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Market Outlook

Market Outlook
Oct 25
Market Outlook

Mid-Week Bond Update

Trumparound

October 25, 2017

Global bond markets suffered a sharp turnaround, mostly driven by expectations that US president Donald Trump will unveil next week a tax plan aimed easing businesses’ costs, thereby accelerating growth. The leading benchmark US Treasury 10-year yield jumped to 2.44%, the highest since March, while sovereign bond yields in other developed markets also rose sharply. The abrupt change...

Market Outlook
Oct 24
Market Outlook

The big picture in bonds:

Market and Strategy Update

October 24, 2017

The market’s enthusiasm for massive growth immediately following last year’s US presidential election waned significantly after healthcare initiatives failed to materialize, infrastructure spending stalled and geopolitical tensions flared. While we were skeptical of too much optimism at the start of the year, we now think pessimism may be too strong as fundamentals slowly and steadily improve.

Market Outlook
Oct 18
Market Outlook

Mid-Week Bond Update

Copper Party

October 18, 2017

Global bond markets welcomed yet another disappointing inflation reading in the US, which pushed global bond yields and inflation expectations lower. European sovereigns were also supported by comments from European Central Bank (ECB) president Mario Draghi, who said that the ECB should be patient and...

Market Outlook
Oct 17
Market Outlook

Market overview

Poised to Lead: Small Caps with Global Exposure

October 17, 2017

Smaller companies in cyclical sectors that do business abroad -- or with other U.S. firms that have global exposure -- could be well positioned to benefit from improving global growth.

Market Outlook
Oct 11
Market Outlook

Mid-Week Bond Update

Rich outlook, poor politics

October 11, 2017

Corporate bond markets added another week of gains, supported by rising US wage data, improved industrial and manufacturing output in Germany and the UK, and an upgrade of this year’s global economic growth forecast by the International Monetary Fund. That is as far as the good news went: partially...

Market Outlook
Oct 04
Market Outlook

Mid-Week Bond Update

Loanly week

October 04, 2017

The global sovereign bond sell-off continued for a fourth week, this time triggered by renewed plans by US president Trump to introduce big tax cuts. Only the most economically-sensitive and equity-like fixed income sectors, such as bank loans and High Yield, posted gains, while leading US equity indices reached yet another record. Also showing improved confidence, US leveraged loan issuance in September was...

Market Outlook
Sep 27
Market Outlook

Mid-Week Bond Update

Politics takes centre stage

September 27, 2017

From Berlin to Pyongyang, via Istanbul, Tokyo and Barcelona, political uncertainty came back to dominate global bond markets, pushing up demand for both traditional safe-havens and growth-sensitive asset classes. US Non-Agency Mortgage-Backed Securities and corporate bonds gained on...

Market Outlook
Sep 22
Market Outlook

Unconstrained investing

Western Asset: pioneers since the 1990s

September 22, 2017

Unconstrained investing, one of the latest buzzwords in asset management, means nothing more than being flexible in one’s investment universe and approach in order to deliver the objectives that clients set. For some investors, the use of sophisticated tools to profit in both up and down markets may be new - but for Western Asset, this approach is business as usual. Read about how it all started - and how you can profit from this strategy today.

Market Outlook
Sep 20
Market Outlook

Mid-Week Bond Update

High Yield - bringing up baby?

September 20, 2017

US and European High Yield indices survived a general fixed income sell-off week, triggered by prospects of higher interest rates on both sides of the Atlantic. This resilience reflected the asset class’ increasing maturity and quality as well as a recently rising correlation...

Market Outlook
Sep 13
Market Outlook

Mid-Week Bond Update

EMs from (ugly) duckling to darling

September 13, 2017

Traditionally riskier parts of the bond universe, such Emerging Markets (EM) and High Yield, rallied over the past five trading days as geopolitical concerns eased, the aftermath of the recent US floods started to settle and as Europe and China continued to post positive data. EMs extended their year-to-date gains as local currencies gained and the asset class’ volatility continued to fall, just the opposite...

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