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Navigating Japan Equities: Monthly Insights From Tokyo (June 2024)
by , — 07 June, 2024
This month we look beyond Japan’s impressive dividends and share buybacks from the perspective of corporate governance reform; we also explain how the “quantity effect” associated with exports may reduce the relevance of currency levels.
The Future isn’t What it Was.
by , — 06 June, 2024
In the days immediately following 9-11, markets understandably fretted that consumer spending would collapse as people would be too scared to go out. In fact, spending picked up – even the author’s usually frugal spending increased.
Balancing Act-Monthly insights: Multi-Asset Team-May 2024
by — 24 May, 2024
As the market comes to grips with the US rate structure potentially remaining high, we expect to see increased market volatility and a potential return of the positive correlation between bond and equities that was evident in the market through 2022.
The yen: how weak is too weak?
by , — 23 May, 2024
The ongoing weakness in the yen has led to intense debate over whether Japan can cope with further challenges to its global purchasing power. Although it is a matter of concern, a weak currency isn't necessarily undermining Japan's economic recovery. That said, a prolonged downtrend for the yen warrants vigilance as it could destabilise the economic recovery by triggering inflation.
On the ground in Asia Monthly Insights: Asian Fixed Income (April 2024)
by — 17 May, 2024
In terms of duration exposure, we maintain a positive outlook for medium-term duration, finding the current yield levels attractive. We expect Asia credit to remain well-supported due to subdued net new supply as issuers continue to access cheaper onshore funding.
Harnessing Change - Monthly Insights: Asian Equity-April 2024
by — 16 May, 2024
What a difference a month can make. Discussions have pivoted from interest rate cuts in the US to the possibility of an increase, while Chinese equities have rallied sharply on a combination of attractive value and hopes of effective policy implementation.
New Zealand Fixed Income Monthly (April 2024)
by , — 15 May, 2024
Despite the decline in one- and two-year inflation expectations, we feel that the longer term picture is likely to be dominated by broader secular forces, or prolonged trends not necessarily tied to cyclical factors, that structurally drive inflation.
Could ESG reporting rules spark an EU-US trade war?
by , — 14 May, 2024
The US presidential election in November continues to cast a long shadow, and as the race between the 45th (Donald Trump) and 46th (incumbent Joe Biden) presidents quickens, divisions have only widened. The investment world is no exception, and one particularly troubling battleground is the growing regulatory divide regarding ESG reporting.
New Zealand Equity Monthly (April 2024)
by , — 10 May, 2024
New Zealand is seeing its first set of climate-related disclosures. Under this regime which began in January 2023, large organisations release "climate statements" about the potential impact of their operations on the climate and vice versa, according to standards set by the country’s External Reporting Board.
Navigating Japan Equities: Monthly Insights From Tokyo (May 2024)
by , — 10 May, 2024
This month we analyse why the influence of capex and wages on spending behaviour are key to gauging whether an inflationary mindset is taking hold among households; amid an adjustment by Japanese stocks from record highs, we also look for growth narratives to sustain a long term uptrend.