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Insights
Investment Insights by our experts and thought leaders
Navigating Japan Equities: Monthly Insights From Tokyo (August 2024)
by , — 08 August, 2024
The Nikkei experienced its worst single-day fall early in August after reaching a record high just the previous month. Despite the recent slide, domestic factors supporting Japanese equities remain relatively unchanged, in our view. We believe that the narrative of Japan overcoming deflationary pressures due to increasing real wages is still intact.
New Zealand Fixed Income Monthly (July 2024)
by , — 07 August, 2024
The Reserve Bank of New Zealand stood pat on interest rates in its latest Monetary Policy Review in July, but it signalled a shift towards a more dovish stance, suggesting that a first rate cut could be conducted by the end of 2024.
Turbulence in Japan equities: assessing the recent downturn and prospects for recovery
by , — 07 August, 2024
We assess the extreme turbulence this week that rocked Japanese equities, which had reached record highs just last month. We discuss the factors that led to the sharp downturn at the start of the week and consider what could be in store for the market, including prospects for recovery.
Balancing Act: Global Multi-Asset Quarterly (Q2 2024)
by — 30 July, 2024
Although market volatility resurfaced in the early part of the April-June quarter as interest rate cuts in the US began to look less likely amid higher-than-expected inflation, risk assets bounced back and rallied strongly later in the quarter. This reflected signs of softness in the US economy, which made it more likely that the Fed would be able to cut interest rates.
Balancing Act-Monthly Insights: Global Multi-Asset (July 2024)
by — 24 July, 2024
We retained both our overweight to growth assets and our neutral position on defensives. The outlook for growth remains positive as global central banks have started monetary easing, with Europe and Canada leading the way by cutting their interest rates.
Japan's cash-rich companies: harnessing corporate reforms
by , — 22 July, 2024
Japan, a nation of “cash-rich” companies, is undergoing corporate reforms aimed at raising valuation of companies by improving their capital efficiency. The reforms, along with cash-rich companies' historical outperformance and strategic options due to their ample cash holdings, make these firms well worth exploring.
Harnessing Change-Monthly Insights: Asian Equity-June 2024
by — 18 July, 2024
In China, we await confirmation of real, positive fundamental change before increasing our confidence towards the country, and we maintain a highly selective approach. Elsewhere, a combination of AI-induced excitement and positive structural reforms has driven Asian markets higher, particularly in Taiwan, South Korea and India.
On the Ground in Asia-Monthly Insights: Asian Fixed Income-June 2024
by — 17 July, 2024
We favour South Korean, Indian and Philippine government bonds and have adopted a neutral stance on Indonesian bonds. Meanwhile, the fundamentals backdrop for Asian credit remains supportive.
New Zealand Equity Monthly (June 2024)
by , — 12 July, 2024
A look back at the past six months reveals the extent to which New Zealand’s equity market has missed out on the strength seen in many other global markets. Amid these struggles, however, the New Zealand market’s sensitivity to interest rates also offers a note of hope.
New Zealand Fixed Income Monthly (June 2024)
by , — 11 July, 2024
Given the current weakness in New Zealand’s economy, the key question regarding interest rates is not so much the direction they will take but when they are likely to be cut. The struggles seen in the economy span from GDP to employment and look set to persist for some time.
