Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
Weekly Market Monitor
A weekly summary of global market activity, including performance of key equity and fixed income indices, currency and commodity information, bond yields and spreads and key economic indicators.
Other news
07/22/2024
Investment Talks
Biden's exit from the presidential race opens a phase of uncertainty
Market reaction to Biden's announcement has been muted at the time of writing, with a fall in the US dollar in early trading on Monday (July 22nd), a marginal movement in 10-year US Treasuries, and an upward trend in equity futures. In terms of the implications on markets, the election outcome is still highly uncertain. It is too early to define a potential "Harris trade," but even to have a specific trading strategy for a potential Trump 2.0 administration, as there is ideological uncertainty regarding its goals and policies. There are also significant ideological clashes that the Trump administration would need to address, such as the approach towards China, inflation, tariffs, fiscal expansion and the desire for a weaker dollar.
07/17/2024
Research / Market
Will productivity turn global growth around?
Global growth has been on a secular decline since around 2000, with a more pronounced decline following the Global Financial Crisis. To explain this, economists typically cite the sizeable and broad-based slowdown in Total Factor Productivity Growth, which measures how efficiently labor and capital inputs are used to produce output. Looking back over longer periods, there were strong advances in productivity after WW2 in the advanced economies in the 1970s to the 90s, but since around 2000, there has been a broad-based slowdown. If these trends continue, global growth over the next decade will likely be sub-3%, compared to just under 4% in the two decades before the pandemic, even before considering recent adverse developments such as global economic fragmentation, increasing security concerns and the transition to net zero. In this paper, we analyze the contributing factors and economic risks.
07/15/2024
Investment Talks
US High Yield Market Outlook & Positioning
Second-quarter returns were positive but uncompelling as not offering a premium to cash. Several of the economic indicators we monitor are indicating softer growth may lie ahead. Although we identify multiple positive factors for high yield, valuations are challenging. With spreads tight and the economy likely to slow, we are positioning portfolios defensively in anticipation of spread widening.
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