Japanese equities remain neglected by managers. But the return of inflation, improving fundamentals, attractive valuations and better corporate governance are a recipe for renewed investor appetite.
Last week, the Nasdaq 100 reached its highest level since April 2022, the largest market caps of the S&P500 are resolutely up since the start of the year and yet Cathie Wood's ARK Invest fund sharply underperforms the FAANGs. Each week, the Syz investment team takes you through the last seven days in seven charts.
As in the United States, European markets are dominated by a small group of large-cap companies. Overview.
All U.S. banking stocks are down since the start of the year, the S&P500 continues to be buoyed by large tech stocks and interest on US debt continues to climb rapidly. Each week, the Syz investment team takes you through the last seven days in seven charts.
Key takeaways: • While market dynamics remain supportive, the macro & fundamental context are still uncertain and could lead to an Equity Risk Premium re-rating • We keep our cautious stance on equities and rates as well as our positive view on credit • We are downgrading China & EM Asia equities to positive (from attractive). We are upgrading Government bonds to positive (from cautious)
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Many companies have taken advantage of the return of inflation to inflate their prices excessively. At the risk of stimulating an inflationary spiral.
While some respite was expected as we entered 2023, the start of the year was far from a relaxing one. After a hawkish start to the quarter, volatility especially in bonds, surged during March, following the collapse of Silicon Valley Bank. That led to fears about broader contagion across the banking system, that were bolstered by the sudden implosion of Credit Suisse and its acquisition by UBS, backed by guarantees from the Swiss government.
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Japanese equities remain neglected by managers. But the return of inflation, improving fundamentals, attractive valuations and better corporate governance are a recipe for renewed investor appetite.
As in the United States, European markets are dominated by a small group of large-cap companies. Overview.
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