The US mid-term elections failed to spark a rally while Brexit, the Italian budget and trade keep risky assets on the ground.
While the higher yields can be explained by fundamentals, the timing of the equity selloff was more difficult to predict. The market dynamic indicators signalling equity market vulnerability to a correction.
The Multi Asset, Quantitative & Solutions team explore some of the shifting sands in the macro/market backdrop and the implications for cross-asset investors and asset allocators.
While equities continued their descent, sentiment data increasingly indicates an overreaction; we closed our underweights in equities and spreads.
Ausländische Anleger haben in diesem Jahr mehr japanische Aktien verkauft als zu jedem anderen Zeitpunkt seit der Jahrtausendwende. Bei ihrer pessimistischen Haltung übersehen sie jedoch zahlreiche Chancen, sagt Robin Black, Co-Manager des Kames Global Equity Income Fund, von Kames Capital.
The negative mood in equity markets continued, confirmed by sentiment data. We upgraded commodities from neutral to a small overweight.
Teruhiko Nishimura, Head of Total Return Japanese Equities, und Tomohiro Yamaguchi, Senior Investment Manager bei Pictet Asset Management, erklären, warum sich der japanische Aktienmarkt ideal für eine marktneutrale Anlagestrategie eignet.
For many years the ‘lower for longer’ narrative dominated the macroeconomic backdrop. Medium-term macroeconomic trends are still the principal driver to markets. For multi asset investors the big picture backdrop to markets is simultaneously more complex and more opportunity-rich.
Caroline Randall, Portfoliomanagerin des Capital Group European Growth and Income Fund (LUX) (CGEGI), spricht über ihren Ausblick für Europa und die Positionierung ihres Portfolios in einer herausfordernden Zeit.
Paul O’Connor, Leiter des Multi-Asset-Teams von Janus Henderson Investors, wagt einen ersten Ausblick auf das Jahr 2019.
