Given the challenges, why bother?
Our head of Global Strategy in New York analyzes and forecasts the developments of major topics arising from the new Administration.
Faced with jetlag and having reached saturation with CNBC and CNN in the hotel room, I found myself watching an out-of-sorts Andy Murray playing in a match that on paper he would have been expected to win. Even though the commentary was in Mandarin (my knowledge of which is limited to around 4 phrases), it was clear that Murray was struggling to gain the initiative and he was being bounced around the court by his opponent but it seems to us that China’s economic policymaking has entered a similar phase vis-à-vis the management of its economy.
Global economic, credit and interest rate cycles are becoming desynchronised. In this paper, we introduce Nikko AM’s first generation default probability model for corporates.
In-depth report: Economic growth in Asia is expected to remain broadly stable in 2017. While there will be greater external uncertainties as well as country-specific challenges, Asian economies are, on balance, better equipped to deal with external pressures compared to a few years back.
Our Senior Portfolio Manager for Emerging Market Debt in London forecasts that in 2017, this asset class could well match 2016’s achievement.
As rates could rise further in 2017, we expect that a broad range of investment themes will help generate enough alpha performance to offset the rates impact.
Why Asia Credit should stand alone from Global Emerging Market Debt.
As we start 2017, we expect the continued recovery in Japan’s economy will be driven by three factors outlined in this article.