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Market Outlook

Market Outlook
May 18

Around the curve

Central and Eastern Europe Joins the Reflation Trade

For the last three years, central and eastern Europe (CEE) has been a sleepy corner of the global bond universe with low yields, central banks on hold, and range bound currencies.

Market Outlook
May 17

Mid-Week Bond Update

Loose lips sink TIPS

US Treasury Inflation Protected Securities (TIPS) and inflation expectations sank over the past five trading days amid renewed White House turbulence, this time involving an alleged manipulation of security leaks. The turmoil took steam off the already waning...

Market Outlook
May 10

Mid-Week Bond Update

reflation en marche?

Most global bond markets had a dismal patch as a perfect storm of falling political risk, higher economic optimism and improved US corporate earnings drove equity prices higher, dampened volatility and reduced demand for traditional safe-havens. Emmanuel Macron’s En Marche! party’s victory in the...

Market Outlook
May 05

Brandywine Global quarterly letter 1Q 2017

Reflation to Normalisation

Last September, Brandywine provocatively suggested there were ‘stirrings’ of an end to financial repression as U.S. households appeared to stop deleveraging while, in China, the slide in output growth came to a halt. Since then, the shift in investment narrative has been quite astounding.

Market Outlook
May 03

Mid-Week Bond Update

European bonds uncork the champagne

European corporate bonds led a global fixed income rally over the past five trading days, boosted by waning anxiety over the French election and strong regional growth. US Treasuries and corporate debt also gained as continued lacklustre data kept expectations that the domestic rate rising cycle will be slow and gradual. This time, it was...

Market Outlook
Apr 27

Are Small-Cap Earnings in Trouble?

Royce co-CIO Francis Gannon looks at the earnings picture for small-caps versus large-caps and sees a silver lining for earnings-focused active managers.

Market Outlook
Apr 26

Mid-Week Bond Update

French election: Euro wins

Emmanuel Macron’s victory in the first round of the French presidential election helped lower the geopolitical anxieties overhanging capital markets, but...

Market Outlook
Apr 23

French Election

Outsider vs. outsider

With the Presidential race down to two untraditional candidates, should investors be concerned about what's next for France and the EU? Our affiliates look through the short-term noise to the election's longer-term impact on problems of the French economy, as well as the European Union.

Market Outlook
Apr 21

An Election Like No Other

What do the political cross-currents that underlie the current French election mean for equity investors? Martin Currie's Michael Browne weighs in.

Market Outlook
Apr 19

Mid-Week Bond Update

On Second Thought...

Global bonds mostly rallied as safe-haven thinking reasserted itself over the past week – thanks to geopolitical concerns as well as signs that U.S. growth may not fulfill the high hopes raised by Trump's election.

Market Outlook
Apr 12

Mid-Week Bond Update

The emperor has no clothes?

Just as in the old parable, the number of investors daring to challenge common belief seems to be growing: are president Trump’s promises to double economic growth really sustainable? Bond yields seem to be saying “no.”

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