Positioning ahead of the Fed

This paper addresses the historical impact of "soft landings" and "hard landings" on asset classes, and how investors can position themselves with Fed rate cuts looming.

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Are Asian central banks looking to cut rates soon?

This paper addresses the flexibility of Asian central banks to cut rates amidst easing inflation and robust recovery in currencies, and the investment implications on Asian equities and fixed income.

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Why hasn’t the South Korean market done better?

This paper addresses the underperformance of the South Korean market despite strong earnings outlook, improving corporate governance and regulatory reforms, and steady macroeconomic outlook.

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China’s drive toward self-sufficiency

This paper addresses how China has strengthened its self sufficiency in automobile and technology sectors, and the investment implications.

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U.S. 2Q24 Earnings: Broadening out

This paper discusses the 2Q24 U.S. earnings season, with the eagerly anticipated broadening out of earnings growth for the companies outside the Magnificent 7, and the investment implications.

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Markets sell-off recap: Navigating choppy waters

This paper discusses the recent market volatility in the U.S. and Asia on the back of the release of the U.S. July jobs report and latest Federal Reserve commentary, and the investment implications.

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The Bank of Japan delivers the second rate hike and provides more detail on quantitative tightening

This paper discusses the BoJ’s decision to hike rates and reduce the pace of its JGB purchases in its latest policy meeting, and the investment implications.

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Can the U.S. small cap rotation continue?

This paper discusses whether the strength of the rotation into U.S. small caps is premature given weak fundamentals.

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Is China improving?

This paper discusses the investment implications of the latest economic data release from China and the policy rate cut by the PBoC.

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What are the potential implications of the U.S. Election for emerging markets?

With the U.S. election approaching, potential U.S. policy changes are a key concern for global investors. After most U.S. elections, the MSCI EM Index has had positive performance in the 100 days following.

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Can the Bank of Japan’s policy further support Japanese equities?

This paper discusses how improving economic data can convince the BoJ to normalize monetary policy, and help Japan's earnings growth to outpace the U.S. and Europe in 2024-25.

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Central bankers are not rushing into things

This paper, written by Tai Hui, addresses why policy easing amid a soft landing backdrop should be positive for both equities and fixed income.

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Corporate governance reforms provide a bit of extra push

This paper discusses how corporate governance reforms in Asian markets can enhance earnings outlook, and the investment implications.

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Is U.S. stock market concentration a warning sign?

This paper addresses the concerns over market concentration in the S&P 500, and the investment implications.

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Global trade: navigating choppy waters

This paper discusses trade tensions and the recent tariff impositions on China, and the investment implications.

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Is it still a good time to be a lender in private markets?

This paper, written by Kerry Craig, highlights the growing significance and potential risks of private credit markets in enhancing returns and diversification.

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Locking in yields as central banks dial back tight monetary policies

This paper, written by Marcella Chow, highlights the divergence in central bank monetary policies and its investment implications.

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A tight outcome for India’s elections

This paper discusses the election results in India, and the investment implications of short-term valuation challenges and long-term positive prospects.

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There’s still a case for Asian equities

This paper, written by Raisah Rasid and Jennifer Qiu, discusses why investors should take an active approach towards Asian equities in mitigating currency risks.

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The investment implications of U.S. federal debt

This paper, written by Dr. David Kelly and Jennifer Qiu, discusses investment implications of rising U.S. federal debt and widening deficits.

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2024 U.S. earnings off to a solid start

This paper discusses why U.S. 1Q24 earnings have been better than expected, and broadening profit growth should present opportunities outside of the Magnificent 7.

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The latest inflation and job market trends in the U.S.

This paper discusses the broader outlook for inflation and the labor market, following the April jobs report in the U.S.

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Commodities: Reasons behind the recent surges in gold and copper

This paper, written by Marcella Chow, discusses the recent surges in gold and copper, and why commodity strategies can help protect portfolios when both stocks and bonds are correcting.

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A rough sea needs a steady ship

This paper discusses the expected delay in the Federal Reserve's rate cut cycle, and when the current wave of volatility could eventually subside.

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China economy: Imbalanced recovery

This paper addresses the latest Chinese economic data and the factors that may contribute to China markets trending higher.

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Is there value in European equities?

This paper discusses the relative valuation of European equities, and the factors that could suggest a more constructive outlook for the region's equity market.

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Does AI have the power to enhance our health?

Well-positioned investors could take advantage of the new era unfolding in healthcare transformation.

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Will exit activity improve in private equity?

This paper, written by Kerry Craig, addresses the current performance and outlook of private equity market with subdued exit activity.

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Is there still value in India?

This paper addresses why strong and consistent earnings growth, structural reforms and the likelihood of political continuity further enhances India's appeal in spite of rich valuations.

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Bank of Japan lift off: Symbolic but still a lot of questions

This paper, written by Tai Hui and Adrian Tong, discusses the key highlights of the Bank of Japan's March monetary policy meeting and what it means for the economy.

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EM Equities: Inching out of the shadows

This paper discusses the macro factors in emerging markets that can drive a potential market rally once the Fed starts to cut and the U.S. dollar turns.

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China NPC review: Policy announcements in line with market expectations

This paper summarizes the key objectives set out in the government work report at China’s National People’s Congress, which were broadly in line with expectations.

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What has the Fed done in election years?

With monetary policy still at the forefront of the macro landscape in 2024, investors are left wondering how the election might influence Fed policymakers.

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Asian economies riding the tech wave

Continued demand for AI technologies from mega-cap companies should benefit Asian exporters that are involved in the regional tech supply chains.

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Will the Bank of Japan derail the Japanese equity bull run?

This paper, written by Tai Hui discusses why Japanese equities could remain strong despite the potential tightening in monetary policy.

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Is this the time for U.S. small caps?

This paper, written by Meera Pandit and Jennifer Qiu, discusses how quality balance sheets and margins continue to support U.S. large caps in spite of favorable small cap valuations.

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Should investors be bullish or bearish on US equities?

While recession risks in the US have receded, geopolitical risk, election risk and restrictive monetary policy all threaten the current rally.

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What does it take for the Fed to cut?

This paper, written by Tai Hui and Jennifer Qiu, addresses the history of monetary easing and our expectations of Fed policy in 2024. (6-minute read)

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Opportunities in Asia fixed income

This paper, written by Raisah Rasid, discusses the expected weakening of the U.S. dollar and the inflation deceleration in Asia, which presents an opportunity in Asia fixed income

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What will drive international equity performance this year?

International equities are likely to benefit this year from positive structural changes, a weaker dollar, and exciting governance changes.

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China economy: stay patient for policy catalyst

This paper, written by Chaoping Zhu, discusses the recent Chinese economic data releases and the investment implications.

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How much does policy influence sector performance?

Although investors may be tempted to invest based on who they think will win the election and how certain policies may be implemented, macro forces often dwarf policy agendas when it comes to sector performance.

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The investment outlook for Asia high dividend equities in 2024

This paper, written by Marcella Chow and Adrian Tong, discusses the outlook for Asia high dividend equities in 2024.

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How sectors perform under Republicans vs. Democrats

Many investors wonder if they can tweak their existing exposures to be either more defensive against volatility or more opportunistic if certain sectors face future policy tailwinds.

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Are investors too dovish now?

This paper, written by Tai Hui, summarizes the factors that could trigger rate cuts and policy outlook with its investment implications. (3-minute read)

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Understanding small cap valuations

This paper, written by Tilmann Galler and Natasha May, discusses the outlook of small cap stocks and the investment implications.

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China’s bumpy road to recovery

This paper, written by Chaoping Zhu and Marcella Chow, discusses the outlook of China and policy implications.

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Asia tech: Brighter signs ahead

This paper, written by Raisah Rasid and Adrian Tong, discusses the outlook of Asia tech and the investment implications.

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How to position fixed income under different economic and interest rate scenarios?

Coming into 2023, the rallying cry from the asset management community was “Bonds are Back! ”. There were several reasonable assumptions behind this call.

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What are the investment implications of the 2024 U.S. elections?

This paper, written by Tai Hui and Meera Pandit, summarizes the potential underlying market and policy implications of 2024 U.S. elections. (3-minute read)

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Is this really the end of the tightening cycle?

This paper, written by Adrian Tong and Jennifer Qiu, summarizes the recent key central banks' decisions and their implication on asset allocation. (3-minute read)

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The investment outlook for Asia high dividend equities

This paper, written by Marcella Chow and Adrian Tong, highlights the recent performance of Asia high dividend equities and the factors influencing its outlook with investment implications. (3-minute read)

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Rising U.S. bond yields and implications for Asia

This paper, written by Raisah Rasid and Adrian Tong, discusses the outlook for Asian assets in the current global yield environment. (3-minute read)

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What is the outlook for the 3Q23 U.S. earnings season?

This paper, written by Meera Pandit and Nimish Vyas, discusses our projections for the 3Q23 U.S. earnings season and the investment implications.

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The risk of higher oil prices and potential impact on monetary policy

This paper, written by Tai Hui, discusses the factors driving oil prices and the Fed policy outlook.

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What happens if the U.S. government shuts down?

After well over a year of anxiously anticipating an economic recession, the U.S. economy continues to look sound. However, as we enter the “fall of worry” there are several risks on the horizon this autumn: impacts from the UAW strike, rising oil prices, the resumption of student loan payments, and the potential for a government shutdown.

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Taking stock of developed market central banks’ policy directions

This paper, written by Tai Hui, summarizes the latest round of central bank meetings and discusses outlook for U.S., UK and European economy with its investment implications. (3-minute read)

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Can the commodities market give us a gauge on policy and growth?

This paper, written by Adrian Tong, highlights the driving forces and outlook of oil, food and metal prices, with their implications on policy and growth. (3-minute read)

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How might the outlook for real yields impact market performance?

This paper, written by Jordan Jackson, discusses the outlook for inflation, Fed policy and real rates, as well as the investment implications.

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Can Asia domestic demand stand in for slowing trade?

This paper, written by Marcella Chow and Adrian Tong, addresses the key drivers and outlook of Asian domestic demand with its investment implications.

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