AXA IM Hong Kong Literature

16/05/2012 - Systemic risk again takes centre stage

2012-05-16T18:11:00Z

Over the past month, risky assets nosedived on the back of more disappointing high frequency macro-economic data and, even more importantly, the unpleasant reminder of how important politics can become.

10/05/2012 - Taking stock of a new political landscape in Europe

2012-05-10T15:19:00Z

The new French President and the cabinet that will emerge from the June general elections (second round on June 17th) will face both short- and long-term challenges.

03/05/2012 - China: inside the mechanics of soft landing

2012-05-03T13:04:00Z

As expected, China reported "weak" GDP growth in the first quarter, of "just" 8.1%yoy.

26/04/2012 - Spain: the austerity gamble

2012-04-26T13:27:00Z

After Greece got temporarily cauterized and the Italian government got "technocratised", Spain is the arena in which the latest chapter of the European crisis is being playing out.

19/04/2012 - Higher US Treasury yields: neither fast nor furious

2012-04-19T13:35:00Z

Fixed income fund managers will most likely remember September 22, 2011 as the day 10-year Treasury yields hit a low of 1.72% when the Fed officially announced the beginning of Operation Twist, which will wrap up by the end of next June.

12/04/2012 - Turkey: external constraint strikes back

2012-04-12T12:33:00Z

The Turkish economy has grown rapidly in the past couple of years, attracting the attention of international investors and inspiring the envy of other emerging markets.

12/04/2012 - The global macro outlook

2012-04-12T13:06:00Z

The recent widening of sovereign spreads in the €-area is not the harbinger of another systemic crisis, so far. We continue to ascribe a low probability (<5%) to the €-breakup scenario.

05/04/2012 - The desynchronized triad

2012-04-05T13:44:00Z

Judging from the macroeconomic statistics for March, it looks like our optimistic reading of the global cycle was the right one.

02/04/2012 - Overview of the US loan market

2012-04-02T05:00:00Z

Both bond and loans provide access to corporate lending. Ghislain Périssé examines why corporate loans have attracted recent interest from investors and what they can expect.

29/03/2012 - Japan's fiscal situation: the era of ultra-low yields is drawing to a close

2012-03-29T09:47:00Z

Japan's government is the most indebted in the world

21/03/2012 - Emerging equities: countries or sectors? Ask Socrates

2012-03-21T15:58:00Z

Focusing on country or sector allocation first is a question of fundamental importance for active equity portfolio management.

19/03/2012 - A look at the New Hybrid Market

2012-03-19T06:00:00Z

To date, hybrid capital has been doubly misrepresented. Anne Velot reviews the contoured history of hybrid capital and what recent developments may mean for investors.

14/03/2012 - Inflation in China: most of the decline is behind us

2012-03-14T16:40:00Z

As expected, a sharp slowdown in Chinese inflation was observed in February, from 4.5% to 3.2%.

14/03/2012 - The global macro outlook

2012-03-14T14:13:00Z

The probability of the worst case scenario (‘€-geddon') has decreased further, as a consequence of ECB's 3Y LTRO #2 and of the deal on a second bailout for Greece. We see it now at 5%, vs. 15% in January and 25% in December 2011

13/02/2012 - The global macro outlook

2012-02-13T09:06:00Z

The ‘bifurcation' framework remains valid. Yet, the probability of the worst case (‘€-geddon') has decreased since the end of 2011. We see it at 15%, vs. 25% in December 2011.

16/01/2012 - 2012: Bifurcation year

2012-01-16T13:54:00Z

Business (almost) as usual (our main case scenario - subjective probability 75%) or "Eurogeddon" (alternative scenario - subjective probaility 25%)

05/03/2012 - Investment Acumen XI now available

2012-03-05T06:00:00Z

It can safely be said that 2011 was a rollercoaster for most investment market participants, during which many lessons were learnt and opportunities seized. The new regulatory, market and economic realities that lay ahead compel us to anticipate and innovate in order to succeed. Through this Winter issue of Investment Acumen, our bi-annual research review, we examine the latest trends and key challenges for our clients.

08/03/2012 - European Odyssey

2012-03-08T14:45:00Z

Whilst Europe pursues efforts aimed at stemming the sovereign crisis, the Chinese and US drivers of global growth confirmed in February that they are in good health.

01/03/2012 - Inflation hedging: the virtue of a diversified portfolio

2012-03-01T15:10:00Z

Preserving the purchasing power of savings should be an objective of all investors.

22/02/2012 - Greece: exploring end games

2012-02-22T17:22:00Z

The last minute deal on Greece, reached in the early hours of Tuesday 21st February 2012, should buy enough time for the euro area to sail toward safer waters and continue to restore the badly damaged credibility of its governance.