From the CPI data, in particular the HCPI, one would get the sense that inflation has decelerated and stabilised somewhat.
ESG in Asia: Amundi shares her views on engagement, climate finance and passive investing
Climate change: Central Banking focus report is online
Amundi and The Economist release an ESG Asian study
Amundi: a responsible partner
Amundi Emerging Markets:
An European Market Leader
IN THE HEADLINES
ESG Investing in Recent Years: New Insights from Old Challenges
This research is an update of the study that we published last year (Bennani et al., 2018) and that explored the impact of ESG investing on asset pricing in the stock market. It extends the original period 2010-2017 by adding eighteen months from January 2018 to June 2019.
Time for a flight to cyclical value in European equity
When we look fundamentally at the risks and rewards in equity markets for 2020, we find that value offers better opportunities than growth as implied expectations are lower and therefore more attractive for value at this point. The performance of value vs growth has been on a downward trend for a long time, almost 13 years. In our view, the rotation towards value that started in September 2019 is likely to continue in 2020.
European equities will benefit from this rotation; Europe is a value market as it is more skewed towards the traditional value sectors of financials, telecoms, mining and utilities, while being underweight in the hyper-growth segment of information technology (IT). In the past, rotations from growth to value have been more pronounced in Europe than the overall global market.
A Note on Portfolio Optimization with Quadratic Transaction Costs
In this short note, we consider mean-variance optimized portfolios with transaction costs. We show that introducing quadratic transaction costs makes the optimization problem more difficult than using linear transaction costs. The reason lies in the specification of the budget constraint, which is no longer linear. We provide numerical algorithms for solving this issue and illustrate how transaction costs may considerably impact the expected returns of optimized portfolios.
2020 outlook for the US 10-year Treasury bond
In 2019, the 10-year Treasury yield traded in a range of 1.46-2.78%, the fourth widest range since 2010. The 10-year yield rallied due to uncertainty over US-China trade negotiations and ongoing concerns about a weakening global economy. Fueling the rally further was a dramatic pivot in the Federal Reserve’s monetary stance from hawkish to dovish, which led to three rate cuts, and finally to neutral. This backdrop was a catalyst behind a strong 10% increase in the US 10-year yield in 2019. Historically, Treasury performance often suffers following a 10% return the preceding year, as the chart shows.
Cross Asset Investment Strategy - January 2020
Global Investment Views - January 2020
Cross Asset Investment Strategy - December 2019
Global Investment Views - December 2019
Cross Asset Investment Strategy - November 2019
Global Investment Views - November 2019
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