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Global views and trends

Our Insights – April 2019

25 April 2019 - Investors' Corner team

In this edition, read why ‘globotics’, the next stage of globalisation, threatens to overwhelm our capacity to adapt. We also explain what the energy transition means for equity valuations and present our asset allocation for the second quarter.

 

Globotics, the marriage of robotics and globalisation

Richard Baldwin, one of the world’s leading globalisation experts, argues that the explosive pace of developments in robotisation and telemigration threatens to overpower our ability to adjust.

 

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A fragile goldilocks environment
All assets have rallied recently, partly on the back of central bank dovishness. But, late in the economic cycle and with growth in Europe and China structurally challenged, downside risks remain. Goldilocks is on edge.

 

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Energy transition: an infographic
Investors take note! Marginal changes underway in the global energy market potentially put large swathes of equity value at risk over the next few years. This is because what matters for valuations is which energy sources dominate the growth in demand, not which sources dominate the overall level of demand.

 

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MSCI to add more A shares: a blessing for foreign investors
The weight of Chinese A shares in MSCI’s global indices is set to rise, creating a major long-term opportunity for foreign investors. The move comes amid further reform in China and steps to open up its capital markets.

 

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Our Insights appears every quarter and offers investors views on future economic trends and the outlook, and possible implications for investing. Contact your local representative for  more information.

On the same subject:
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US companies’ earnings growth following the Q4 2018 sell-off could slow to the point of an ‘earnings recession’. But – outside energy and tech – the outlook may not be as bleak as it first appears.

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High levels of local concentration suggest employers have market power

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Growth dynamics and demographics add to the arguments in favour

The Intelligence Report – 27 March 2019

The science is unequivocal and the evidence is growing ever stronger, supporting the rationale of adopting a long-term investment focus on sustainability. We present our Global Sustainability Strategy. Also in this issue: do not apply a one-size-fits-all approach to BBB rated debt, but assess the idiosyncrasies; and the outlook for European equities.  

The Intelligence Report – 7 May 2019

The new EU taxonomy defining what is truly 'sustainable' will offer essential clarity and help counteract greenwashing. We also review the implications for investors of Chinese bonds becoming more prominent in global benchmarks. Elsewhere in Asia Pacific, we assess the state of investment stewardship. Finally, we note that Goldilocks may currently prevail on the economic scene, but her grip on the throne is tenuous at best.