SHARE THIS We think the New Zealand bond market looks very attractive relative to the rest of the world given how high our interest rates are. At the same time, we certainty aren’t immune to developments in the rest of the world, particularly the US,...
SHARE THIS The news of Prime Minister Suga’s impending resignation triggered a rally in Japanese equities this week, with the market hoping that a new administration will bring the COVID-19 outbreak under control and hasten the normalisation of the...
SHARE THIS Amid significantly negative returns in both the equity and fixed income markets at the end of last year, it was thought that 2023 would be the “year of the bond”. As we near the end of 2023, however, the bond market is still yet to live up...
SHARE THIS As New Zealand grapples with inflation and the spectre of a recession, we highlight the impact increasing mortgage rates may have on consumer spending. This is an important theme as it ties in with how we need to consider absolute interest...
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...
SHARE THIS Recent data demonstrate that declining demand is now a major concern for companies as recent rate hikes by the Reserve Bank of New Zealand increasingly constrain economic activity.
SHARE THIS November was a stronger month for equities given that central banks around the world began suggesting that interest rates have peaked. While we do not expect to see any rate cuts in the near term, investors appear to believe that the worst...
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...
SHARE THIS We believe our active approach to credit investing allows us to better serve clients, as indiscriminate waves of downgrades following the turbulence that has rattled global financial markets this year presents us with compelling...
SHARE THIS Since the Reserve Bank of New Zealand (RBNZ) postponed a widely expected rate hike in August, pricing in the market has pulled back, supporting a view that the central bank will hike rates by 25 basis points (bps) at each of its next three...
SHARE THIS October was a tough month for the New Zealand bond market with yields rising in anticipation of further increases in cash rates and in response to global markets bracing for the possibility of central banks reducing stimulus by tapering bond...
SHARE THIS The New Zealand bond market has experienced a rough start to 2022. The chief driving market factor has been the upward movement in reference interest rates, with the swap and government curves all moving up as central banks turn hawkish to...
SHARE THIS The recent reporting season showed that New Zealand’s “gentailers” (companies that both generate and sell energy) remain committed to developing renewable generation capacity, with five such projects currently under construction. However, a...
SHARE THIS Asia’s consumption trends were once thought to be heavily influenced by those in the West, but that is no longer the case. Asian consumers have diverse tastes and influences and they are starting to dictate global trends instead of merely...
SHARE THIS July was a remarkably strong month for New Zealand equities, with the strength of the market partly reflecting the dovish turn taken by the Reserve Bank of New Zealand.
SHARE THIS We provide an update of Japan’s political calendar as the new Prime Minister Kishida leads the ruling party into a 31 October general election, which could have a significant market impact. We also discuss what the recent China-related...
SHARE THIS We believe that our “New Singapore” narrative focusing on sectors and companies that represent the future of the city-state will remain relevant in 2024. Energy transition has risen to prominence within the New Singapore narrative in...
SHARE THIS With the US “exceptionalism” narrative fading, we see value in global diversification. We observe potential turning points in Europe and China equities that may serve as opportunities to diversify global portfolios. Volatile market...
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.
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