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Market Outlooks
Global Weekly Commentary: Commodities rewired
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Oil and industrial metals have rallied since late-2020 on expectations for a swift economic restart, sparking talk of a new commodity “supercycle.” We see a more nuanced outlook – with a divergence across different commodities.
Market Outlooks
Global Weekly Commentary: Sustainable investing: it’s a long game
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The powerful economic restart has led to a rally in the traditional energy sector. This has raised concerns that sustainable assets may face pressure after stellar performance in 2020. We view such a short-term focus as misguided. The power of the near-term restart should not be confused with the slow transition to sustainability that we see driving long-term returns.
Market Outlooks
Global Weekly Commentary: Why we still like technology stocks
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The recent bond yield spike has been blamed for pressuring tech stocks as they are seen as vulnerable to rising rates. We believe this view is too simplistic: tech is a diverse sector and the driver of higher yields matters more than the rise itself.
Market Outlooks
Global Weekly Commentary: Our views on Chinese assets
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Chinese stocks have sold off on concerns that China could tighten monetary and fiscal policy more aggressively – after having led the global restart and policy normalization. This took place as rising U.S. Treasury yields have pressured global risk assets.
Market Outlooks
Global Weekly Commentary: A strong restart, not a recovery
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We see the path out of the Covid-19 shock as a “restart” – not a typical business cycle “recovery.” The key reasons are the distinct nature of the shock, broad-based pent-up demand and different inflation dynamics.
Market Outlooks
Student of the Market: March Edition
Stay on top of changing market environments by learning from their historical parallels.
Market Outlooks
Global Weekly Commentary: Leaning further into cyclicality
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The UK has led the developed world in the pace of its vaccine rollout, with the euro area set to catch up after a slower start. Vaccine rollouts and fiscal spending are paving the way for an accelerated global restart, reflected in a recent rise in real rates. This supports a broadening of the cyclical tilt in our tactical views, with our recent debut of a UK equities overweight and upgrading euro equities to neutral.