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  • New Zealand Equity Monthly – April 2023

    SHARE THIS New Zealand’s equity market was surprisingly strong in the first four months of 2023 given the current challenges faced by the economy. The actual picture is more mixed, however, partly as a result of the concentrated nature of the New...

    https://www.nikkoam.co.nz/articles/2023/nz-equity-monthly-april-23

  • A fundamental change for AI?

    SHARE THIS As the exponential growth of machine learning kicks in, we believe that big technology companies with the first mover advantage in AI and high-end manufacturers of AI-focused hardware and microprocessors, notably Asian players, are in a...

    https://www.nikkoam.co.nz/articles/2023/a-fundamental-change-for-ai

  • Balancing Act-Monthly insights: Multi-Asset Team-May 2023

    SHARE THIS Currently, we believe that valuations look stretched (mainly in the US) and volatility too low to justify that a new bull market is at hand, given the plethora of risks. We remain constructive on China's recovering demand and new sources of...

    https://www.nikkoam.co.nz/articles/2023/multi-asset-may-2023

  • New Zealand Fixed Income Monthly – April 2023

    SHARE THIS As New Zealand’s current tightening cycle started about 19 months ago, it can already be said to be mature. It also follows that the full impact of the monetary policy decisions taken so far should now be building in the economy.

    https://www.nikkoam.co.nz/articles/2023/nz-fixed-income-monthly-april-23

  • On the Ground in Asia-Monthly Insights: Asian Fixed Income-April 2023

    SHARE THIS China’s re-opening and supportive policy tone may continue to provide a critical counterweight to global macro weakness. Macro and corporate credit fundamentals across Asia ex-China are also expected to stay robust.

    https://www.nikkoam.co.nz/articles/2023/asian-fixed-income-monthly-april-23

  • Exploring fast-growing Asian REITs

    SHARE THIS Asian REITs continue to be one of the fastest growing asset classes in the region, offering decent yields, a sustainable income stream and exposure to the region’s biggest landlords.

    https://www.nikkoam.co.nz/articles/2023/exploring-fast-growing-asian-reits

  • Future Quality Insights -May 2023-A bridge over troubled waters

    SHARE THIS Life is different in the post-pandemic world. Equity markets and economies are different too; geopolitics have deteriorated and barriers to trade have increased while the threat of global warming looms ever larger. In this short essay, we...

    https://www.nikkoam.co.nz/articles/2023/future-quality-insights-2305

  • Japan’s “Show Me the Money” corporate governance: 1Q, investors seem to finally accept the theme

    SHARE THIS The long-held theme of this report (since 2006) that profit margins remain on a structural uptrend, despite sluggish domestic GDP growth, still holds and domestic and international investors finally realise that Japanese corporations are...

    https://www.nikkoam.co.nz/articles/2023/japan-show-money-corporate-governance-1q-investors-seem-to-finally-accept-the-theme

  • Global Equity Quarterly (Q1 2023)

    SHARE THIS At times of stress, we believe that it makes sense for investors to reach for something that has recently provided comfort. Our view is that that is exactly what we have seen in Q1, as banking stock volatility has led investors back into the...

    https://www.nikkoam.co.nz/articles/2023/global-equity-quarterly-q1-2023

  • Navigating Japan Equities: Monthly Insights from Tokyo (June 2023)

    SHARE THIS This month we discuss the factors behind the Nikkei’s rise to a 33-year high; we also assess Japan’s opportunity to re-invent itself as a technology hub with leading global chipmakers bringing investments and manufacturing to its shores.

    https://www.nikkoam.co.nz/articles/2023/japan-equity-monthly-june-2023

  • The Demise of the Once Mighty US Dollar?

    SHARE THIS As an undergraduate economist, the subject of foreign exchange reserves and reserve currencies garnered scant attention because we were in a world of floating currencies in which FX intervention, when it did occur, was only ever modest and...

    https://www.nikkoam.co.nz/articles/2023/the-demise-of-the-once-mighty-us-dollar

  • Harvesting Growth, Harnessing Change - Monthly Insights: Asian Equity-May 2023

    SHARE THIS As the developed world continues to struggle with inflation and a lack of growth, Asia stands out as the bright spot, with inflation well in check and monetary cycles peaking ahead of the West. Growth in Asia is also expected to outperform...

    https://www.nikkoam.co.nz/articles/2023/asian-equity-monhtly-may-2023

  • On-the-ground view of post-COVID China

    SHARE THIS A recent trip to China offered first-hand observations of the country’s technological advancement, changing consumer patterns and new social norms as the world’s second largest economy moves on from the pandemic.

    https://www.nikkoam.co.nz/articles/2023/2306_on_the_ground_view_of_post_covid_china

  • New Zealand Equity Monthly – May 2023

    SHARE THIS The Reserve Bank of New Zealand’s decision to have the Official Cash Rate (OCR) peak at 5.5% surprised the market, which had started to price in a peak of 5.75% or 6.0%. The lower-than-expected peak in the OCR is positive for equities as...

    https://www.nikkoam.co.nz/articles/2023/nz-equity-monthly-may-23

  • New Zealand Fixed Income Monthly – May 2023

    SHARE THIS In an encouraging sign for New Zealand, the Reserve Bank of New Zealand (RBNZ) signalled in May that the Official Cash Rate is likely to have peaked at its current level of 5.5%. The RBNZ appears to have shifted its focus from inflationary...

    https://www.nikkoam.co.nz/articles/2023/nz-fixed-income-monthly-may-23

  • On the Ground in Asia-Monthly Insights: Asian Fixed Income-May 2023

    SHARE THIS We remain constructive on relatively higher-yielding Philippine, Indian and Indonesian government bonds, on the back of the relatively supportive macro backdrop for these countries. As for currencies, we expect the Thai baht and Indonesian...

    https://www.nikkoam.co.nz/articles/2023/asian-fixed-income-monthly-may-23

  • Balancing Act-Monthly insights: Multi-Asset Team-June 2023

    SHARE THIS The divergence in growth outlook reflected in equities continues to widen, as secular growth in the form of tech and artificial intelligence (AI) developments appears to have the upper hand in determining the overall market direction. This...

    https://www.nikkoam.co.nz/articles/2023/multi-asset-june-2023

  • Global Investment Committee’s outlook

    SHARE THIS We expect occasionally quite volatile, but positive trends for the global economy, financial system and markets in each of the next four quarters. Regionally, we prefer the European market for the next two quarters, and also include Japan’s...

    https://www.nikkoam.co.nz/articles/2023/global-investment-committee-outlook-2306

  • Capital efficiency initiative in Japan highlights market opportunity

    SHARE THIS Japan’s corporate governance reform started nearly a decade ago is an ongoing process, but it received a boost from the Tokyo Stock Exchange’s latest initiative in January. The latest chapter in corporate governance reform coupled with...

    https://www.nikkoam.co.nz/articles/2023/capital_efficiency_initiative_in_japan_highlights_market_opportunity

  • Do Interest Rates Matter that Much? Yes, and No…

    SHARE THIS One cannot turn on a financial news programme at present without hearing some talking-head or other discussing the outlook for interest rates, almost as though they are the only thing that matters to markets or the economy. We suspect that...

    https://www.nikkoam.co.nz/articles/2023/do-interest-rates-matter-that-much-yes,-and-no…

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