Asset class insights
Browse investment insights by asset class in the latest reports published by our global Chief Investment Office (CIO).
CIO Memo
China equities: closing the tactical trading call
Soft macroeconomic data, depreciation pressures on the Chinese yuan and market volatility signal limited near-term upside for Chinese equities, though we expect a recovery in the second half of the year.
CIO Memo
FOMC: Raising the bar
The Federal Reserve's March update to its economic projections implied that three 25-basis-point interest-rate cuts remain in store for 2024.
CIO Memo
U.S. CPI: Patience is key
U.S. Consumer Price Index (CPI) showed an annualised increase of +3.2% year-on-year (YoY), moving higher from last month’s reading. On a month-on-month basis (MoM) Core CPI, which excludes Food and Energy, remained at +0.4%.
CIO Memo
Nonfarm payrolls: Mixed report strengthens case for June cut
The latest Nonfarm payrolls report delivered higher-than-expected jobs figures for the month of February, with significant downward revisions also seen for the previous two months.
CIO Memo
ECB hints at interest rate reversal in June
The prospect of an imminent turnaround in interest rates should continue to provide the equity markets with a slight tailwind.
CIO Memo
U.S. CPI: Taking a detour
Stronger-than-expected U.S. inflation figures will reinforce the Fed's cautious approach to a potential interest-rate cut in the near future.
CIO Memo
India: Interim budget targets strong fiscal improvement
A budget focused on strong fiscal consolidation unsurprisingly gave support to fixed income markets.
Bonds
Annual Outlook 2024 | Bonds: Real rates matter
After years of extremely low interest rates, the investment universe is now complete again thanks to the renewed attractiveness of bonds as an asset class – and is likely to remain so for the foreseeable future in our opinion.
CIO Memo
ECB leaves key rates untouched
The European Central Bank left its key interest rates unchanged, and President Lagarde hinted at a more restrictive monetary policy than many financial-market participants had expected.
CIO Memo
India: RBI equates high growth plus moderate inflation with steady rates
The Reserve Bank of India extended its pause on rates as expected, and the markets for government bonds and currencies remained stable.
CIO Memo
China: Downward revision of sovereign outlook likely priced in
Moody’s lowered its outlook on China’s government credit ratings from stable to negative on the perceived rising downside risks to the government’s fiscal strength.
CIO Special report
Rise in Italian government bond spreads
The recent discussions regarding looser fiscal policy in Italy have exacerbated the volatility on the bond market, leading to a moderate widening of its spreads.
CIO Memo
Early interest rate turnaround in Switzerland
The Swiss National Bank has taken the lead as the first major central bank to cut interest rates amid subsiding inflationary pressures. The move sent a signal that the SNB would protect the economy from the consequences of an excessively strong franc.
CIO Memo
Japan: the start of positive interest rates
In a landmark event, the Bank of Japan ended its negative interest-rate policy and yield curve control, though monetary policies remain accommodative.
CIO Memo
U.K. economy: on the way out of recession
The U.K. economy started the new year with moderate growth, and the rebound should give the Bank of England the cover it needs to stick to its wait-and-see approach. That could sustain the British pound's relative strength in the near term.
CIO Memo
BoE on hold as it’s "not there yet"
The Bank of England left interest rates unchanged as expected, but it also softened its language, dropping a warning about the potential for further policy tightening should inflationary pressures re-emerge.
CIO Memo
Indonesia: Q3 GDP slowed with weaker exports
Indonesia’s Q3 GDP came in below expectations, but the country remains among the fastest growing Asian economies.
CIO Memo
Japan: mild tweak to monetary policy
The Bank of Japan is performing a balancing act between managing domestic growth, reaching its inflation target, and factoring in the depreciation of the yen.
CIO Special report
Bottoming out in the German housing market
It remains a challenging environment for the German housing market, but rate cuts, economic growth and structural rental market shortages should help the market to bottom out.
CIO Special report
Long-term Capital Market Assumptions: our latest forecasts
These form a vital component some systematic long-term asset allocation approaches. We highlight significant developments since our last review and the reasons for them.
CIO Special report
China’s economy: awaiting the right cues
China recently released a flurry of Q1 economic data. But while GDP numbers were surprisingly strong, some other activity measures continue to disappoint. So has China’s economy really turned a corner?
CIO Special report
Smart Mobility: EVs and batteries present opportunities and risks
Favourable long-term trends for the electric-vehicle market remain intact – but an excess supply of battery metals means the outlook for miners remains clouded.
CIO Special report
LTIT: Sustainable Food Systems – favourable entry points ahead?
Sustainable food systems (SFS) deliver food security and nutrition in ways that are sustainable in economic, social and environmental terms. Transitioning towards sustainable food systems could open up business opportunities worth USD4.5 trillion per year by 2030.
CIO Special report
India: Will a billion voters move markets in the world’s biggest democratic election?
India, the world’s largest democracy, is heading to a national vote, with results expected by the end of May. Almost one billion registered voters will make this the biggest election exercise anywhere, ever.
Venture Capital
CIO Special report
Venture Capital investing: a closer look
Our CIO Special report and introductory video discuss how the VC sector is developing and its role in portfolios.
Jan. 10, 2022
CIO Special report
Venture Capital in entrepreneurship
Find out more about the role of Venture Capitalists in our CIO Special report.
Jan. 09, 2022
CIO Special report
What is Venture Capital investing?
Find out more about the history and lifecycle of Venture Capital investing in our CIO Special report.
Jan. 09, 2022
CIO Special report
Venture Capital trends
Find out more about the growth of global Venture Capital investment and the wide range of risks associated in our CIO Special report.
Jan. 08, 2022
CIO Special report
Portfolios and Venture Capital
Find out more about the potential role of Venture Capital investing in portfolios as well as diversification in our CIO Special report.
Jan. 08, 2022
CIO Special report
Venture Capital investing: conclusion
We attempt to summarise the main positives and negatives of Venture Capital investing in our CIO Special report.
Jan. 07, 2022
CIO Special report
Venture Capital Investing: returns and diversification
Our latest CIO Special report Venture Capital investing: returns and diversification discusses how the sector is developing and its role in portfolios. Read more...
Sep. 08, 2021
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