Research
Search: china
Bilboard 12
March 22, 2024
BilboardBILBoard April 2024 – Shifting sands in the investment landscape
The sands in the investment landscape have shifted in that it appears major central banks have tamed inflation without triggering a deep economic downturn. At the same time, market rate cut expectations have moderated, without disrupting markets. These developments, coupled with better-than-expected earnings results and...
Read More
February 23, 2024
BilboardBILBoard March 2024 – Rate cut bets recede on brighter data
Spring is around the corner. The days are getting a little longer and brighter, while the cherry blossom tree in the BIL grounds is already in bloom. The latest economic data also has a Spring feeling about it. As the IMF wrote...
Read More
January 23, 2024
BilboardBILBoard January 2024 – Are we there yet?
Economic overview The Fed and the ECB have concluded their hiking cycles. The easing cycle is likely to begin with the Fed (but later than March, as markets currently expect). The ECB has hinted that rate cuts could come in summer – much depends on...
Read More
October 17, 2023
BilboardBILBoard October 2023 – Entry points and earnings
Written as at 13/10/23 Economic Overview Globally speaking, growth continues to slow as the impact of tighter financial conditions becomes apparent. That said, the transmission of monetary tightening has occurred at varying speeds across economies. Until now, US growth has held up remarkably well,...
Read More
September 22, 2023
BilboardBILBoard September 2023: Peak rates in sight
While central banks could still make some final tweaks, most market participants now believe that we are at (or inches away from) the top when it comes to US and European rates. What is most important for investors now, is the shape of the peak...
Read More
August 2, 2023
BilboardBILBoard August 2023 – Challenging resilience
The idea that central banks might be finished hiking rates is gaining prominence. In the US, the Federal Reserve has now hiked rates eleven times, bringing the federal funds rate to a range of 5.25-5.50%, a 22-year high. Closer to home, the European Central Bank...
Read More
May 4, 2023
BilboardBILBoard May 2023 – Getting defensive
Lingering inflation is keeping major central banks in a tightening mode, even as macro headwinds gather. Expecting a choppy investment landscape in the coming quarters, we added a further layer of protection to our portfolios by implementing a bias towards defensive sectors. Macro View Looking...
Read More
April 11, 2023
BilboardBILBoard April 2023: Following the fundamentals
Source: Bloomberg, BIL Recently, equity markets have had a spring in their step. The S&P 500 has eked out fresh multi-week highs, and is up 7.4% year-to-date. The Nasdaq is in a bull market having risen by over 20% in the first quarter. The EuroStoxx 600...
Read More
March 1, 2023
BilboardBILBoard March 2023: Strong data and sticky inflation
While the economy is slowing, it is proving more resilient than initially expected. At the same time, inflation remains uncomfortably high, supporting the case for sustained central bank tightening. This has caused a risk-off mood in markets with some participants beginning to consider a stagflation...
Read More
January 31, 2023
BilboardBILBoard February 2023: Looking East
PDF EN FR DE LU NL At our first Asset Allocation committee of the year, we maintained a conservative approach, emphasising high-quality corporate bonds and an underweight stance on risk assets while we await better visibility on the path of monetary...
Read More
BILBoard September 2022 – Higher for longer
French Version: BILBOARD_FR_SEPT_22 German Version: BILBOARD_DE_SEPT_22 Dutch Version BILBOARD_NL_SEPT_22 English PDF Version BILBOARD_EN_SEPT_22 Luxembourgish PDF Version BILBOARD_LU_SEPT_22 In our July BILBoard, we discussed two competing narratives responsible for driving market sentiment throughout the best part of 2022: one focused on durably...
Read More
July 8, 2022
BilboardBILBoard July 2022 – Competing narratives
The market is oscillating between two competing narratives – one focused on durably higher inflation and the other on the growing risk of recession. Stubbornly high inflation means that, for now, central bank hawks still have the upper hand – but for how long is...
Read More
Pick a category