Global House View: Market Outlook
|
|
- Alan Preston
- 6 years ago
- Views:
Transcription
1 HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook
2 Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity Regional Allocation Concluding Remarks Summary of views Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 2
3 Market Performance
4 Key markets performance 6 Year-to-date /HSB1395a Total return, in local currency (%) World US Eurozone UK Japan Emerging Markets Oil World Govt Bonds Global Invest. Grade Global High Yield Emerging Debt JPY vs USD GBP vs USD EUR vs USD Equities Commodity Fixed Income Currency Source: Bloomberg, DataStream, MSCI, Merrill Lynch, Citigroup. Total Returns in local currencies. Performance from the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up. Data as of September 3 rd 29. Note: Indices and sources used to represent each asset class shown are (from left to right): MSCI World (World equities), MSCI US (US Equities), MSCI EMU (Eurozone Equities), MSCI UK ( UK Equities), MSCI Japan (Japan Equity), MSCI Emerging Markets (Emerging Markets equity), US WTI Crude Oil spot price (Oil); Citigroup World Government Bond Index (World Government Bonds); Merrill Lynch Global Investment Grade (Global Investment Grade); Merrill Lynch Global High Yield (Global High Yield); Yen spot price vs US Dollar Spot price (Yen vs US Dollar), Sterling spot price vs US Dollar Spot price (Sterling vs US Dollar); Euro spot price vs US Dollar spot price (Euro vs US Dollar) 4
5 Macro-economic Picture
6 1688/HSB1395a Economic data continues to show signs of global stabilization China and Korea retail sales (YoY % change) US existing and pending home sales (YoY % change) Dec- Aug-1 Apr-2 Dec-2 Aug-3 Apr-4 Dec-4 Aug-5 Apr-6 Dec-6 Aug-7 Apr-8 Dec-8 Aug-9 % change YoY Korea retail sales China retail sales Mar-2 Jul-2 Nov-2 Mar-3 Jul-3 Nov-3 Mar-4 Jul-4 Nov-4 Mar-5 Jul-5 Nov-5 Mar-6 Jul-6 Nov-6 Mar-7 Jul-7 Nov-7 Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 % change YoY Existing home sales Pending home sales Japan industrial production (MoM % change) US industrial production (MoM % change) Jun-8 Jul-8 Aug-8 Sep-8 Oct-8 Nov-8 Dec-8 Jan-9 Feb-9 Mar-9 Apr-9 May-9 Jun-9 Jul-9 Jun-8 Jul-8 Aug-8 Sep-8 Oct-8 Nov-8 Dec-8 Jan-9 Feb-9 Mar-9 Apr-9 May-9 Jun-9 Jul-9 % change MoM % change MoM Source: DataStream, HSBC Global Asset Management, as of September 3 rd 29 Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way
7 1688/HSB1395a Sep-9..but we are not clear of danger yet! US industrial capacity utilisation (%) US consumption expenditure (YoY % change) 9 Jun US industrial capiticity utilisation (%) Aug-89 Jun-9 Apr-91 Feb-92 Dec-92 Oct-93 Aug-94 Jun-95 Apr-96 Feb-97 Dec-97 Oct-98 Aug-99 Jun- Apr-1 Feb-2 Dec-2 Oct-3 Aug-4 Jun-5 Apr-6 Feb-7 Dec-7 Oct-8 Aug-9 US household leverage (debt to personal income ratio) Jun-59 Nov-61 Mar-64 Aug-66 Dec-68 May-71 Sep-73 Jan-76 Jun-78 Oct-8 Mar-83 Jul-85 Nov-87 Apr-9 Aug-92 Jan-95 May-97 Oct-99 Feb-2 Jun-4 Nov-6 Mar-9 Sep-64 Dec-66 Mar-69 Jun-71 Sep-73 Dec-75 Mar-78 Jun-8 Sep-82 Dec-84 Mar-87 Jun-89 Sep-91 Dec-93 Mar-96 Jun-98 Sep- Dec-2 US household debt to personal income (in %) Consumption expenditure % YoY) Mar-5 Source: DataStream, HSBC Global Asset Management, as of September 3 rd 29. Consumption data based on constant price Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way
8 1688/HSB1395a Sep-9..and poor labour market conditions continue to cloud horizon for consumption US unemployment rate (%) % (Aug-9) 5.7% (Jul-9) Sep-64 Dec-66 Mar-69 Jun-71 Sep-73 Dec-75 Mar-78 Jun-8 Sep-82 Dec-84 Mar-87 Jun-89 Sep-91 Dec-93 Mar-96 Jun-98 Sep- Dec-2 Mar-5 Jun-7 Sep-9 Unemploment rate (%) 1 Jun-7 Sep-64 Dec-66 Mar-69 Jun-71 Sep-73 Dec-75 Mar-78 Jun-8 Sep-82 Dec-84 Mar-87 Jun-89 Sep-91 Dec-93 Mar-96 Jun-98 Sep- Dec-2 Mar-5 Japan unemployment rate (%) Unemploment rate (%) Source: DataStream, HSBC Global Asset Management, as of September 3 rd 29.. Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way
9 GDP growth expectations for 21: a case of excessive optimism? Consensus 21 GDP forecast in March 29 vs August /HSB1395a Consensus GDP growth forecast (in %) USA Eurozone UK Japan Brazil Russia India China March 21 GDP forecast August 21 GDP forecast Source: DataStream, Consensus Economics, August 29 report. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way 1
10 1688/HSB1395a Inflation outlook remains positive to moderate Oil price vs. year-on-year percentage change 12% 1% Sep-4 Nov-4 Jan-5 Mar-5 May-5 Jul-5 Sep-5 Nov-5 Jan-6 Mar-6 May-6 Jul-6 Sep-6 Nov-6 Jan-7 Mar-7 May-7 Jul-7 Sep-7 Nov-7 Jan-8 Mar-8 May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 CPI (% YoY) 8% 6% 4% 2% % -2% -4% -6% US Core CPI US CPI all times -8% Nov-7 Jan-8 Mar-8 May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 Sep-9 Oil price (y-o-y % change) Oil price (US$/brl) 4 2 US core vs. all items CPI (% YoY) UK core vs. all items CPI (% YoY) y-o-y % change in oil price Oil price (US$/brl) 1 Sep-4 Nov-4 Jan-5 Mar-5 May-5 Jul-5 Sep-5 Nov-5 Jan-6 Mar-6 May-6 Jul-6 Sep-6 Nov-6 Jan-7 Mar-7 May-7 Jul-7 Sep-7 Nov-7 Jan-8 Mar-8 May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 CPI (% YoY) UK CPI all items UK Core CPI Source: DataStream, UK Office of National Statistics, HSBC Global Asset Management, as of September 3 rd 29 Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. Performance from the past should not be seen as an indication of future returns
11 Consensus Inflation forecasts for 29 & /HSB1395a 29 & 21 Consensus Inflation Forecasts US Euro Zone UK JP China India Russia Brazil 29 Consensus inflation 21 Consensus inflation Source: Consensus Economics, HSBC Global Asset Management, August 29 report. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way 12
12 Market Views: high level asset allocation
13 1688/HSB1395a 15 Equity valuations no longer at bargain levels MSCI World P/E MSCI Emerging Markets P/E Dec-93 Sep-94 Jun-95 Mar-96 Dec-96 Sep-97 Jun-98 Mar-99 Dec-99 Sep- Jun-1 Mar-2 Dec-2 Sep-3 Jun-4 Mar-5 Dec-5 Sep-6 Jun-7 Mar-8 Dec-8 Sep-9 MSCI 12 PE ratio 1 5 Dec-95 Sep-96 Jun-97 Mar-98 Dec-98 Sep-99 Jun- Mar-1 Dec-1 Sep-2 Jun-3 Mar-4 Dec-4 Sep-5 Jun-6 Mar-7 Dec-7 Sep-8 Jun-9 MSCI 12 PE ratio MSCI 12Mth forward PE MSCI 12Mth trailing PE MSCI 12Mth forward PE MSCI 12Mth trailing PE Source: Thomson Financial, HSBC Global Asset Management, weekly data as of September 3 rd 29 Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way.
14 Earnings expectations for 21: another case of excessive optimism? 1688/HSB1395a 21 Earnings Momentum (World) % change in 21 EPS forecast EPS upgrades/downgrades ratio 21 and 29 Earnings growth estimates Earnings growth estimates (in %) Percentile relative to Earnings growth historical estimates (in %) estimates (1) Percentile relative to historical estimates (1) MSCI World % -1.4 % MSCI Germany % MSCI Japan % -2. % MSCI U.S.A % -8.5 % MSCI UK % % MSCI Emerging Markets % -7.9 % MSCI Brazil % % -4 MSCI China % % Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 MSCI India % % 3mth % change 6mth % change Upgrade/downgrade ratio MSCI Russia % -4.4 % Source: DataStream, IBES, HSBC Global Asset Management, data as of September 3 rd 29 Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. Notes (1): A Higher number indicates a more optimistic prospect 16
15 Support from cash reserve liquidity to be possibly weaker 1688/HSB1395a Net % overweight cash vs. average cash balance (%) Source: Merrill Lynch, Fund Manager Survey Global, August 19 th 29 Past performance should not be seen as an indication of future returns. 17
16 Government Bonds: Yield curve shift since Jan /HSB1395a US Yield Curve shift UK Yield Curve shift 4.5 Current Yield Curve 31-Dec-8 Yield Curve 4.5 Current Yield Curve 31-Dec-8 Yield Curve Bond yield (in %) Bond yield (in %) M 6 M 1YR 3YR 2YR 5YR 7YR 1YR 3Y. 3 M 6 M 1YR 3YR 2YR 5YR 7YR 1YR 3Y Source: Thomson Financial, Bloomberg, HSBC Global Asset Management, data as of September 1 th 29 Past performance should not be seen as an indication of future returns. 18
17 Significant contraction in spreads but overall valuations are still attractive Investment Grade vs. High Yield Global High Yield/ Corporate EMD - OAS in bps 2, 1,8 1,6 1,4 1,2 1, Global High Yield Index Global Aggregate - Corporates Index Global Invest. Grade Pre-Lehman OAS 268 bps Global High Yield Pre-Lehman OAS 756 bps EM sovereign vs. EM corporate Corporate EMD - OAS in bps 3, 2,5 2, 1,5 1, 5 - Global Corporate EMD EMD Sovereign EM D Sove re ign Pre-Lehman OAS 334 bps Global Corp. EMD Pre-Lehman OAS 843 bps /HSB1395a Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May Sep-4 EMD Sovereign - OAS in bps Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Global Aggregate Corporates/ EMD Sovereign - OAS in bps Source: Barclay s Capital, HSBC Global Asset Management, data as of September 3 rd 29. Pre-Lehman OAS is given as of September 12 th 28. Past performance should not be seen as an indication of future returns. 19
18 Market Views: Equity Regional Allocation
19 1688/HSB1395a Sep-9 Mar-9 Sep-8 Mar Mar-96 Sep-96 Mar-97 Sep-97 Mar-98 Sep-98 Mar-99 Sep-99 Mar- Sep- Mar-1 Sep-1 Mar-2 Sep-2 Mar-3 Sep-3 Mar-4 Sep-4 Mar-5 Sep-5 Mar-6 Sep-6 Mar-7 Sep-7 Valuations continue to diverge but no strong signal Dispersion in global valuations Source: Thomson Financial, HSBC Global Asset Management, September 3 rd 29 Past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way.
20 Interesting valuation-driven opportunities in defensives sector and Latam Latin America discount to Emerging Asia (based on MSCI 12 trailing PE) Global sector valuation levels (from cheapest to most expensive) 1688/HSB1395a 15% Sectors 12 month forward PE 5% Telecommunications & Services 11.5 Trailing PE discount -5% -15% -25% -35% -45% Average discount from 31-Aug-4 to31- Aug- 9 Health Care 11.8 Utilities 12.3 Energy 12.7 Consumer Staples 13.9 Financials 15.6 Industrials 16.6 IT % Materials 19.5 Aug-4 Dec-4 Apr-5 Aug-5 Dec-5 Apr-6 Aug-6 Dec-6 Apr-7 Aug-7 Dec-7 Apr-8 Aug-8 Dec-8 Apr-9 Aug-9 Consumer Discretionary Past performance does not guarantee future results. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way Source: DataStream, IBES, HSBC Global Asset Management, as of September 3 rd 29
21 Concluding Remarks
22 Concluding Remarks 1688/HSB1395a Key word remains uncertainty with any recovery in 21 likely to be fairly weak Weak growth picture poses a challenge for earnings, hence suggests cautious stance on equities Within fixed income space, preference for corporate debt on valuations grounds Moderately negative on Sterling vs. Euro 24
23 Summary of views
24 Summary of views 1688/HSB1395a Underweight Overweight Emerging Asia Equity Cyclical Sectors Equity GBP EM debt Govt Bonds Equity Latin America Equity Global Health Care / Utilities / Telecom &Svs EUR High Yield Invest. Grade High Yield Invest. Grade Cash UK Gilt UK Infl-Linked Strong Moderate Neutral Moderate Strong Source: HSBC Global Asset Management, as of September 3 rd 29 Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. 26
25 Firm Disclosure 1688/HSB1395a The contents of this presentation are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments. It is intended for investment professionals only and not for distribution to Retail Clients. HSBC Global Asset Management (UK) Limited has based this presentation on information obtained from sources it believes to be reliable but which it has not independently verified. HSBC Global Asset Management (UK) Limited and HSBC Group accept no responsibility as to its accuracy or completeness. This presentation is intended for discussion only and shall not be capable of creating any contractual or other legal obligations on the part of HSBC Global Asset Management (UK) Limited or any other HSBC Group company. Care has been taken to ensure the accuracy of this presentation but HSBC Global Asset Management (UK) Limited accepts no responsibility for any errors or omissions contained therein. This presentation and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non/contractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) shall be governed by and construed in accordance with English law. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target. Any performance information shown refers to the past and should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up. Where overseas investments are held the rate of exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Stockmarket investments should be viewed as a medium to long term investment and should be held for at least five years. This presentation is approved for issue in the UK by HSBC Global Asset Management (UK) Limited authorised and regulated by the Financial Services Authority /99/FP
Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationAPPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES
16 QUARTERLY INVESTMENT STRATEGY APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers Index EMERGING ECONOMIES Purchasing Managers Index US Eurozone Japan Brazil Russia India China Industrial
More informationWeek in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD
Week ending 24 August, 20 Page 1 of 8 FTSE Equity Indices Week MTD Jul Jun QTD YTD UK FTSE All Share -1.3 3.2 1.3 4.8 4.6 8.0 15.5 FTSE -1.3 3.2 1.2 5.0 4.5 6.8 15.3 FTSE 250-1.4 3.0 2.1 3.8 5.2 15.6 17.5
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More information2016 Investment Outlook: Crosscurrents
216 Investment Outlook: Crosscurrents January 13, 216 MODERATED BY: Celia Dallas Chief Investment Strategist Wade O Brien Managing Director, Global Investment Research Christopher Hunter Managing Director,
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More information2008 Economic and Market Outlook
Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationGlobal Equites declined from Concern over Trade War
Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand
More informationGlobal Investment Perspective
Global Investment Perspective April 09 March was an exceptionally strong month for equity markets. The MSCI World Index rose 7.6% as certain macro data, and US government initiatives boosted hopes that
More informationLearning objectives. Investors should leave the presentation with an ability to discuss
Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018
More informationBualuang Exclusive Investment Outlook. March 2017
Bualuang Exclusive Investment Outlook March 2017 1 Theme: Trump support global equities Positive Risk Many countries return to stimulate economies. Many government will increase spending and support economy.
More informationAPPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES
QUARTERLY INVESTMENT STRATEGY Third Quarter 15 19 APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers EMERGING ECONOMIES Purchasing Managers US Eurozone Japan Brazil Russia India China
More informationCommodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018
March, 2018 Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 1/1/2003
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationThe case for lower rated corporate bonds
The case for lower rated corporate bonds Marcus Pakenham Fixed income product specialist December 3 Introduction Where should fixed income investors be positioned over the medium term? We expect that government
More informationWeek in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD
Week ending 7 April, 2017 Page 1 of 8 FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD UK FTSE All Share 0.6 0.6 1.2 3.1 0.6 4.7 23.5 FTSE 0.5 0.5 1.1 3.1 0.5 4.2 24.6 FTSE 250 1.5 1.5 1.4 3.5 1.5 7.0
More informationEquity Market Outlook. May, 2016
Equity Market Outlook May, 2016 Global Economy Update Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Global Central Bank Monetary Policies
More informationThe World Economic & Financial System: Risks & Prospects
The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We
More informationInvestment Update. Adventurous Portfolio February 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Adventurous Portfolio February 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments
More informationMarkets at a Glance. India Q2 CY For Distributors use only
Markets at a Glance India Q CY 17 For Distributors use only India Macro Economy Trade Inflation Monetary Sector Valuations Liquidity Macro Economy GDP Emerging vs Developed (In % YoY) Credit Growth vs
More informationMonthly Commentary Emerging Markets Debt
HSBC Global Asset Management November 2010 Monthly Commentary Emerging Markets Debt Emerging Markets Debt Core Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date
More informationGlobal Asset Allocation & Investment Strategy
Global Asset Allocation & Investment Strategy QUARTERLY INVESTMENT STRATEGY 5 GLOBAL ASSET ALLOCATION SUMMARY Global Asset Allocation* N + Equities Fixed Income Commodities Cash Notes: * 3-6 month horizon
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationGlobal Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation
Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return
More informationMarket Update: Broad Market Returns and Indicators
Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either
More informationNavigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationFINANCIAL FORECASTS ECONOMIC RESEARCH. January No. 1. What will be the characteristics of euro-zone financial markets in 2016?
ECONOMIC RESEARCH January - No. What will be the characteristics of euro-zone financial markets in? We believe investors will be faced with the following characteristics in euro-zone financial markets
More informationHigh yield and emerging market bonds continue rally
Markit iboxx monthly report April 216 High yield and emerging market bonds continue rally April saw corporate and emerging market bond returns continue to gain amid a calmer economic backdrop. Calmer markets
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationIs there still a case for European Small Caps?
This document is solely for the use of professionals and is not for general public distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationPersonal Finance Society 2017 A year of living dangerously?
\\ Personal Finance Society 2017 A year of living dangerously? \\\\ Market Insights Team This presentation is for Professional Clients only and is not for consumer use. 2017 A year of living dangerously?
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationFive years into the crisis. Is the world more stable or more unstable? Page 2 I Dublin, June 2013 Pioneer Investment Conference.
Five years into the crisis. Is the world more stable or more unstable? Page 2 I Dublin, June 2013 Pioneer Investment Conference. % of GDP The Debt Issue in Developed Markets Developed Markets Debt-to-GDP
More informationMarket and Economic Charts. Retail Fund Management Team Investec Asset Management
Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation
More informationJPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting
JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 26th February 2018 Richard Titherington, Managing Director Chief Investment Officer of Emerging Markets and Asia
More informationEconomic and Market Outlook
Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationMoving On Up Today s Economic Environment
Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL
More informationMalaysia. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Neel Sinha* Head of Research, Southeast Asia The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch +65 6658 658 neelsinha@hsbc.com.sg *Employed by a non-us affiliate of HSBC
More informationThe increasing importance of multi asset solutions genuine diversification to reduce total risk
The increasing importance of multi asset solutions genuine diversification to reduce total risk Ariconsult Vermögensverwaltungs-Symposium 17 September 2014 Richard Batty Fund Manager, Multi Asset This
More informationPlease scroll to find the 2018 and 2019 global fund holiday calendars.
Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29
More informationThe Weekly Market View Aug
Diverging expectations for central banks action across Atlantic Strong headline job data in the US pushed market expectations for September rate hike higher, as reflected through implied probabilities
More informationChapter 1 International economy
Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationInvestment Update. Multi Asset Growth I February 2019 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Multi Asset Growth I February 209 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for
More informationMarket Update: Broad Market Returns and Indicators
Market Update Eckler Ltd. collects information directly from sources believed to be reliable. Eckler Ltd. does not guarantee or warrant the accuracy, timeliness, or completeness of the information either
More informationNavigating a maturing bull market
Navigating a maturing bull market Asia Pacific Wealth Management March 2018 INVESTMENT PRODUCTS: NOT A BANK DEPOSIT. NOT GOVERNMENT INSURED. NO BANK GUARANTEE. MAY LOSE VALUE Market Review Market Performance
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationConvención de Finanzas y Mercado de Capitales 2013
Citi Equity Capital Markets October 29, 2013 Convención de Finanzas y Mercado de Capitales 2013 1 1. Global Markets 2 Price Performance (%) GDP Growth (%) Global Environment at Inflection Point Developed
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationEquity Markets in a Late-Cycle Environment: Balancing Opportunity and Risk
Equity Markets in a Late-Cycle Environment: Balancing Opportunity and Risk Speaker: Olivia Engel, CFA Senior Managing Director, CIO, Active Quantitative Equity State Street Global Advisors 2 Content What
More informationThe Asset Allocation Decision
The Asset Allocation Decision Kevin Headland, CIM Senior Investment Strategist Manulife Investments Agenda A Diverse History of Asset Allocation Asset Allocation in Practice How it Fits in Today s Market
More informationInvestment Opportunities in Global Fixed Income Markets
Investment Opportunities in Global Fixed Income Markets GSAM Insurance Fixed Income May 217 GSAM Insurance Asset Management Key Themes for 217 Economic Backdrop End of the Distortion Monetary to Fiscal
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More informationPersonal Finance Society 2017 A year of living dangerously?
\\ Personal Finance Society 2017 A year of living dangerously? \\\\ Neil Dobson Market Insights Team This presentation is for Professional Clients only and is not for consumer use. 2017 A year of living
More informationInvestment Grade Fixed Income Review
Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%
More informationChina slowdown. Bond market shock (inflation risk and Fed policy error) Growth recession. Developed market (DM) political event risk.
China slowdown Developed market (DM) political event risk Growth recession Bond market shock (inflation risk and Fed policy error) Global growth resynchronization Trade tensions Equities Government bonds
More informationPRIVATE BANKING PRIVATE BANKING
US (UNDERWEIGHT) Valuations remain high Downward revision to earnings forecasts persists Monetary policy realtively less supportive Recent rally relative to other markets looks March 211rebased 2 1 overstretched
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy
HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back
More informationSnapshot of SA Economy
Snapshot of SA Economy Kgotso Radira 1 September 29 Economic Outlook Global share indices 2 Indices 18 16 14 12 1 8 6 4 25 26 27 28 29 S&P 5 FTSE 1 DAX Nikkei 3 Global interest rates 7 % 6 5 4 3 2 1 1999
More informationCorporate bonds resurgent in March
Corporate bonds resurgent in March Markit iboxx monthly report March 216 After a volatile start to the year, fixed income returns bounced back in spectacular fashion with corporate and emerging market
More informationVolume 8, Issue 10 Mar 10, 2008
Volume 8, Issue 10 Mar 10, 2008 >> SUMMARY ECONOMIC OVERVIEW US : 75 bp interest rate cut appearing likely this month EUROPE : Neutral policy stance reaffirmed last week JAPAN : Slowing US economy likely
More informationInvesting in Today s World with Thoughts of Tomorrow. Presented by: Jeff Matthias, CFA
Investing in Today s World with Thoughts of Tomorrow Presented by: Jeff Matthias, CFA Wisconsin Coalition of Annuitants May 11, 2018 Today s Key Takeaways Investor Inputs Market Recap Investment Outlook
More informationCapturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationGlobal Market Outlook 2018
Global Market Outlook 2018 Belinda Boa Head of Active Investments Asia Pacific and CIO of Emerging Markets Fundamental Active Equity, BlackRock January 2018 FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS
More informationEmerging Market Debt attractive yield with solid fundamentals
For professional use only Not for Public distribution Emerging Market Debt attractive yield with solid fundamentals November 2012 Kevin Daly, Senior Portfolio Manager EMD Aberdeen Asset Management Table
More informationО КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY. December Bank of Russia Presentation for Investors
О КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY Bank of Russia Presentation for Investors December 16 USD per barrel RUB / USD 2 Oil Eхporters Production-cut Agreements Support
More informationMarket Insight Economy and Asset Classes December Oil Prices Downtrending: The Real Global Economic Stimulus
Market Insight Economy and Asset Classes December 2014 Oil Prices Downtrending: The Real Global Economic Stimulus 2 Equities Markets Feature In Citi analysts view, the expansion phase the US are enjoying
More informationEmerging Market Debt: Smoke but no fire
Emerging Market Debt: Smoke but no fire November 2014 Edwin Gutierrez, Head of Emerging Market Sovereign Debt Aberdeen Asset Management For Professional Investors only Not for public distribution Smoke
More informationP R O F E S S I O N A L S O N LY. Milan IFTA Conference "Sailing to the Future" October 2017
P R O F E S S I O N A L S O N LY Milan IFTA Conference "Sailing to the Future" October 2017 Frédéric Leroux Global Fund Manager Head of Cross Asset Team 2 The Importance of Being a Risk Manager 3 Over
More informationInvestment Update. Secure Portfolio October 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Secure Portfolio October 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for the
More informationState Street Global Advisors SPDR ETFs Chart Pack
State Street Global Advisors SPDR ETFs Chart Pack April 2018 Edition For Public Use Please see Appendix C for more information on investment terms used in this Chart Pack. Chart Pack Table of Contents
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More informationWEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, Index definitions available upon request. 1 of 5. Total Return (%)
WEEKLY MARKET FLASH DATA AS OF FEBRUARY 2, 2018 U.S. Equity Index Level 1 Week MTD QTD YTD 1 Year Global Equity USD 1 Week MTD QTD YTD 1 Year S&P 500 2,762 (3.81) (2.16) 3.44 3.44 23.54 DJIA 25,521 (4.11)
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.
HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationForecasting Emerging Markets Equities the Role of Commodity Beta
Forecasting Emerging Markets Equities the Role of Commodity Beta Huiyu(Evelyn) Huang Grantham, Mayo, Van Otterloo& Co., LLC June 23, 215 For presentation at ISF 215. The opinions expressed here are solely
More informationMTA Educational Web Series
MTA Educational Web Series One Practitioner s Guide to Combining Macro, Fundamentals and Technical Analysis Presented by: Keith Lerner, CFA, CMT Chief Market Strategist SunTrust Bank July 2014 Outline:
More informationGlobal equity markets Is the sweet spot behind us?
\\ Global equity markets Is the sweet spot behind us? June 2018 Nick Mustoe Chief Investment Officer \\\\ This presentation is for Professional Clients only and is not for consumer use. Themes World growth
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationKey IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
More informationPRESS CONFERENCE 2 November 2012
PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income
More informationSEB House View 07 March 2018
SEB House View 7 March 8 Summary Decision variables Macro and Markets Market Indicators Asset Class and Sector Views Risk Environment Summary - We maintain risk utilization at 75% despite the prevailing
More informationFY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged -
REVISED to reflect the 2 nd QE for the Oct-Dec Qtr of 2017 FY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged - March 8, 2018 Copyright
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationThe Scream - Edvard Munch 1893 Current Market Update and Recent Developments
2011 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY The Scream - Edvard Munch 1893 Current Market Update and Recent Developments Thursday, October 20, 2011
More information2017 Fund holidays for Vanguard Investments Series plc
2017 Fund holidays for Vanguard Investments Series plc Vanguard Investment Series Plc (Irish-domiciled) *Effective 3 March 2014, Vanguard U.S. Opportunities Fund is closed to all new accounts; existing
More information