Insights

Investment Insights by our experts and thought leaders

2016 began in complete panic, with risk assets including emerging markets (EMs) selling off deeply through the first few weeks of the year.

Asian Equity Monthly Outlook - March 2016

Asia ex Japan equities edged lower in February, with the MSCI Asia ex Japan index contracting 0.9% in USD terms. Concerns over US economic growth and a Federal Reserve (Fed) perceived to be on hold drove a decline in the dollar.

Asian Fixed Income Monthly Outlook - March 2016

5-year and 10-year US Treasuries (USTs) yields ended the month lower, at 1.21% and 1.74% respectively. Cautious sentiment around falling oil prices and the prospect of a delay in US Federal Reserve interest rate increases supported US Treasuries (USTs) over the month.

Japan's "Show Me the Money" Corporate Governance - March 2016

Our global strategist sheds light on how corporate profit margins are reflecting the continuing improvement of corporate governance in Japan.

Our Global Credit Strategy: Seeking Services

Our Global Credit staff in London detail their rationale behind concentrating on service sector exposure globally.

Global equities: Structural re-pricing occurring or just volatility?

Our global equities team in Edinburgh explains their views on the prospects for their asset class.

Asian Local Government Bond Outlook 2016

In 2015, the US Federal Reserve began the process of interest rate normalisation. Short-term bonds underperformed long duration bonds, on expectations of the ongoing US economic recovery remaining weak, and US inflation being anchored at current low levels.

Renminbi: A one-off devaluation or free float in 2016?

As we have seen over the past year in the equity market, the more Beijing wants to exert control, the more it slips away. Is pragmatism going to trump ideology in Beijing? In the current environment, the PBOC letting the RMB free float might not be so unbelievable after all.

Asian Equity Monthly Outlook - February 2016

Asia ex Japan equities finished sharply lower with the MSCI Asia ex Japan Index contracting 7.6% in USD terms month-on-month (MoM), behind MSCI AC World Index.

Asian Fixed Income Monthly Outlook - February 2016

2-year and 10-year US Treasuries (USTs) yields ended the month lower, at 0.78% and 1.92%. Concerns that China could be embarking on a devaluation path curbed investors' risk appetite and supported demand safe-haven assets.

BOJ Adopts Negative Interest Rates

This policy change by the BOJ is a positive in terms of maintaining and strengthening the inflation expectations that have begun to flower.

It's All About the Dollar

In our view, the USD will soften when the Fed comes to accept the reality of slow-to-no growth globally and becomes more dovish in its language and approach.

The BOJ's Bold Move is Not a Shot in a Currency War

Unfortunately for the soundness of the sleep among BOJ-watchers, Mr. Kuroda believes that surprising the market is the best way to achieve his intended result.

Is Saudi Arabia Finally Winning the Global Oil War?

Our London and US analysts review oil prices from the supply and demand angle and they note that global demand growth remains high while global supply is narrowing, indicating that oilfs price swoon could be over.

Tea and divining the price of oil -- Oil in the 20's: overshooting on the downside

Our Singapore Multi-Asset and Equity team analysts cover oil’s swoon using a bit of humor, but the clear-cut conclusion is of great importance.

The Japanese Equity Outlook After the Nasty New Year Start

Our Chief Global Strategist regards Japan positively in the global-macro context and predicts that Japanese equities will outperform global equities in the first half of 2016.

Japan Equity Outlook 2016

Our Chief Investment Officer in Japan details the many reasons for optimism on Japanese equities in 2016

What is the Outlook for the Yuan?

Our Singapore fixed income team expounds on the outlook for this clearly globally important factor.

Recent Volatility in the RMB Market - Market Commentary

The current depreciation trend of the RMB against USD should be seen as a broad-based depreciation of the RMB and not bilaterally to the USD.

Asian Credit Outlook 2016

2015 has been a tumultuous year with a plethora of risk events spurring significant volatility across most asset classes.