

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

October 30, 2019

Should we be worried about Chinese growth?

October 24, 2019

Should investor cheer Brexit progress and trade agreement?

October 15, 2019

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Tai Hui