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Market Outlooks
Corporate credit spreads widened aggressively in March 2020
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Credit markets have seen extreme repricing over the past month as a result of the market stress caused by coronavirus and its impact to the economy. The period through March 26 saw some of the most aggressive corporate spread widening in history, with the worst days experiencing almost twice as much widening as any day in 2008. Global investment grade corporate credit spreads reached 340 basis points after having started the year at 102, and we saw global high yield spreads widen past 1,000 basis points as an index, which is generally the level considered the threshold for individual bonds to be considered part of distressed indices.
Market Outlooks
Examining the relationship between social distancing and economic activity
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As the global spread of COVID-19 continues, the United States’ timeline to practice social distancing has now been extended through the end of April. The crisis continues to evolve, leading to questions of how long the social distance measures will remain, how severe will the infection rate get, and when will peak cases be reached. Gauging the length of these measures is crucial to anticipate the economic impacts to U.S. businesses and consumers.
Market Outlooks
The meaty realities of food production
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Initiatives such as Veganuary and meat-free Mondays are a sign of how patterns of food consumption are changing. People are increasingly aware that their eating habits can come with dramatic environmental and social costs. As investors, we are particularly interested in how companies are managing ESG risks in both their operations and supply chains, as well as whether they are seeking opportunities in high-growth areas such as vegan protein.
Market Outlooks
The state of the municipal market
This piece is approved to use with clients.
What caused the extreme municipal market volatility in March 2020? In a nutshell, fear and panic. But that’s understandable in the face of a virulent, deadly enemy that you can’t see and is difficult to contain without mass testing. The unknown is menacing, and investors reacted as they have historically — by raising cash and improving liquidity. In many ways, it is similar to the 2008-09 crisis when the bursting housing bubble caused an indiscriminate rush to sell any assets other than Treasuries. What was shocking this time was the unprecedented speed of the sell-off, and the ensuing recovery. Even after 30 years in the business, it was quite alarming.
Market Outlooks
Trends in Advisor Behavior During Market Volatility - Week of May 1, 2020
Last week was closer to "normal," if we define normal as 2019 and early 2018 trends.
Market Outlooks
[Webinar Replay] Navigating the Impact of Coronavirus Part II
How enterprises can identify and execute revenue driving opportunities during these challenging times.
Client Relationships
Delivering Impactful Client Review Meetings
What Are Our Clients’ Expectations?
Client Relationships
Client Review Meeting Prep Life Events and Milestones Checklist
Access a client review meeting prep life events and milestones checklist!