24 juni 2024

Multi-assets—2024 mid-year outlook

For this mid-year outlook, we break down our findings into two key themes: a long-term view of the future, and the more near-term influences of the business cycle. This dual focus helps to shape our strategic positioning and clarifies investment perspectives for the year.

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20 juni 2024

Fixed income—2024 mid-year outlook

Between the Great Financial Crisis and the Covid era, developed market central bank policy was dominated by forward guidance regarding their policy objectives. Not only were policy rates near zero, but the expectation of low future rates was also reinforced through quantitative easing (QE). This provided a reasonably reliable framework for bond pricing as it provided good visibility over the expected path of interest rates over the coming years. On this basis, one could start pricing an interest rate curve, leading to relatively low volatility in rates across the interest rate curve.

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20 juni 2024

Fundamental equity—2024 mid-year outlook

In recent weeks, expectations about when central banks will start an easing cycle have been a major influence on financial markets. However, there’s also been significant enthusiasm for the rollout of Artificial Intelligence (AI) infrastructure, bolstered by strong corporate earnings, which has contributed to an overall positive market sentiment. Yet, challenges remain, both geopolitically and macroeconomically.

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