Tools and resources necessary to help you make informed investment decisions and build stronger portfolios
At their latest semi-annual policy meeting, the MAS' comments was modestly upbeat and the central bank revised up their headline inflation target - both of which could have implications for SGD cash investments.
China’s bond market has seen an unusual wave of defaults over the past month – triggering a jump in credit spreads and raising investor concerns. Find out the implications to cash investments and why independent credit research remains important.
The surprise withdrawal of liquidity by the People’s Bank of China in the last week of January triggered a spike in short-term interest rates. Aidan Shevlin, International Head of Liquidity Fund Management, shared his perspectives on China’s monetary policy.
Read the latest review of Global Liquidity market and portfolio commentary across the Americas, Asia Pacific, as well as Europe and UK.
The combination of a central bank policy pivot, better economic data and market technical factors contrived to end China’s bond bull market – but is the upward momentum sustainable, and what are the implications for investors?
We examine how ZIRP works, its impacts, likely timeframe, whether we expect rates to go negative (spoiler: we don’t) and options available to liquidity investors.
The recent coronavirus (2019-nCoV) outbreak in China has increased investors’ trepidation and financial market uncertainty.
Even as the world becomes more energy efficient each year, overall levels of CO2 emissions continue to rise. Without decarbonization shock treatment, humans will be wedded to fossil fuels for longer than they would like.
Topics: Biden goes for broke on growth, driving coincident and leading indicators to all-time highs; the Value recovery and where it goes from here; COVID herd immunity, the path to normalcy and rising concerns about thrombosis risks from vector vaccines.
The Smalligarchy: how the narrowest political margins in decades could deliver one of the biggest taxation and spending increases in the post-war era; a discussion of the investment implications of physical and human infrastructure bills; the US economy approaches lift off; and the latest news on Morone saxatilis.
If long-term US interest rates stay below 2%, that’s a great sign for equity investors. But if they don’t…it’s amazing to see the pretzels that people contort into to convince themselves that rising rates are not a problem for equities. Also: an early look at the Zoom shock on commercial and residential real estate, and the diverging COVID trends in the US vs Europe.
Short stories on the global recovery, plummeting COVID infections, Larry Summers & the bond market, SPAC sponsors, renewable energy, the Texas power outage and the battle for the Republican Party.
The SPAC capital raising boom, and why Biden’s early stage energy policies are more likely to increase oil imports rather than reduce emissions.
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
Michael Cembalest’s views on what will drive markets and the economy in 2021, as well as the challenges we face that stimulus and vaccines can’t solve.
The Jan 6 Joint Session of Congress is shaping up to be a very contentious meeting. Here’s a brief 2-page primer on the rules of engagement, for those interested.
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B Hayes, Richard III, Bob Newhart and the Attorney General of Ohio.
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with prospects for further gains in 2021. However, I can think of something that could rescue them, at least temporarily: the risk of electoral illegitimacy and Constitutional mayhem on January 6th. See pages 4-6 for a review of all the rules and procedures in play, including an update from Wayne County MI, and a hyperlink you may need this Thanksgiving.
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds. However, the election delivered a clearer referendum on the President himself than on policy issues dividing Democrats and Republicans; it looks like divided government may remain. So, in this week’s Eye on the Market, a (possibly) divided government investor playbook. To conclude, comments on this morning’s Pfizer vaccine news and the road to herd immunity (approval, distribution and acceptance).
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation in an effort to invalidate votes, with a special focus on the treatment and counting of absentee ballots. In this brief note, we review the election rules, legal issues, court precedents and election permutations which all lead to one place: Pennsylvania, whose state legislature holds the key to whether the Congress will have to sort out multiple slates of electors in early January.
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for intense legal battles in the courts, and also analyzing the market-related policies under control of the Executive Branch that Presidents can implement on their own without legislative approval: energy policy, some healthcare changes, China trade policy, immigration, Iran, antitrust policies and net neutrality.
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets regardless of the election’s outcome: The United States vs Google, Europe vs COVID, and China vs US COVID aftermath.
The problem with states that do not allow pre-election processing of absentee ballots; a COVID Rorschach test; Trump and Biden deficit explosions, equity market impacts and trends that are being priced in as Democratic Sweep odds rise; Vaccine timing & virus-sensitive businesses.
The election as referendum on America: how well does the “system” work, and for whom?
The cost of engineering a US recovery as the world waits for a vaccine; Biden agenda on taxes/spending; Tech stocks (2020 vs 1999); COVID and The Fountainhead; US election rules, dates and process in light of derogatory comments on mail-in voting by the President and Attorney General
Michael Cembalest, Chairman of Market and Investment Strategy, shares weekly insight and analyses on data covering the impacts COVID-19.
Prospects for further US employment and profits growth are improving, but the US is now running the 3rd highest infection rate in the world. In infection hotspot states, governors are relying on falling mortality as the reason to make only minor policy adjustments. This week, we look at why mortality is diverging from infections and hospitalizations, and more broadly, at whether a US scientific trust gap has played a role in the recent infection surge.
The US recovery; The flood of money and market returns; Globalization lives; Reducing COVID mortality through vascular treatments; Realistic timetables for never-been-done before vaccines; Sweden’s COVID experiment is not what you think
Tracking the rebirth of the US consumer with real time data as a function of infection levels and state policy. Additional topics: no evidence yet of material second waves of COVID infection, and a round-up of the latest news on vaccine trials (Moderna, Oxford, Sinovac) and anticoagulants.
In this week’s Eye on the Market, we review topics from our recent client Zoom calls. Topics include: risk of inflation, second waves of infection, the effectiveness of lockdowns and Biden’s taxation and spending agenda.
An update on the COVID-19 crisis as the US prepares to reopen despite having one of the highest infection rates in the world. Additional topics: monoclonal antibodies and anti-viral trials; the growing gap between markets and the economy; S&P 500 earnings haves and have-nots; regional equity performance (Europe loses again) and leveraged loans at a time of rising bankruptcies.
In this week’s note, we discuss the latest news on US infection trends and reopening plans, Remdesivir trial results and whether US fiscal stimulus is “enough”.
Lockdown relaxation and economic reawakening…are we there yet?
In this week's note, we take a close look at country and regional virus data, and examine the pitfalls of over-extrapolating trends that often reverse.
After the equity rally, P/E multiples are back at around 16x 2021 consensus earnings.
Virus trends and head-fakes, convalescent plasma and U.S. vs. China lockdowns.
There are things the government can try and fix during a pandemic and other things which it can't.
There are some difficult days ahead as quarantines and lockdowns grow. I want to share something with you from John Stuart Mill as we head into the unknown.
Michael Cembalest, Chairman of Market and Investment Strategy, has compiled his extensive research on coronavirus.
A lot of data is being made available on the coronavirus, but most of it requires careful analysis before drawing conclusions.
Confounding almost every forecast we saw last week, Senator Biden appears to have emerged from Super Tuesday with a sizeable delegate lead. Why might the night have turned out so differently from what was expected just a few days ago?
A Coronavirus update: severity, consequences and implications for investors.
Answers to questions on the coronavirus, US megacap stocks, the cost of Democratic Healthcare plans, the Iowa caucus and the problem with the student loan system.
Consensus reactions to the Phase I US-China deal are very skeptical, but may be missing the broader point. A brief note on what happened, and the alternatives.
After a very positive year for investors in 2019, we expect lower positive returns on financial assets in 2020 as some Ghosts of Christmas Past reappear.
How a discussion about China and Hong Kong morphed into a chart war about Trump, Hoover, Taft, Rachel Maddow and Anderson Cooper.
While recessions and bear markets are a fact of life, something peculiar happened after the Global Financial Crisis: the rise of the Armageddonists.
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.
Michael Cembalest analyzes the performance of over 6,700 domestic and international active equity managers and discusses the challenges they face.
A brief comment on a proposal from leading Presidential candidates to ban hydraulic fracturing everywhere, immediately.
It was a long, hot summer at the Heritage Foundation. An update from the front lines of the Trade War.
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels.
Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began.
Michael discusses how he should have taken Trump at his word on tariffs, and the impact of the widening trade war on global growth and equity markets as proposed tariffs approach pre-war levels.
The US-China trade war, prescription drug price legislation and the 2020 election.
Topics: unattainable objectives of the Green New Deal; overview of the world’s decarbonization challenges; Germany’s energy transition; Trump’s War on Science.
With future domestic market returns constrained by heightened valuations, other opportunities must be sought out: international equities remain one of the best.
President Biden’s recently proposed American Jobs Plan outlines a robust strategy to rebuild the nation’s infrastructure, while also including significant funding for clean energy and affordable housing.
Achieving net zero carbon emissions will be no easy feat. It will require major innovation and investment. Therefore, it presents incredibly lucrative opportunities for the companies and countries that succeed.
While we cannot time the market, fundamentals remain supportive. With this in mind, investors saving for retirement should be positioned more aggressive in their allocations.
As the economy reopens, industries and sectors hit hardest by the pandemic will rebound strongly and support the reflation trade that began last November. Although the cyclical sectors have taken a bit of a pause as long-term interest rates consolidated in recent weeks, a further steepening of the curve during the second half of this year should lead these sectors to enjoy another period of outperformance
All told, the post-COVID global recovery should help to sustain commodity performance in the near-term, a boon for investors looking to hide from inflation or diversify portfolios. However, it seems premature to call this anything more than a strong recovery.
After this year’s 18% correction in the MSCI China, valuations are now presenting a more interesting entry point. Over the next decade, China’s growing capital markets and its increasing size in the 60/40 portfolio is the most interesting development to watch.
Although ultimately all of this may not pass in final legislation, it represents significant and comprehensive efforts by the U.S. to uphold its commitment to reduce carbon emissions and improve underserved communities.
2020 was an incredible year in the capital markets. However, in the wake of very strong performance for both stocks and bonds over the past 12-months, as well as the past decade, most traditional assets are looking expensive.
Active tax management is a way to take advantage of volatility. Volatility is a hallmark of the capital markets, but it also tends to derail investors and undermine their ability to reach their long-term retirement goals. While a diversified approach to investing is a good first step towards mitigating some of this volatility, plain vanilla portfolios may fail to generate sufficient rates of return going forward.
Inflation has been a hot topic amongst investors. Globally, inflation is expected to rise this year from 2020’s low levels. This reflation, a sign that the economy is operating above potential, should lead to strong earnings growth as well
Although we are not inclined to chase recent performance, it seems reasonable to expect that a more balanced approach to equity markets could help investors navigate what remains a very uncertain world.
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.
Later this year, we expect the Fed to announce plans to taper its bond purchases, but EM is better positioned should a surge in real yields occur. In 2013, concerns centered on EM countries that had external vulnerabilities (such as large current account deficits), which left them particularly exposed to capital outflows.
The Federal Reserve has made it clear that they are laser-focused on returning to full employment. One can only wonder if they will be looking for a durable rise in the overall participation rate, or whether they will take a more granular view and seek more equal progress across the gender spectrum.
The pandemic would always have demanded a dramatic response in terms of easy monetary and fiscal policy. However, policy responses have been shaped not just by the needs of the present but by the lessons of the past.
On March 5th, China began its most important annual political gatherings: the National People’s Congress and Chinese People’s Political Consultative Conference. These events highlight the central government’s priorities for the year ahead, with 2021 also a year with a new Five Year Plan (FYP).
The March 4th OPEC+ meeting passed with more fanfare than is typically associated with the organization’s biannual summit. As is normal, OPEC countries, led by Saudi Arabia, met with key non-member states to discuss output changes.
The pandemic has presented many challenges for working parents— simultaneously managing full-time jobs, supervising children’s remote learning, and tackling household chores, with fewer options for outside assistance.
Given the modest back-up in yields over the last several months, many investors are wondering if, and how, the role of fixed income in a portfolio might change moving forward.
Comparing the recoveries of the global financial crisis (GFC) and the pandemic recession is like comparing the tortoise and the hare: the aftermath of the former was slow and steady, while the latter should experience a burst of speed ahead.
Among the many considerations the Federal Reserve has to take in managing monetary policy, the behavior of the Treasury Department can be one of the more challenging. The Treasury Department holds its cash on deposit in the Treasury General Account at the Fed.
Most investors believe that the reflation trade will define markets in 2021. However, more and more clients are asking us what could undermine this narrative and precipitate a market correction.
A key behavioral misstep investors should always avoid is trying to time the market, and 2020 showed just how detrimental timing the market could be.
Investors should always look forward: a new global economic cycle is beginning in which international can take the baton from the U.S.
The financial stress of 2020 forced many people to tap retirement savings. Explore how emergency reserve funds could have protected retirement strategies.
Following several consecutive announcements of vaccine candidate success in November 2020, markets began pricing in an end to the COVID-19 pandemic.
Markets saw retail investors pile into highly-shorted, small cap equities in an effort to push back on the institutional investment community
Investors in 2020 recognized the challenges posed by the pandemic, but believed that with patience, policy support, and a bit of optimism, they would eventually get to the other side. The final earnings reports of 2020 are now being delivered, and the investment community can shift its focus from climbing the mountain to the descent.
In the end, were there any V-shaped recoveries from the COVID recession? There is only one example around the world: China.
Most investors are familiar with the return challenges they may face in the years to come. Elevated equity market valuations and historically low interest rates have led us to forecast that a 60/40 portfolio of global equities and high quality U.S. fixed income will return 4.2% annually over the next 10-15 years.
Inauguration day starts the clock on the first 100 days of a new administration, a symbolic benchmark period to measure early success. During the first 100 days, we anticipate another fiscal package, a pivot on foreign policy, trade and regulation, and a preview of future recovery spending.
Treasury yields have climbed above 1% and investors are asking how much higher Treasury yields could climb in 2021.
With U.S. federal debt at 100.1% of GDP, the highest since World War II and rising, investors wonder what the breaking point could be.
In the first week of January, two Democratic challengers defeated Republican incumbents in the state of Georgia’s senatorial race, bringing an end to a hotly contested runoff election and solidifying the Democratic hold of both chambers of Congress and the White House.
2020 ended with a depreciation of the U.S. dollar, as 2021 begins, investors wonder: will the U.S. dollar continue to fall?
2020 is a year that nobody will forget, characterized by the rapid spread of COVID-19, an aggressive policy response, and over the past few weeks, the distribution of vaccines that many hope will bring an end to the pandemic in 2021.
Coming into the final quarter of 2020, we expected that U.S. economic activity would slow from the torrid pace seen during the third quarter.
2020 will be remembered as the year of the pandemic, while 2021 promises to be the year of the vaccine.
Bitcoin and other cryptocurrencies went into hibernation for a number of years. In 2020, however, cryptocurrencies have come roaring back.
Investors received positive news about the trials of three COVID-19 vaccines, giving them the freedom to look ahead at the broadening of the global recovery
Last week, researchers at the Atlanta Federal Reserve made waves when they released an updated “nowcast” for 4Q 2020 GDP growth.
In a somewhat surprising move, US Treasury Secretary Mnuchin announced that the PMCCF, SMCCF, MLF, MSLP and TALF will expire at the end of the year and that unused funds be returned to the Treasury.
For investors that can stomach potential risks, small cap stocks may offer opportunities for meaningful upside, particularly as the economic recovery strengthens in 2021.
The holiday shopping season is upon us again, but with economic hardship caused by the ongoing pandemic, there is some concern as to whether this retail season will be merry and bright.
Although rates have moved higher during the past few weeks, investors are still struggling to generate income without increasing portfolio volatility. More and more, however, alternative investments are providing a solution.
In a recent post, we argued that the main way the U.S. election had been impacting international markets was through the U.S. dollar, this continued after Election Day, with a significant move down in the dollar of 1.4% in the three days after the election was held.
In the midst of the busiest political week of the year and with the outcome of the presidential election still uncertain, the Federal Open Market Committee (FOMC) did its best to fly under the radar at its November meeting.
The 3Q 2020 GDP print revealed the full strength of the U.S. economic rebound in the aftermath of one of the worst recessions in living memory.
Demand for consumer goods and better manufacturing activity have been the primary drivers of growth, whereas services remain under pressure.
After a sharp decline in economic activity during the first half of the year, the U.S. economy bounced back strongly in the third quarter.
Over the last decade, there have been many trends in market leadership, such as large cap outperformance over small cap equities, growth over value equities, and U.S. over international equities.
All eyes have been on the upcoming U.S. election. Its twists and turns have not only been affecting domestic markets, but also international markets, especially via the U.S. dollar.
Over the last four years, the frequent refrain about election polling is the polls were so wrong in 2016. But just how far off were the polls?
As we think about the trajectory of the energy industry going forward, it is evolving in more ways than one.
Discover the benefits of lump sum investing during the current low-interest rate regime, and its consistent outperformance of dollar cost averaging.
For those investors feeling uneasy about markets, a DCA approach can help get those clients gradually get invested, says Jackson.
Many investors find this disconnect between the equity market and the economy perplexing and are constantly asking us: is it justified?
As we approach Election Day, investors look to best position their portfolios for the next administration.
In recent months, the prospects of higher inflation has become front of mind for many investors.
As we highlight in our 3Q20 Guide to Alternatives, core real assets like real estate and infrastructure can provide both diversification and income, while certain types of hedge fund strategies can zig when the stock market zags.
After the dramatic market declines in March, many investors expected markets would continue to fall.
The rebound from the late-March lows capped the shortest bear market in history and marked the fastest round trip back to all-time highs.
With the presidential election just under two months away, investors are considering how a change in fiscal policies may impact the various sleeves of their overall investment portfolio.
After a strong run, the end of last week saw U.S. equity markets come under pressure.
As the economy & markets continued to grind higher, investors entered into 2020 with prominent portfolio overweight’s into U.S. and Growth oriented equities.
Fortunately, like the experience in the U.S., this second increase in cases is not being accompanied by the same rise in fatalities as the first.
The Federal Open Market Committee officially announced an update to its Statement on Longer-Run Goals and Monetary Policy Strategy.
While markets are likely to experience volatility in the lead up to and the aftermath of the election, ultimately, it’s policy, not politics, that matter most.
Loss aversion refers is the preference to avoid losing compared to gaining an equivalent amount.
Last week, we learned that the unemployment rate fell to 10.2% in July.
Last week, we learned that the unemployment rate fell to 10.2% in July.
It has become a near daily occurrence to awaken to headlines stating that “tensions between the U.S. and China are rising.
Part of being a good builder is knowing what tools to use. Is something being demolished? Get a sawzall and a sledge hammer.
The global economy appears to be in the early innings of recovery, while simultaneously staring down the limitations to growth in a pre-vaccine world.
Last week’s GDP report showed that the U.S. economy contracted at a real, annualized rate of -32.9% in 2Q20.
The U.S. economy contracted at its fastest pace on record in the second quarter, reflecting the nationwide lockdown and halt in economic activity.
Coming into 2020 – against a backdrop of steady and stable economic growth, along with a positive earnings outlook – many investors were worried about the market highs reached over the last few years.
The second quarter saw one of the fastest stock market rebounds in history.
Over the past ten years, European equities have underperformed the U.S. by 174% pts in U.S. dollar terms.
The Business Cycle Dating Committee marked the peak month of the previous expansion in February 2020, officially marking an end to the longest expansion on record.
China’s imposition of a strict quarantine in response to the COVID-19 pandemic plunged its economy into a deep contraction in the first quarter of 2020, -6.8% year-over-year, its first negative GDP print in over 40 years.
The dramatic increase in federal debt and the expansion of monetary policy has many investors wondering if a surge in inflation is on the horizon.
May and June saw economic activity improve relative to the April lows, and we expect that economic growth will be positive in the back half of the year.
After crushing the curve in the U.S., cases of COVID-19 have begun to rise rapidly again, with the resurgence occurring in new hotspots.
Due to COVID-19 and the discussions around social issues and climate change, Sustainable Investing (SI) is more relevant today than ever before.
The past few weeks have seen COVID-19 case growth accelerate in parts of the United States, with the total number of confirmed cases now well above 2.5 million.
Since the start of the year, the U.S. dollar has appreciated by roughly 1%, continuing a near-decade long trend that was only briefly interrupted in 2017.
One of the best trades to put on in the aftermath of the financial crisis was going long high yield. Spreads blew out to nearly 18% in November 2008, implying a default rate of almost 30%.
Over the past 15 years, investors have been frustrated with the performance of European equities.
At the end of last week, it looked like the equity market pullback that everyone had been expecting was finally beginning to materialize.
The Federal Open Market Committee (FOMC) met this week and provided investors with a fresh set of economic and interest rate projections after a six month hiatus.
While fundamentals– valuations, earnings and economic growth – dominate in the long run, the short run is a different matter.
Investors have had to process a torrent of information and wild swings in sentiment so far this year.
The spread of the coronavirus and its impact on global economic activity has materially changed the investment outlook for 2020. In this piece we provide a framework for tracking infection rates globally and monitoring the impact on economic activity.
The S&P 500 has marched steadily higher from its March 23rd low against a backdrop of investor skepticism. In previous posts, we have discussed how this rally is being driven by three things.
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.
Global governments have been swift and bold in supporting their economies, building a bridge to get consumers, small businesses and corporates over the present abyss to the other side. Given the unknown breadth and depth of the abyss, more stimulus may be required.
Year-to-date, emerging market (EM) equities are down -17.6%, as a combination of the COVID-19 recession and the oil price shock has led to downward revisions to earnings expectations, as well as weaker currencies relative to the U.S. dollar.
Ultimately, the Fed’s next step will be dictated by the pathway of the virus, says Dryden.
In the aftermath of the global financial crisis (GFC), investors have embraced equity markets as a source of income. With the COVID-induced lockdown pushing policy rates back to the zero-bound and government bond yields near all-time lows, this trend has since gained additional momentum.
The next president will necessarily have a different policy agenda now given the events that have unfolded than he would have at the beginning of the year.
Infrastructure resiliency during the COVID-19 crisis
Global markets have roiled in the face of COVID-19 and social distancing, and many investors are looking to “pick up the pieces,” eagerly hunting for the next big opportunity.
While many changes are likely to emerge, one clear trend, with far-reaching macro and market implications, is the increase in leverage, says Azzarello.
Earlier this week, oil prices turned negative for the first time in history, with WTI trading as low as -$37 a barrel.
Over the past two months investors have digested the COVID-19 shock: the fast spread of the virus around the world, the social distancing measures implemented and the resulting economic and earnings recession.
1Q20 earnings season will provide an important first look at how the ongoing pause in global activity is impacting corporate earnings.
The industries most impacted by social distancing account for 20% of payroll employment, and consumer spending across those industries account for 20% of GDP.
With the equity market having hit its last new high on February 19th of this year, the depth and speed of the market drop has been ferocious.
Today’s objectively complicated credit market may be an excellent source of future portfolio growth, says Dryden.
The recent U.S. equity market drop and subsequent swings in prices have been dramatic.
Ultimately, how high the unemployment rate gets is dependent on one key question: will American small business fire its workers, says Manley.
Initial claims for unemployment insurance surged to the highest level ever: 3,283,000, spiking from a slightly revised 282,000 last week.
This paper, written by Dr. David Kelly, reviews the U.S> relief bill and its investment implications.
The U.S. Federal Reserve (Fed) has pulled out its alphabet bazooka in an effort to ensure sufficient liquidity and the smooth functioning of financial markets, while also providing credit to businesses that are affected by the spread of COVID-19 and the stall in global economic activity.
As economists continue to revise down their 2020 GDP estimates, a lot of clients have been asking us about the potential impact on earnings.
This past Sunday, the U.S. Federal Reserve (Fed) fired a last desperate salvo in an attempt to stabilize financial conditions, the second emergency inter-meeting cut in two weeks.
Coming into this year, we expected an improvement in global economic growth, as 2019’s policy uncertainty clouds dissipated.
The COVID-19 crisis confirms, once again, the value of a diversified portfolio, says David Kelly.
It is important to avoid trying to predict the future; rather, clients are best served by monitoring the present situation and maintaining composure.
There is not a clear answer. However, what we can provide perspective on, is where we are finding value, according to David Lebovitz.
Former Vice President Joe Biden made a surprise comeback during the Super Tuesday contests, paving the way for a two-person race to the Democratic nomination.
Even with this Fed action, there will likely be calls for fiscal action to support to businesses suffering from the response to virus fears, says David Kelly.
Sentiment, and valuations, are likely to keep markets relatively contained until there is clarity about the extent and length of the outbreak, says Tyler Voigt.
Equity investors spend a lot time looking for where earnings growth will be strong; what doesn't get as much attention is what happens after they're generated.
"Equity investors spend a lot time looking for where earnings growth will be strong; what doesn't get as much attention is what happens after they're generated."
Taken at face value, the fall in job openings is concerning and warrants careful monitoring.
AUM growth and focus by investors globally suggest interest and adoption of sustainable investing is unlikely to subside anytime soon, says Samantha Azzarello.
Financial markets have fallen sharply on concerns of the coronavirus, a respiratory illness first identified in Wuhan, China, spreading globally.
Equity market valuations have risen substantially in recent months, with the forward P/E ratio of the S&P 500 now at a level of 18.6x.
Investors are now asking whether inflation could return, threatening the rally in financial markets.
Buying the dip - the coveted strategy (almost) all investors like to employ.
Rising geopolitical tensions with Iran have led to some fears over potential oil supply shocks out of the Middle East.
Rising geopolitical tensions with Iran have led to some fears over potential oil supply shocks out of the Middle East.
