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  • 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-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

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

    SHARE THIS This month, Fed Chair Powell seemed hellbent on quashing any last hope of a pivot or at least slowing the pace of rate hikes sometime soon. But this crushing blow to hope helped sow the seeds of an eyewatering rally when one inflation print...

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

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

    SHARE THIS While we do not expect the US Federal Reserve to pivot any time soon towards easing policy, the firm break in dollar momentum perhaps reflects a shift in the relative growth story which had favoured the US towards one focused on the rest of...

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

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

    SHARE THIS In our view, the change from dollar strength to relative weakness is meaningful for the shift in relative growth prospects, favouring the rest of the world over the US.

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

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

    SHARE THIS Growth prospects look to be improving—a sharp shift from late 2022 when the markets had strong conviction that a first half slowdown was to be followed by a better second half.

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

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

    SHARE THIS Investors have been dealing with elevated volatility in asset prices since the pandemic began. A contributing factor that continues to muddy the waters has been the volatility in economic data due to COVID-led distortions. In more recent...

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

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

    SHARE THIS Market dynamics have changed quite considerably since mid-March after the regional bank failures in the US, which were quickly followed by turmoil at Credit Suisse leading to the bank’s forced marriage with UBS. The government response was...

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

  • 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

  • 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

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

    SHARE THIS While market positioning has shifted towards a more constructive outlook, the macroeconomic mood has not. Rather, persistent upside pressures in equity markets have forced investors back into the market so they do not fall too far behind...

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

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

    SHARE THIS The economic wheels continue to turn forward, surprising many given that the Federal Reserve lifted the overnight target rate to 5.5%, a level not seen since 2001. It is also above the top rate of 5.25% seen back in 2006–2007, before rate...

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

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

    SHARE THIS The markets are pricing “higher for longer” with US Treasury 10-year yields pressing above their October 2022 highs, tempering enthusiasm across global equities into neutral sentiment territory. As inflation pressures continue to ease...

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

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

    SHARE THIS Defying seemingly broad sentiment that a slowdown is coming, the US economy continues to chug along, and bond yields are continuing to wake up to the monetary reality that long-term rates need to be repriced accordingly. The adjustment has...

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

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

    SHARE THIS We have held on to our view that the “higher for longer” narrative is not necessarily bad for equities, as robust earnings are supported by a US economy that continues to grow at above-trend rates. However, we are also sympathetic to the...

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

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

    SHARE THIS Although we believe that the prospects for the economy remain mostly unchanged, the outlook is softer at the margins, perhaps reflecting the tightening of financial conditions seen during the recent months. Over the past month, however,...

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

  • Balancing Act-Monthly insights: Multi-Asset Team-January 2024

    SHARE THIS The US economy continues to look robust, so we have stayed constructive on growth assets and short maturity global credit where yields are attractive. We still believe that the path to 2% inflation in the US is relatively unclear. If...

    https://www.nikkoam.co.nz/articles/2024/multi-asset-jan-2024

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