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  • Multi-asset monthly - January 2021

    SHARE THIS 2020 will undoubtedly be remembered as the year of the pandemic. While in financial market terms it is now tempting to think of COVID-19 as old news, the virus still presents substantial risks to the economic outlook.

    https://www.nikkoam.co.nz/articles/2021/multi-asset-january-2021

  • Multi-asset monthly - February 2021

    SHARE THIS Markets have become choppy, particularly toward month-end, and we expect more of the same given the nearly unrelenting strong run in risk assets since late March 2020 that gained fresh momentum early in November following the US elections.

    https://www.nikkoam.co.nz/articles/2021/multi-asset-february-2021

  • Multi-asset monthly - March 2021

    SHARE THIS The strong start to the year for global equity markets hit its first bump in the road in February. While most countries are still delivering a positive return for the year, markets have retreated from their highs to varying degrees.

    https://www.nikkoam.co.nz/articles/2021/multi-asset-march-2021

  • Multi-asset monthly - April 2021

    SHARE THIS As reflationary dynamics gain support from refreshed stimulus in the US and a largely successful vaccine rollout with returning growth already to show for it, the reflation trade appears a bit exhausted as measured by market action. However,...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-april-2021

  • Multi-asset Monthly - May 2021

    SHARE THIS The US Treasury (UST) market has been an important barometer of the reflation trade for markets this year. Most asset classes have performed in line with movements in UST yields as correlations, whether positive or negative, remain strong.

    https://www.nikkoam.co.nz/articles/2021/multi-asset-may-2021

  • Multi-asset Monthly - June 2021

    SHARE THIS Despite very bumpy economic data—particularly on inflation—rates have compressed, implying most of the “surprises” have already been priced in. This is positive for growth assets that respond better to yield curve stability than the sudden...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-june-2021

  • Multi-asset Monthly - July 2021

    SHARE THIS The US and China are likely reaching peak growth as stimulus and the initial burst of pent-up demand begin to wane. In China, while the credit impulse has turned negative—usually an ominous sign—demand continues to normalise, shifting from...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-july-2021

  • Multi-asset Monthly - August 2021

    SHARE THIS Cross-asset pricing has recently been challenging our reflationary outlook. When we first discussed the prospects for reflation about a year ago, we identified a number of key factors.

    https://www.nikkoam.co.nz/articles/2021/multi-asset-august-2021

  • Multi-asset Monthly - September 2021

    SHARE THIS As we contemplate a post-pandemic world, it is becoming more likely that things will not return to “normal” as we once knew it. While vaccines have been highly successful in preventing serious illness in those who are still contracting the...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-september-2021

  • Multi-asset Monthly - October 2021

    SHARE THIS Volatility has arisen as we expected it eventually would, and September is often an apt month to rediscover risk given market participants’ return from summer vacations noting that record high equity markets do not quite square with a number...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-october-2021

  • Balancing Act: Monthly insights from the Global Multi-Asset Team-November 2021

    SHARE THIS Has economic data really changed so much as to suggest an inflection point on inflation and the growth outlook was near? To some degree perhaps, at least in the eyes of the market, but not enough in the end for central banks to meaningfully...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-november-2021

  • Balancing Act-Monthly insights: Multi-Asset Team-December 2021

    SHARE THIS The global outlook still looks positive, but less is known about the potential impact of the latest variant of the COVID-19 virus, Omicron—particularly in light of the fast government response to add restrictions on travel and, in some...

    https://www.nikkoam.co.nz/articles/2021/multi-asset-december-2021

  • Balancing Act-Monthly insights: Multi-Asset Team-January 2022

    SHARE THIS As is often the case, markets are a better reflection of general sentiment than news headlines and so far, it points to an ongoing global recovery as equities hold their gains of 2021 and long-term bond yields rise. It may not be time yet to...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-january-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-February 2022

    SHARE THIS The outlook is currently challenging. Tightening is coming, but it is not here yet and in the meantime current policy remains quite accommodative. There is no doubt that extremely easy policy boosted equity prices, which were reinforced by...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-february-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-March 2022

    SHARE THIS The Russian invasion of Ukraine has created significant uncertainty for investors. Prior to the war’s outbreak, central bankers were already facing a challenging inflationary environment, and these new commodity-driven price pressures are...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-march-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-April 2022

    SHARE THIS Relief rallies are always encouraging but do not necessarily portray parting clouds for a return to “normal” market conditions. The market is still digesting a rather dizzying array of challenging dynamics that have unfolded quickly over the...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-april-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-July 2022

    SHARE THIS The East and West appear to be headed in different directions. The East may benefit from China’s easing and supportive growth characteristics. Meanwhile, the West is mired in slowing growth, excessive levels of inflation and central banks...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-july-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-August 2022

    SHARE THIS The shift in market narratives continues to gather pace, matching the increase in volatility of the economic cycle seen since the beginning of the pandemic. Central banks are generally aiming to smooth the economic cycle, but this time they...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-august-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-September 2022

    SHARE THIS The world is fast entering the adjustment phase as deglobalisation is accelerating, requiring new solutions and investment to clear new imbalances from energy supply to labour and eventually normalise inflation.

    https://www.nikkoam.co.nz/articles/2022/multi-asset-september-2022

  • Balancing Act-Monthly insights: Multi-Asset Team-October 2022

    SHARE THIS Central bank tightening is beginning to have an impact, but less evidently in terms of easing inflationary pressures than in causing strains on the global financial system. Policymakers are beginning to blink—first with Japan intervening to...

    https://www.nikkoam.co.nz/articles/2022/multi-asset-october-2022

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