North America

Will actives finally outperform passives?

The worst case scenario for emerging market (EM) equities has started to unfold, turning a potentially positive outlook around by 180 degrees.

Trump's tariff threats could backfire on US citizens

Market signals pose 'dilemma' for investors

Knee-jerk reactions could become self-fulfilling

Negative yields unlikely

Which asset classes will benefit?

Which product is worthy of the yellow jersey?

We are seeing a new bout of deterioration in fundamentals, with earnings revisions worsening and PMIs back on a declining path across emerging markets (EM).

Part of the June equity market rally was driven by growing investor expectation of a July rate cut in the US, which we believe is overdone.