Commentary

COMMENTARY

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Title Topic
What Will Crack the Global Credit Cycle?

We think the global credit cycle is in its later stages but has further to run.

14 Aug 2018
Market Commentary
Turkish Selloff Shakes Global Markets

Simmering economic and financial problems in Turkey reached a boiling point as markets were unconvinced that Turkish President Recep Erdogan could contain the country's economic problems and the US president threatened a doubling of some metal tariffs on Turkey.

10 Aug 2018
Market Commentary
Debunking 5 Common Gold MisconceptionsPDF

Gold is again attracting investor interest in 2018. This interest isn't surprising investors tend to flock to gold when uncertainty is heightened and when equity returns may be overstretched.

10 Aug 2018
Thought Leadership
US Small Caps: High Expectations May Be Priced In Following Multiple Tailwinds

US small cap stocks have had a great run in 2018 thanks to growth, tax, trade and currency tailwinds.

03 Aug 2018
Market Commentary
Russell Reconstitution Reimagined

Once again, US markets saw record volumes traded during this year's Russell Index Reconstitution.

03 Aug 2018
Market Commentary
How To Capitalize on a Bright Outlook for Chinese EquitiesPDF

As China A-shares enter the major MSCI indices , we think now is a good time to review the case for investing there and how investors might implement their allocations.

30 Jul 2018
Thought Leadership
Why Equity Investors Continue to Look for Value

Recent performance of new-economy growth companies, which trade on increasingly large multiples of their trailing or estimated forward earnings, has led to underperformance of many Value strategies since the end of 2016.

23 Jul 2018
Market Commentary
Emerging Market Debt: Indexing on the RisePDF

As China A-shares enter the major MSCI indices , we think now is a good time to review the case for investing there and how investors might implement their allocations.

17 Jul 2018
Thought Leadership
European Turmoil Creates Stock-Picking Opportunities

Optimism has evaporated in the face of disappointing economic data, political upheaval in Italy and Germany, global trade tensions and Brexit uncertainty.

13 Jul 2018
Market Commentary
Standing at the Peak 2018 Midyear ETF Market OutlookPDF

Many of the catalysts that have been fueling the bull market are fading. A growing list of investor concerns and some puzzling relationships have taken their place.

04 Jul 2018
Investment Outlook
Gold for PortfoliosPDF

Global economic growth, income growth, monetary policy and market volatility drive demand for gold. A strategic allocation to this unique asset class may help an investor to pursue the potential benefits of gold.

03 Jul 2018
Thought Leadership
Deciphering Trumps Trade Policy

Protectionism was the biggest downside risk we called going into 2018, and remains the biggest risk to our core investment views for the remainder of the year.

27 Jun 2018
Market Commentary
Dont Waste Resources On Forecasting the Oil Price When Choosing Energy Stocks

The oil price, without question, is a major driver of stock prices in the energy sector as a whole. This opens the question: should investors concentrate their efforts to choose better energy stocks on predicting the oil price?

26 Jun 2018
Market Commentary
Mid-Year 2018 Global Market Outlook: Weatherproof Your PortfolioPDF

With greater uncertainty and volatility, the time is right to actively prepare for foul weather.

25 Jun 2018
Investment Outlook
EU Future On The Agenda At Brussels Summit

It is important to understand that all the different points of tension are intertwined at the EU level, e.g. Eurozone reform, migration and Brexit negotiations.

25 Jun 2018
Market Commentary
Opening of China's Bond Market: What Global Investors Need to Know

In April 2019, Chinese bonds will begin joining the main global bond index, the Bloomberg Barclays Global Aggregate Index, meaning they will be widely held by international investors.

14 Jun 2018
Thought Leadership
Fed Continues Gradual Tightening

Chief Economist Chris Probyn comments on where central banks go from here, as the Fed continues gradual policy tightening with its latest hike.

13 Jun 2018
Market Commentary
Emerging Markets Outlook: Caution Ahead as Tailwinds Fade

Emerging markets (EM) have come under pressure in the second quarter due to idiosyncratic problems in a few countries as well as global trade tensions, a strengthening US dollar and higher US Treasury yields.

12 Jun 2018
Market Commentary
SPDR Straits Times Index ETF Record Low Bid-Ask Spreads on the SGXPDF

This document describes further developments which have recently resulted in reduced average bid-ask spread on the SGX for the SPDR® Straits Times Index ETF.

05 Jun 2018
Market Commentary
The Case for Gold as a Strategic Allocation

While gold has traditionally been seen as a tactical way to help preserve wealth during market corrections, times of geopolitical stress or persistent dollar weakness, we think there is a case to be made for gold as a core diversifying asset with a long-term strategic role in multi-asset portfolios.

30 Apr 2018
Thought Leadership
Earnings and Credit Signals Bode Well for Equities

Looking at first-quarter earnings reported so far, and where we are in the credit cycle, we still favor growth assets based on relatively healthy fundamental underpinnings.

23 Apr 2018
Market Commentary
Oil Price Volatility Can Present a Buying Opportunity Ahead of the June OPEC Meeting

Oil continues to make headlines this year as price volatility has shone a light on uncertain supply and demand dynamics as well as continued geopolitical risks.

08 Jun 2018
Market Commentary
Italys Political Impasse Rattles Global Investors as Europes Existential Threat Resurfaces

The risk of a Eurozone implosion returned to haunt investors this week, as Italys failure to form a government led to risk-off moves around the globe.

30 May 2018
Market Commentary
Current Account Deficits Matter Less Than Assumed for Currency Markets

The relevance of current account balances is fiercely debated in international economic and policy circles. Our view is that current account deficits matter less for currency markets than is commonly assumed.

15 May 2018
Market Commentary
Oil-Fueled Commodities Rally Has Room to Run After US Iran Decision

While markets had largely priced in the US decision to withdraw from the Iran nuclear deal and re-impose sanctions, we believe the balance of supply and demand dynamics will keep oil prices elevated in the near term, driving commodities higher.

11 May 2018
Market Commentary
Making the Most of Reflation: A Stock-pickers GuidePDF

2018 opened with an inflation scare that roiled bond markets and caused equities to seesaw. In this paper we analyse the inflationary influences across countries and sectors and examine how we as stock-pickers can best exploit these.

09 May 2018
Thought Leadership
Credit Cycle in Later Stages: Prepare for Landing

As credit market investors, the most frequent question we get asked at present is: are we at the end of the credit cycle yet? As the current business cycle is now officially the second longest on record, having begun in June 2009, it is easy to understand why this is top of mind for many.

08 May 2018
Market Commentary
GICS Changes to Telecom Will Add More Growth Names

Telecoms usual value play will become more growth-oriented come September, as the S&P® Dow Jones® Indices and MSCI Inc. implement changes to the Global Industry Classification Standard (GICS®) structure.

08 May 2018
Market Commentary
Finding Buying Opportunities as the Cycle Turns

The recent jump in 10-year US Treasury rates above 3% is another sign that, as we said coming into 2018, we are closer to end of this market cycle than to the beginning. In the meantime, we continue to find value in the long end of the curve and attractive buying opportunities in certain equity sectors.

07 May 2018
Market Commentary
GICS® Sector Structure Changes: What Do They Mean for Investors?PDF

On September 21, 2018, the Telecommunication Services sector will be expanded to include companies from the Consumer Discretionary and Information Technology sectors and renamed Communication Services.

17 Apr 2018
Market Commentary
What the Sound and Fury of Trade Rhetoric Signifies for Investors

Tariff announcements from the US and retaliations from China have splashed across the headlines all week.

09 Apr 2018
Market Commentary
Funding Shifts, Not Credit Event, Led to LIBOR Spread Widening

LIBOR spread widening had investors scratching their heads, as short-term lending costs have risen to levels not seen since the financial crisis.

05 Apr 2018
Market Commentary
China Debt Inclusion in Global Agg Extends Historic Opening of Markets

Adding Chinese government debt to the global bond benchmark of choice is a historic move, both for investors looking for attractive yields and low correlations to other bond markets as well as Chinese leaders looking to carefully open their markets to foreign investors.

04 Apr 2018
Market Commentary
New Ways to Value the Technology Sector

Following the revelations about data breaches at tech giant Facebook, which wiped $37bn off its market value in one day, have we reached a turning point for the technology sector in terms of valuations?

23 Mar 2018
Market Commentary
Fed Sees 3 Hikes in 2018, 4 Hikes in 2019

The FOMC raised the target rate as expected, but with a more dovish statement reflecting a sluggish Q1 and a more hawkish projection of 2019 and 2020 hikes.

22 Mar 2018
Investment Outlook
US-China Trade Dispute: This Time It's Different

By imposing tariffs on aluminium and steel imports, the United States fired its opening salvo in the battle to rebalance trade relations with China.

22 Mar 2018
Market Commentary
2018 Global Market OutlookPDF

Our 2018 Market Outlook outlines three strategies to consider as you position your portfolios for the year ahead.

08 Dec 2017
Investment Outlook
Weekly Gold Market Update 04 Dec 2017PDF

This Week's Highlights: Gold trims early week losses in after-hours trading on news of Flynn plea deal.

07 Dec 2017
Market Commentary
MSCI Gives 'A' Shares Green LightPDF

MSCI made the official announcement that the 'A' share class will indeed be added to the MSCI Emerging Markets Standard Index in 2018.

31 Oct 2017
Market Commentary
China's Economy Now Drives Global Growth PDF

Investors don't know it yet, but China has officially become the world's most influential country for the global economy and capital markets.

04 Oct 2017
Market Commentary
How Far Will China Go? PDF

China's capital account opening and RMB internationalisation has paused. Sceptics argue that the process has peaked due to risk of capital outflows as well as the Chinese government's reluctance to cede more control to market forces.

26 Sep 2017
Thought Leadership

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