Global Investment Outlook: July 2021
The Great Reopening
For the most part, the U.S. and China are now open for business, with Europe and other parts of the world slowly following suit. The global economy continues to ride high on the coattails of post-viral fiscal and monetary stimulus measures, with some investment firms projecting global GDP growth as high as 7% in 2021.
In this list of papers, top asset management firms provide their multi-asset outlooks for the first month of the new quarter. Perhaps inflationary concerns themselves have been over-inflated, and perhaps capital expenditures in 2021 will provide corporates with supply chain workarounds and sustained growth opportunities.
Multi-Asset Monthly Outlook Jul 2021: Capex is key to economic recovery (Robeco)
The featured article in this Multi-Asset Outlook from Robeco is on capital expenditures, and how supply chain constraints are fuelling a resurgence in equipment purchases.
The Great Reopening Continues (Franklin Templeton, 2021)
For compliance reasons, this paper is only accessible in the EMEA region
The great reopening continues, and Franklin Templeton explains the implications of these effects for institutional asset allocators.
House View Q3 2021 (Aviva Investors)
For compliance reasons, this paper is only accessible in certain geographies
The global economy is currently undergoing a broad-based recovery from the pandemic, with expectations of global economic growth around 7% this year. Aviva Investors discusses how this recovery is impacting specific asset classes in this quarterly multi-asset outlook.
Mid-year Outlook (Capital Group, Jun 2021)
For compliance reasons, this paper is only accessible in certain geographies
Capital Group offers its mid-year outlook in which it remains positive on markets, believing inflation is likely to be transitory.
The New Nominal: Just getting started (BlackRock, Jun 2021)
For compliance reasons, this paper is only accessible in certain geographies
A key reason for staying the course on their strategic asset views is that BlackRock sees their new nominal investment theme – that calls for a more muted response by interest rates to higher inflation than in the past – playing out. The new nominal has been key to their pro-risk tactical investment views.
Macro Outlook: Last innings of the reopening trade (Manulife IM, Jul 2021)
For compliance reasons, this paper is only accessible in certain geographies
Manulife Investment Management discusses the final stretch of the reopening trade, and the specific factors that are driving the post-Covid-19 economy.
The Big Picture: Global asset allocation Q3 (Invesco, 2021)
For compliance reasons, this paper is only accessible in certain geographies
Invesco explains their asset allocation views for the third quarter of this year, based upon projections that the current economic cycle may be in its infancy.
Multi Asset Monthly: Global strategy – Quarterly edition (NN IP, Jul 2021)
NN IP's quarterly outlook provides a scenario analysis for global economic data, as well as a macroeconomic overview, and their outlook for specific asset classes.
Q3 2021 Fixed Income Market Outlook (PGIM Fixed Income)
PGIM Fixed Income presents a quarterly outlook for fixed income assets, with sections on rates, MBS, corporates, leveraged finance, and munis.
Are Inflation Concerns Inflated? (Lazard AM, Jun 2021)
What would it mean for markets if the current low-inflation environment came to an end? Lazard Asset Management discusses inflationary concerns and economic realities in this insightful paper.
Fixed Income: The yield grab continues (PineBridge Investments, Jun 2021)
Fixed income markets are still skewed towards risk-taking, as investors continue to reach for yield while expecting inflation to be transitory.
Global Currency Outlook – Summer 2021 (RBC GAM)
For compliance reasons, this paper is only accessible in the United States and Canada
Despite the fall in the dollar over the previous year, RBC Global Asset Management believes the greenback may have further to fall.
