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Global Investment Views - December 2018
Wednesday 28 November 2018
Research / Market
Strategies for tough markets
This year has proven to be challenging for portfolio construction, as well as regarding returns. To put this into perspective, for 2009-17, our analysis shows that each year, on average, 76%of major asset classes (including different regional government bonds, equity, inflation-linked, currency and commodities) recorded positive performances. In 2018, the story has changed: we are heading towards an unprecedented year in which less than 20%of asset classes have been in positive territory*. Markets have started to price in a slowdown in global growth and tighter liquidity conditions, in a more complex than expected political environment (trade tariffs and populism). Vulnerabilities in the more stretched areas of the market (growth stocks in equities and credit markets) and idiosyncratic stories (Argentina, Turkey, Italy) are the main consequences of this new narrative.
Other news
Global Investment Views - December 2022
Markets have seen some relief in a year that overall is likely to be remembered as among the most challenging for investors.
ESG Thema #10 - There is no place like Earth: How investors can address biodiversity loss
Biodiversity, or the term used to describe all living organisms and ecosystems of which they are part, is declining at an alarming rate with now 1 million (out of an estimated 8 million) plant and animal species being threatened with extinction.
Hawkish surprise from the ECB
At its December meeting, the ECB hiked rates by 50bp, to 2.0% (deposit rate). The Bank delivered a very hawkish statement.