Sie möchten auf einen Artikel bzw. einen Seitenbereich zugreifen, der in Ihrer Domäne, für Ihre Sprachauswahl und/oder für Ihren Anlegertyp nicht zur Verfügung steht.
Zur Homepage gehen
Find out how to escape the negative returns of cash
China: Insights on the giant’s fast recovery
Find out why ESG integration in European companies matter
Post US elections analysis - The implications for the markets and what it means for your portfolio
ESG integration in European High Yield
Nordea 1-Flexible Fixed Income Fund- Q3 2020 Global Conference Call
EU ESG regulations – MiFID II changes and its impact on selling in the future
ESG in EM Fixed Income, unlocking the hidden value
The road to the White House
Performance, capital preservation & optimisation with our flexible and balanced solutions
Find out why ESG integration in North American companies matter
Find out why ESG integration in European companies matter
Post US elections analysis - The implications for the markets and what it means for your portfolio
EU ESG regulations – MiFID II changes and its impact on selling in the future – Part 3
Performance, capital preservation & optimisation with our flexible and balanced solutions
Highlighting of the spread of the Sustainability movement, Switzerland is voting on a law that could leave companies subject to lawsuits for environmental and human rights abuses. The motion is currently supported by a slim majority.
What does it mean?
While there are some pockets of over-valuation in ESG, Responsible Investment is steadily making inroads in the world community from its roots in Scandinavian countries.
Janet Yellen’s nomination to be Treasury Secretary puts her in a direct line to negotiate with Senate Republicans who favour a 600bn package against a 2.2 trillion one for the Democrats. Faced with a Covid-19 wave, her optimal position is likely to be agreeing to a significantly smaller package quickly to avoid the risk of a double dip in growth
What does it mean?
Janet Yellen is an able negotiator and her nomination has been welcomed by the markets, but she is yet to be tested by the Republicans. Longer-term she is faced with heavy deficits whose prospects should keep the US Treasury curve somewhat steep and the dollar weak.
The illusion that State Owned Enterprises (SOEs) had an implicit guarantee from the government was lately shattered by the default of Yongcheng Coal in Henan. Issuance in this sector is drying out with adverse economic consequences and the government is stepping in to stamp out financial misconduct. The SOE sector is known to be significantly leveraged with a number of lower performing companies which typically have low productivity.
What does it mean?
SOEs have long been an issue for the government and while an intervention will be welcomed, it would likely mean issuing far more debt by central government. This is a step the government has been reluctant to take, which suggests that some SOEs will be restructured and that part of the issuance process could stay frozen for months and act as a drag on the economy. Considering the risk, the government will likely speed up isolating the black sheep among them. We think, however, that this represents only a small shock to the Chinese economy. It also emphasizes once again the value of delegating portfolio managers’ and analysts’ decisions to specialists on the ground in China.
