Latest Insights

September 2019

US/China trade war undermines the outlook for equities

William Davies

Global Head of Equities

For the past 10 years, I have been positive about the prospects for equities. But at the end of May, I downgraded my view to neutral as the trade war between the US and China escalated. The rhetoric between the two superpowers was becoming more hard-line, and I foresaw the risks for equities rising. It appeared to me that the Chinese had decided to take a firmer line in negotiations, reducing the chances of a deal.

September 2019

Caution or precaution? Fixed income outlook for the second half of 2019

Gene Tannuzzo

Deputy Global Head of Fixed Income

Bond market performance in 2019 has been dominated by a theme of central banks pivoting towards easier policy. In particular, the US Federal Reserve has signalled potential interest rate cuts, marking a meaningful shift compared with the hiking cycle of the past three years. This has been a driving force behind double digit returns in many sectors of the bond market in the first half of the year.