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Sustainability is key for value creation
How should we quantify the valuation impact of sustainable investing?
Rich Pickings: The Analyst Survey episode
The results are in for Fidelity's annual Analyst Survey. We pick apart the key findings to discover what our sector experts expect for the year ahead.
Analyst Survey 2021: Counting down the days
Confidence is high despite the threat of new variants; ESG emphasis rises again.
Four real estate trends to watch as economies reopen
After a tumultuous 2020, we believe there are four main themes that will determine real estate trends for this year and the decade to come.
Market questions central bank credibility
Markets are testing central banks’ resolve to keep rates low.
Chart Room: Staying afloat amid a rising tide of debt
Central banks have been playing a key role in keeping higher debt loads affordable.
Chart Room: Keep an eye on housing rents when tracking inflation
Some key considerations make us more constructive on US rents for the year ahead, particularly soaring home purchase prices.
Policing the platforms: Why social media needs independent guidelines
Social media firms must create rules for content and independent oversight boards or they could face threats to their long-term viability.
Chart Room: Risk-on and on, with caveats
Caution and careful positioning are important from here, based on the latest readings from Fidelity’s risk aversion indicator.
What’s ahead for China’s markets in the Year of the Ox
Investors keen to see whether China’s bull market can keep charging ahead in the lunar Year of the Ox will be focused on recovery and monetary policy.
Fidelity's three sustainable investing themes for 2021
Fidelity sees three major sustainable investment trends taking shape in 2021.
Chart Room: Emerging markets and the reopening trade
Emerging EMEA (Europe, Middle East and Africa) and Latin American stocks are particularly well positioned to reap the benefits of reopening.
Chart Room: The return of the value super-cycle?
In this week’s Chart Room, we look at both sides of the long-standing debate between value and growth investment styles, as seen from both Europe and China.
China, the West and the rest: how vaccine rollouts are progressing
With little fanfare, China is firing on all cylinders to vaccinate tens of millions of people, even as domestic spread of the virus appears mild.
January's Rich Pickings podcast: The big vaccine rollout episode
"China's rebound is like watching a movie," says Portfolio Manager Amit Lodha in January's Rich Pickings.
Chart Room: After the Gold Rush
Is it time to take profits in gold?
ESGenius: Slashing emissions will fuel green growth for decades
Existing climate technologies can benefit from the huge investment required to decarbonise at pace.
January FLI update: Fiscal good news offsets near-term softening
The FLI Cycle Tracker remains in the ‘top-right’ quadrant with growth above trend and improving, albeit momentum has softened for a second month.
Chart Room: A liquidity tide for the record books
2020 brought us new high-water marks in the US for both money supply growth and the personal savings rate.
Rich Pickings podcast: (What) A Year in Review
For the final episode of the year Fidelity's Global Chief Investment Officer discusses the market history that was made and the lessons to take from 2020.
ESGenius: Democratic sweep could transform ESG regulation in the US
New political leadership could reverse US rules on sustainable investing.
Chart Room: Chinese stocks, playing catchup, finally retrace 2015 highs
But the rally in China’s main onshore index still lags its US and global counterparts.
Reflationary thesis strengthens as Democrats win slim Senate majority
Reflationary thesis strengthens as Democrats win slim Senate majority
Brexit agreement: A respite from uncertainty
What investors are looking at after UK exits the European Union
New survey finds silver linings to China’s pension challenges
As China faces the formidable task of building a private pension industry from scratch, it can count on the blessing of residents’ financial wellness.
Chart Room: China government bond yields catch their breath
Chart Room: China government bond yields catch their breath
Three sustainable investing themes for 2021
Climate change combined with nature loss, employee welfare and digital ethics are core engagement themes for 2021.
Fidelity International on Asset TV's ESG masterclass
Portfolio Manager Dhananjay Phadnis joins peers from Nuveen and Redington in this ESG masterclass.
Fidelity Live: CIO Outlook 2021 - replay
Our CIOs share their outlook for the year ahead.
Offices are not dead, but they will need to evolve
Despite the surge in working from home in 2020, offices will remain vital for many types of business. But they will need to evolve.
Chart Room: Weakening dollar gives emerging markets a shot in the arm
Emerging markets may be helped further along by the weaker outlook for the US dollar.
Unlocking India’s structural opportunities: 10 charts
Reforms and new infrastructure paving the way for manufacturing investment and employment will be key to unlocking India’s next stage of development.
China stewardship podcast: Witness an evolution
Hear what exclusive research on shareholder action in China says about the changing face of Chinese companies and their investors.
Chart Room: Deploying the fiscal firehose
Chart Room: Deploying the fiscal firehose
Building solid foundations: Fidelity International China Stewardship Report 2020
Fidelity International's inaugural China Stewardship Report shows steady progress in investment stewardship and implementing ESG at domestic A-share companies.
The Investor's Guide to China podcast: Belt and Road
What China's flagship economic initiative can tell investors about the country and where it goes next.
November's Rich Pickings: Outlook 2021
Fidelity's chief investment officers discuss the paths they're taking in the year ahead.
Real estate in 2021: Unique challenges will accelerate structural trends
Offices will continue to be in demand post-Covid, but their usage will evolve.
Real estate in 2021: Unique challenges will accelerate structural trends
Offices will continue to be in demand post-Covid, but their usage will evolve.
Chart Room: Oil vs gold - two sides of the reopening trade
Chart Room: Oil vs gold - two sides of the reopening trade
Fidelity Analyst Survey: Company debt may have peaked already
While most analysts expect debt levels at their companies to stay the same or fall next year, it is becoming a greater factor in management decision making.
China bond defaults signal a coming of age as state safety net shrinks
Bond defaults by state-owned enterprises have rattled China’s onshore credit markets. We see this as an important if painful step in curtailing moral hazard.
Chart Room: Asia’s export engine supercharged by new trade deal
Chart Room: Asia’s export engine supercharged by new trade deal
European high yield: The curious case of the defaults that didn’t happen
At the height of the March crash, defaults looked set to soar. The reality turned out to be very different.
Chart Room: The clear link between ESG and returns
How have stocks that scored high for Environmental, Social and Governance (ESG) factors held up amid the Covid-19 fallout?
China takes aim at trash
A massive nationwide effort is underway to improve China's waste management systems.
Fidelity Leading Indicator extends strong momentum of recovery
FLI-implied activity appears to be heading to levels only slightly below the pre-COVID peak, despite pockets of impact from renewed mobility restrictions.
US Elections: As the dust settles
Beyond the elections, the longer-term focus is on the US domestic economy, regionalisation of global trade, and the resilience of emerging and Asian markets.
Chart Room: Some sectors may be set for a margin squeeze
The latest reading from our monthly analyst survey shows which companies are struggling with inflationary pressure but also weaker pricing power.
US election outcomes: Implications for growth and policy
US election Outcomes: Implications for growth and policy
Putting sustainability to the test: ESG outperformance amid volatility
Resarch that puts sustainable investing to the test: ESG outperformance amid volatility
Growth targets take a backseat in China’s new economic plan
Domestic consumption and technology growth will be prioritised as the government reveals overarching guidelines for the country’s 14th five-year plan.
ECB signals further stimulus as double dip recession chances spike
Despite taking no action at the October meeting, the European Central Bank (ECB) laid the groundwork for further easing at its next meeting in December.
Chart Room: Correlations boil and bubble 🎃 and may spell toil and trouble 🦇
In this follow-up special Halloween edition of Chart Room, we look at how correlations are casting a spell over markets.
US elections podcast: The very different fiscal scenarios
Fidelity's Global Head of Macro Salman Ahmed on why the US is on the verge of an economic paradigm shift.
The hidden dragon of 2020
As global investors scramble to digest paradigm shifts, another change of seismic scale has gone under-noticed in a year full of twists and turns.
Fidelity Analyst Survey: Sentiment improves again but could be nearing plateau
October’s survey of Fidelity International’s analysts reveals that sentiment and leading indicators are once again incrementally better than last month.
ESGenius: Strong sustainability credentials can signal resilience
Covid-19 has shown how a focus on sustainability can help companies act fast when an unexpected crisis hits, and make them more resilient to new threats.
Chart Room: Government debt climbs to spooky heights
In this special Halloween edition Chart Room (part 1 of 2), we look at the frightening levels of government debt around the world.
Fidelity live: CIOs October webcast (replay)
Our CIOs take stock of Q3, discuss the macro outlook for the next quarter, and give an update on trading.
Fidelity live: Analysts' ESG webcast (replay)
In this webcast our Head of Global Research together with our analysts share a unique view of the world from the bottom up.
ESGenius: Insurance companies neglect sustainability at their peril
Fidelity research shows disparity in how sustainability is viewed across insurance sector.
Mapping US election tail risks: a framework-based approach
Mapping US election tail risks: a framework-based approach
Chart Room: Why growth still has room to grow in China equities
The valuation premium for China growth stocks versus value stocks hit a new all-time high, lifted by the consumer, tech and healthcare sectors.
October's CIO podcast: Strength in numbers
Fidelity International's Chief Investment Officer Andrew McCaffery gives his latest analysis of markets and what it means for investors.
Fidelity Leading Indicator shows record short-term growth momentum
All sectors are exhibiting significant strength, as policymakers seek to bridge economies to the hoped-for 2021 vaccine rollout.
Chart room: European cyclicals vulnerable if manufacturing data moderates
Any moderation in the growth of new manufacturing orders could make cyclicals vulnerable to a de-rating.
The inflation puzzle and how to tackle it
Will inflation return despite dis-inflationary forces?
Fidelity International on Asset TV's ESG Masterclass
Jenn-Hui Tan features on this ESG masterclass panel, discussing everything from process and data to returns and China’s sustainable response to Covid.
Swinging 60s inflation pattern due a comeback
The years between 1964-75, a time of fiscal expansion and low rates, shows why inflation might come back faster than some think.
Bike sheds and powerplants: Corporate governance in an uncertain world
For a board attempting to govern a company in this uncertain world, breaking Parkinson's Law of Triviality has never been so crucial.
September's Rich Pickings podcast: Allocating for recovery
"The market is underestimating inflation. Reduce duration and look for income," says Chief Investment Officer Steve Ellis, in this month's Rich Pickings.
Japan: Suganomics > Abenomics?
Japan: Suganomics > Abenomics?
Chart Room: Is disinflation lurking around the corner?
In a bullish signal, the bond market’s short-term expectations for US inflation are back near pre-crisis levels. But are investors being overly optimistic?
Podcast: The future of... banking
"Banks are increasingly fulfilling a social role," says cross-asset analyst Federico Wynne.
Analyst Survey podcast: The world catches up with China
Listen to the latest Analyst Survey podcast to hear what Fidelity's almost 150 analysts saying about the state of the corporate world.
ESGenius: Getting ‘hydrogen ready’
Hydrogen demand could increase seven-fold by 2050.
Chart Room: Why some tech valuations may be lower than you think
A closer look at longer-term valuations reveals some surprising trends in tech.
Analyst Pulse Survey: Companies are restructuring, but are they resilient?
Certain sectors will need to do more to be resilient in the face of diminishing government support and possible infection rate rises.
Near-zero rates expected through 2023 amid Fed concern about the economy
Fed offers forward guidance following shift in inflation targeting framework.
Boosting sea legs
The Covid-19 pandemic has left numerous seafarers stranded. Fidelity is acting fast to sound the alarm on an issue of global humanitarian concern.
ESGenius: Getting to net zero in real estate
ESGenius: Getting to net zero in real estate
Chart Room: Emerging market currencies lag on inflation risks
EM countries are using some of the same monetary and fiscal measures as developed markets. But this could add to rising inflation and currency weakness.
Fidelity Leading Indicator signals broad-based recovery
Four out of five FLI sectors are experiencing both growth and acceleration, with only Consumer and Labour lagging.
CIO update podcast: How to spot resilience
CIO Andrew McCaffery on market sentiment, Fed commitments, and what we mean by resilience.
Fidelity CIOs: Focus on resilience
Greater focus on resilience and sustainability is benefiting domestic economies and altering supply chains.
Chart Room: China’s Covid rebound puts the ‘V’ in investment
Fixed asset investment (FAI) in China has recovered to its pre-Covid levels of growth, with infrastructure and property driving the nation’s broader economy.
A to-do list for Japan’s next prime minister
Ensuring fiscal and monetary policy continuity while overseeing Japan's response to the Covid-19 crisis will be top priorities for Shinzo Abe's successor.
Fed resets framework for greater flexibility
Rates likely to remain low even if inflation moderately overshoots target.
Chart Room: The resilience of China’s onshore stocks
China’s onshore stocks (A-shares) have outperformed their Hong Kong and overseas listed counterparts, but their valuations are relatively undemanding.
Why India could be the next breeding ground for tech unicorns
The Silicon Valley giants are shifting their attention to India as the next big growth market.
China property: Built for the long run
Facing challenges in their core business of building and selling new homes, Chinese real estate developers have found an alternative source of revenue.
Chart Room: A new record high for US stocks, but mind the lopsided valuations
The average European bank capital ratio has never been stronger. This has led to a stark contrast in returns across bank capital structures.
GEARs: Bursting through the ceiling?
Fidelity International’s GEAR (Gauges of Economic Activity in Real Time) activity indicators continue to rebound strongly.
Fidelity’s August Pulse Survey: Preparing for a second wave of Covid-19
Fidelity’s August Pulse Survey: Preparing for a second wave of Covid-19
The connectivity revolution is only just beginning
Most investment opportunities from unprecedented connectivity lie in the future.
Overweight autos: The road less travelled
Despite the risks, we believe that the auto sector now presents an investment opportunity.
Chart Room: US debt delinquencies drop, but recession looms as unemployment surges
Household debt forbearance measures have given a temporary boost to borrowers in the US. But as unemployment surges, more supportive measures will be needed.
Fidelity Leading Indicator points to weak recovery
Business sentiment and trade are improving, among signals of a fragile recovery, but consumer confidence and industrial orders lag.
ESGenius: Overcoming fast fashion’s hidden costs
ESGenius: Overcoming fast fashion’s hidden costs
The Investor's Guide to China podcast: Consumers
"Premiumisation and technology-driven innovative business models are two areas where growth potential is underestimated," says Portfolio Manager Hyomi Jie.
Chart Room: European banks’ CoCo bonds soar while equities slump
The average European bank capital ratio has never been stronger. This has led to a stark contrast in returns across bank capital structures.
ESGenius: On governance, and spotting corporate cons
ESGenius: On governance, and spotting corporate cons
Chinese banks are due for national service
As governments around the world exhaust their policy arsenals to save economies, China is reaching for a secret weapon unrivaled by most countries.
A heavy outlook for the US Dollar
The relentless spread of Covid-19 across the US and improving risk sentiment elsewhere is crimping demand for the safe-haven reserve currency.
Biden is the change candidate in the US elections
Democrat hopeful Joe Biden is the current favourite to win in November's US presidential elections, but it is too early to take a firm view.
July's Rich Pickings podcast: Beware the consensus - what the US election means for investors
"There are more similarities between Trump and Biden than people realise," says Portfolio Manager Aditya Khowala in this month's Rich Pickings.
With nowhere to go, Chinese tourists spend closer to home
Most travel destinations remain off-limits, and as Chinese people’s savings have increased, so has their pent-up demand and desire to treat themselves.
Crisis accelerates trends in European real estate
The implications of the Covid-19 pandemic for European real estate investors
Fidelity live: CIOs webcast replay
As the world emerges from lockdown, hear our CIOs discuss their outlook for the next quarter and beyond.
Fidelity live: Analysts webcast replay
Hear from our Head of Research and two of our analysts on the ground as they share the thoughts from over 160 of their analyst peers around the world.
Using gold to hedge an extreme world
Gold can act as a useful hedge against future financial distress and potential selloffs in risk assets
Fidelity CIO Outlook Q3: Nearing the limit
Markets will struggle to surpass second quarter rebound.
Chart Room: Robots on the rise in a post-Covid world
We think factory automation will accelerate further in a post-Covid world, as machines don’t get sick and can work continuously excluding maintenance.
Landmark EU deal may lead to better economic outcomes
EU Recovery Fund marks new chapter for Union.
The Fidelity Leading Indicator finds a floor
The FLI now points to a quarterly contraction about 125 per cent of the magnitude of that seen in the depth of the GFC.
July’s Fidelity International Pulse Survey: Falling costs find some support
July’s Fidelity International Pulse Survey: Falling costs find some support
Covid health code reveals China’s big data edge
A key to China’s success in containing the coronavirus, the health code’s propagation evinces a major advantage in big data development.
Chart Room: Why China government bonds have underperformed other markets
China government bond yields are diverging from other major government bond markets.
July's CIO update: What to expect this summer
Andrew McCaffery on Q3, Fidelity's new normal, and the continued rise of ESG.
ESGenius: Due diligence on Wirecard revealed that the sums didn’t add up
For investors focused on sustainability and governance, the warning signs of financial misreporting were there for some time.
Chart Room: Chinese consumers’ growing preference for local brands
The Covid-19 experience is spurring changes in behavior among Chinese consumers. Among these is a growing preference for domestic brands over foreign ones.
The future of energy podcast: the 1.5 trillion dollar question
"I do think that [the pandemic], for the power industry, is going to make it have a more green generation mix," says analyst Christine Miyagishima.
Infrastructure: A broad universe with diverse benefits and risks
Real assets and infrastructure can offer stable, inflation-linked returns, relatively high yield and diversification of risk.
Post-Covid environment offers new testing ground for sustainable growth in China
China’s nascent trend in ESG investing appears to be alive and well despite the disruption caused by the Covid-19 pandemic.
Chart Room: Asian equities diverge, creating opportunities
The difference in performance between equity markets in East Asia and South Asia (India, ASEAN nations) is the largest in nearly 15 years.
Macroeconomic update: Taking the elevator down and the stairs back up
We have downgraded our 2020 growth numbers for all three scenarios, across both developed markets and emerging markets.
June's Rich Pickings podcast: Know your enemy
"The anaesthetist has shown up to give morphine [to the global economy] but the doctor's still not shown up to do surgery," says Portfolio Manager Amit Lodha.
Finding genuinely defensive ways to diversify portfolios
What constitutes a defensive asset in the time of Covid-19?
Sustainable investing: Accelerating evolution
The assumption that shareholder returns should be maximised at any cost has been challenged.
Chart room: US employment may have begun to recover, but there’s a long way to go
Employment has plunged to a deeper trough in 2020 than in previous recessions
The New Prime: Cashflow trumps location for real estate investors
The New Prime: Cashflow trumps location for real estate investors
Elections in the time of coronavirus and recession
Elections in the time of coronavirus and recession
US-China trade war: The chips are down for tech supply chains
The latest front in the US-China trade war centers on tighter sanctions on the Chinese tech giant Huawei.
GEARs: China roars while the global economy snores
Our Gauges of Economic Activity in Real time (GEARs), a proxy for three-month annualised growth, improved this month but remain in extreme hibernation.
European retail recovers, but luxury needs big spenders
It is still unclear time how much of this recovery is just pent-up demand that will subside and how much of it is sustainable as furlough support fades.
Successful shareholder engagement is a long journey
A case study of Fidelity International's multi-year engagement with Kirin in Japan shows that successful shareholder engagement is a long journey
BoE will need to act again, with negative rates still a possibility
The Bank boosted its QE by £100bn
Chart room: Despite a recent rally, high yield bonds still look cheap
For US high yield, valuations look historically cheap on a relative basis - especially when compared to equities.
Fidelity International Pulse Survey: 10 months of disruption remain
Fidelity International’s June survey of 149 analysts finds that activity in most sectors and regions is expected to return to a stable level in under a year.
Podcast: The future of... connectivity
"After this, I don't think any law-maker will disagree that telecom connectivity is as important as any other utility," says portfolio manager Sumant Wahi.
Inflation outlook: Disinflation for now, but future depends on policy choices
Inflation outlook: Disinflation for now, but future depends on policy choices
CIO update podcast: Markets versus the real economy
Exploring the dissonance between buoyant markets and gloomy economic data. Meanwhile, US election and Brexit are back on the news agenda!
Chart room: Another false dawn for value stocks?
Over the past decade, previous periods of value outperformance have been short-lived. Will this time be different?
Fed in a holding pattern, for now
Trajectory of the recovery remains uncertain despite better employment figures in May.
ESGenius: A sustainability lens can help discern the trends that matter
By focusing on the sustainability of businesses, we can differentiate between the drivers that are fleeting, and those that are truly influential.
Valuations come to the fore in Hong Kong
Hong Kong equity valuations have been torpedoed by a slew of negative events, we see opportunities here for long-term investors.
FLI takes another leg down despite lockdowns easing
The FLI now points to a quarterly contraction about 125 per cent of the magnitude of that seen in the depth of the GFC.
Japanification in 12 charts
Many western economies are mirroring Japan’s experience over the past 30 years.These 12 charts show how some of the key trends are playing out.
ECB pleases markets with additional €600bn stimulus
The central bank has increased the size of its pandemic stimulus package to €1.35 trillion
Chart Room: QE expectations vs. reality, market moves
Market expectations of future asset purchases by the Fed have an even greater influence than the purchases themselves.
When Wall Street wakes up to Main Street
When Wall Street wakes up to Main Street
Fidelity CIO: Thinking differently about diversification
Portfolios may need to encompass a broader range of assets than in the past.
Central banks in emerging markets hop on the bond-buying bandwagon
EM central bankers are taking a page from the developed-market playbook and purchasing local bonds as a way to cushion the blow
Macro briefing: EU Commission unveils historic aid package tied to Green Deal
The EU package is structured in the form of €500 billion of grants while the remaining €250 billion will be made available as loans.
Chart Room: Mobility data shows most economies are rebounding slowly
Economic activity is being determined by virus response rather than slower-moving traditional industrial cycles. We need to adjust our toolkits accordingly.
Hong Kong and the relevance of economic resilience
Markets recently reflected uncertainty over Hong Kong’s status as a centre for international finance, but investors would do well to take a longer-term view.
Is the US turning Japanese?
A higher post-coronavirus savings rate in the US risks pushing the country into a low growth spiral similar to that which first ensnared Japan 30 years ago.
China again primes growth with infrastructure investment
With exports expected to slump and consumption still struggling to fully recover, China is turning to a familiar playbook - infrastructure spending.
The Investor's Guide to China podcast: Technology and innovation
"Artificial intelligence and specifically deep learning is where China is going to be the leader," says Senior Technology Analyst Johnny Tseng.
Fund may open door to larger scale debt mutualisation
The fund marks a major step towards a stronger common fiscal policy as it will be administered through the EU’s budget and financed by EU-issued debt.
Defying gravity: How long can monetary-driven markets ignore economic reality?
How long can central bank stimulus enable markets to defy gravity from Covid-19 reality?
Chart Room: Beware the narrowing market
Equity market performance is now at its narrowest since the 2008 Financial Crisis, with the rally riding on a dwindling number of large-cap growth stocks.
May's Rich Pickings podcast: The case against inflation
Why inflation will be some way off - and how portfolios are being adjusted as the old rules are torn up.
These 8 charts suggest cautious consumer sentiment in China's Covid-19 rebound
These 8 charts suggest cautious consumer sentiment in China's Covid-19 rebound
Fidelity CIOs: Effects of monetary explosion
The sheer scale of central bank action could store up problems for the future.
EU recovery fund: A step forward, but time is running out
Germany and France have agreed to some form for debt mutualisation but the rest of the EU states will have to agree
Fidelity International Pulse Survey: Society’s big moment
Fidelity International's May survey of 145 analysts found that the Covid-19 crisis is focusing companies' attention on social issues.
Podcast: The future of... retail and real estate: liquidity, liquidity, liquidity
As the pandemic changes consumer behaviour - perhaps permanently - we look at what the future of retail and its associated real estate could look like.
Macro briefing: More stimulus expected, but will it be enough?
New figures show that more than 2.9 million workers applied for unemployment benefits, taking the total count to 36.5 million applications in two months.
Chart Room: Mind the valuations
After recent rebounds in stocks and bonds, we take a quick look at valuations and how they stack up against history.
Fidelity CIOs: Spotlight on solvency
Balance sheets come under scrutiny.
CEO update podcast: Anne Richards on resilience and reinvention
Fidelity CEO Anne Richards explores what has to change in supply chains, corporate aims, and capitalism itself.
Fidelity Leading Indicator shows broad weakness as the focus turns to recovery
The three-month Fidelity Leading Indicator growth rate is already halfway to the Global Financial Crisis trough.
How India’s economy is navigating Covid-19
As the world begins to come out of lockdowns and economies normalise, India can offer bright spots for emerging market investors.
Macro briefing: German court ruling may reduce ECB firepower
The German court ruling poses long-term risks to ECB's flexibility
China’s tourists step out again
Over 100 million travellers in China hit the road over the five-day May Day holiday, the first big test for tourism since lockdowns started being lifted.
“Just in case” and the case for conditionality
This crisis has shown us that contingency planning is as important as risk mitigation and supply chain optimisation.
Chart Room: What in the world is going on with gold?
The correlation between gold and equities has increased to an 18-month high, calling into question the metal’s usual benefit as a porfolio diversifier.
Fidelity CIO: The income conundrum
Stable and predictable income streams may become harder to find.
Oil tankers gush profits as global storage space overflows
Oil tankers are earning windfall profits - but how long can this situation last?
CIO update podcast: International cooperation needed
CIO Andrew McCaffery on the why a V-shaped recovery is unlikely and why greater international cooperation is needed to avoid long-lasting damage.
ECB: Whatever it takes, a thousand times over
ECB introduces pandemic emergency refinancing operations.
Macro briefing: Central banks prepare for further action as economic outlook darkens
The Eurozone economy contracted at the fastest rate on record in Q1
Fed holds fire for now, but ready for further action
The Fed Reserve made it clear that it is prepared to intervene further if required
Fidelity CIO: Society’s focus on sustainability and resilience to go parabolic
Fidelity analysis shows companies with higher ESG scores outperformed during the March sell-off.
Chart Room: More policy easing supports China bonds
This week’s Chart Room shows how ample liquidity is helping China’s onshore bond markets navigate around global volatility.
The BOJ expands purchases and eases further
The BOJ expands purchases and eases further
Liquidity briefing: Still on the right track
Liquidity remains on the right track, especially in markets that have benefited from central bank action, but is still lower than pre-coronavirus standards.
A shelter from the storm, for now: China’s bond market set to open further
When global fixed income investors scrambled for cover last month, China’s onshore bond market was a rare haven with low volatility and no liquidity crunch.
Macro briefing: ECB relaxes collateral rules to accept junk bonds
ECB’s decision comes ahead of S&P Global Ratings’ review of Italy’s credit rating
April's Rich Pickings podcast: Where we go from here
"I am quite surprised by the optimism of markets," says portfolio manager Jeremy Podger in this month's Rich Pickings.
Chart room: Beauty of big tech stocks is in the eye of the beholder
Our latest Chart Room takes a comparative look at the long run up in the Nasdaq 100 index.
Fidelity CIOs: Dispersion increases as demand effects filter through
Investors become more selective as demand shock hits oil price and other sectors.
Oil below zero: bad, but not that bad
Oil fundamentals are weak - but Monday’s price move should be seen as an outlier.
How to think about dividend cuts
A spate of dividend reductions or postponements has raised concerns among investors globally. But not all dividend cuts are created equal.
Macro briefing: Fed extends its reach to support employment
The Fed is now using all creative tools at its disposal to mitigate the surge of layoffs in the US.
Liquidity briefing: Further signs of improvement
Central bank measures have helped improve liquidity conditions.
China’s economy is turning the corner after a historically bad GDP contraction
China’s economy is turning the corner after a historically bad GDP contraction
Fidelity CIO: Possible economic scenarios
Challenges lie ahead for the global economy.
Survival and sustainability
Research into ESG factors and the Feb-March bear market
Chart Room: Fidelity analysts expect longer disruptions from Covid-19
Chart Room: Fidelity analysts expect longer disruptions from Covid-19
Outrunning a crisis: Sustainability and market outperformance
Outrunning a crisis: Sustainability and market performance
Eurozone: Mutual seems to be the hardest word
If the current Covid-19 emergency isn’t enough to spur the European Union member states into combining forces on debt, then the question is when.
Fidelity Pulse Survey: The coming solvency squeeze
The global shutdown will put a significant dent in corporate earnings this year, according to 150 Fidelity analysts surveyed this month.
Downgrade risks when zombies become fallen angels
The high yield bond market prepares for an influx of downgraded investment grade debt.
Tenant resilience is key as rental recovery rates fall
Real estate investors are fast having to learn that sustainability of cashflow is perhaps just as important, if not more so, than location.
Macro briefing: Clock ticking on further fiscal support
Macro briefing: Clock ticking on further fiscal support
Liquidity briefing: Signs of easing
Liquidity briefing: Signs of easing
Delayed demand making its return to China’s property market
New home sales are recovering faster than expected in China. This has big implications for domestic demand and the macroeconomic outlook.
Spiking US unemployment could unleash a cascade of systemic risks
The unprecedented rise in US unemployment has the potential to set off a chain of events that could destabilize already fragile markets.
Valuing companies in an economic shutdown
Methods to value companies will have to adapt to the economic shutdown
Crisis drives shift in public/private relationship not seen since WWII
State aid for companies is likely to come with conditions attached.
FLI: Consumer pain leads the way
The three-month Fidelity Leading Indicator growth rate is already halfway to the Global Financial Crisis trough.
EU’s €1 trillion Green Deal could aid post-crisis recovery
The EU's Green Deal faces political and financial challenges, but the direction of travel is clear.
Liquidity briefing: A long way from normal
Despite some stabilisation, liquidity levels still remain far from satisfactory
Fidelity CIO Podcast: Finding value and income
Opportunities for value and income as volatility lessens.
Strong underpinnings to Asia’s investment grade bond market
Asia’s investment grade bond market looks attractive as we continue working through the Covid-19 outbreak, and global coordinated stimulus take effect.
Macro briefing: Data weak as new measures keep coming
Macro briefing: Data weak as new measures keep coming
Chart room: Governments open their fiscal taps
Doing "whatever it takes".
The view from Hong Kong
Corporate China’s path as it emerges from economic lockdown may point the way for the rest of the world.
What recent market moves imply about the US economic outlook
We take a look at 20 years of data to estimate the hit to the US economy being priced in by equity and credit markets.
Finding opportunities in fixed income markets
Dislocations in credit valuations present an opportunity for active managers to add exposure selectively in specific areas.
Fidelity CIOs: A new paradigm
The Covid crisis is accelerating changes already underway.
Inflation expectations close to nadir
Low Inflation expectations mean breakevens nolw look attractively priced
Liquidity briefing: Spread levels improve
A market liquidity update from the Fixed Income team at Fidelity
Chart room: The dash for dollars
Currency basis swap rates reflect dollar liquidity squeeze.
Market distortions could provide opportunities for long-term investors
Market volatility is throwing up opportunities for long-term investors in companies and sectors which are expected to survive the current crisis.
Macro briefing: Heavyweight policies launched but more may be required
Macro briefing: Heavyweight policies launched but more may be required
Analysing the shift from bad to less bad
The stimulus to fight the economic shutdown in the wake of the coronavirus is second only to the Marshall Plan following the Second World War.
Not business as usual
Global health, monetary and fiscal policy are converging to triage the worst impacts of the Covid-19 coronavirus outbreak, but they come with a cost.
A cautious consumer rebound takes hold in China
Chinese consumers are offering a ray of hope in the economic wreckage from the Covid-19 coronavirus
Massive US fiscal package needs effective implementation
A rescue package for ‘Main Street’ has been agreed. This far-reaching deal unlocks funds to support the US economy, but implementation is crucial.
Fidelity CIOs: Dollar devaluation could be the end game from Fed actions
Fiscal and monetary stimulus could weaken the dollar and be inflationary.
China and its neighbours reboot supply chains
As China’s economy emerges from lockdown, activity across Asia’s sprawling network of factories, ports and logistics hubs is picking up.
Tackling liquidity challenges in equity and bond markets
Despite recent central bank action, market liquidity is expected to be tight in the near term while volatility remains high.
Fed unleashes unprecedented QE, but unclear if Congress will act soon enough
The Fed has launched QE infinity, committing to unlimited purchases of government bonds and mortgage backed securities.
Fidelity CIOs on market conditions and whether policy action is enough
Flat is becoming the new up.
Bolder Fed action needed to restore market confidence
The Fed needs to increase the size and scope of its existing QE programme.
Recession is here - how bad will it be?
Recession is here - how bad will it be?
European IG: With volatility comes opportunity, but discipline is key
Recent price dislocations means the long run return potential of European investment grade bonds is positive, but prepare for continued volatility
Coronavirus and the new reality
How should markets navigate the new reality of economic shutdown due to the coronavirus?
Why the coronavirus crisis is more like 1918 than 2008
Why the coronavirus crisis is more like 1918 than 2008
Ways to navigate volatile markets
Protection in the form of safe haven assets, portfolio diversification and volatility insurance will be increasingly important for investors
Bank of Japan’s coordinated easing signals more proactive asset purchases
Today’s move by the Bank of Japan to boost asset purchases underscores a globally coordinated effort by central banks to contain the coronavirus fallout.
Three long-term calls
Here are three big themes that are likely to persevere through the current volatility and rotation in market leadership.
The Fed reaches for the entire arsenal
The Fed reaches for the entire arsenal
March's Rich Pickings podcasts: CIOs and portfolio managers on navigating stormy markets
March's Rich Pickings podcasts: CIOs and portfolio managers on navigating stormy markets
Fidelity analysts say China will lead recovery from virus
Fidelity analysts say China will lead recovery from virus
Limited correction likely in European real estate
Limited correction likely in European real estate
China gets back to business
How fast and how fully activity recovers in China will have huge implications for one of the world’s key economic growth engines.
Fed dusts off crisis playbook with massive liquidity injection
Ultra-low interest rates and asset purchases will be with us for a long time yet.
ECB: Not another “whatever it takes” moment, but a smart move nonetheless
The ECB unveiled a targeted stimulus package but kept rates unchanged.
As gold’s surge draws wider interest, miners shine too
Gold's lustre is also rubbing off on the companies that dig it up from the ground.
Fidelity CIOs on the response needed to stabilise the markets
Fidelity CIOs on the response needed to stabilise the markets following coronavirus and oil shocks
Will ECB's Lagarde reach for the bazooka to avoid European liquidity crisis?
Tomorrow Christine Lagarde, head of the ECB, gets her chance to calm markets. Will she reach for the bazooka?
Oil price war set to escalate
The oil price war between Russia and Saudi Arabia is still in escalation mode - and things could get worse before they get better.
UK Treasury and BOE unveil ‘comprehensive’ stimulus package to combat virus effects
BOE and Treasury action on the same day signals the policymakers’ preparedness to respond.
FLI: Consumer confidence holds up amid broad-based slowdown
For the first time in two years the Fidelity Leading Indicator cycle tracker signals both below-trend growth and deceleration.
Cool Heads: Fidelity CIOs on oil crash, volatility and what's next
Managing liquidity is key.
Your move, governments
Markets are reacting to two shocks in one day: an oil price drop and coronavirus risk. They form a clear catalyst for fiscal policy action.
Ask the Analysts: How are your companies dealing with Coronavirus?
As the business impact of Coronavirus grows, Fidelity analysts describe the level of preparedness that they are observing amongst their companies.
A supply and demand shock for oil markets
Expectations of a demand shock due to the Covid-19 coronavirus collided with an anticipated supply surge after OPEC+ had a major fallout over production cuts.
Fundamentals podcast: Tesla, VW, and the big electric bet
As Tesla and Volkswagen make big pushes to bring electric vehicles to the mass market we ask whether 2020 is the year EVs finally put their foot to the floor.
Markets to focus on a narrower field in US presidential race
Markets to focus on a narrower field in US presidential race
Fed's emergency cut is a strong signal to markets
The US Federal Reserve has issued an emergency 50bps cut to allay coronavirus fears ahead of its monetary policy meeting in March.
Coronavirus: Seven themes to watch in bond markets
Ways to judge how long this episode may last.
Coronavirus: will there be a global recession?
Market expectations of intervention remain high.
A Billy Beane guide to markets
A Billy Beane guide to markets
Outbreak deepens China’s e-commerce push
While the coronavirus threatens to put a dent in China’s overall growth, pockets of the online economy are booming.
February's Rich Pickings podcast: Coronavirus - the view from China
"Unorthodox policy may have to meet an unorthodox situation," says head of fixed income in Asia, Bryan Collins, in this month's Rich Pickings.
Europe catches coronavirus: Inside the market sell-off
European equity and debt markets flipped from exuberance to pessimism after the coronavirus spread to Northern Italy.
Markets flash volatility on, risk off, but pockets of resilience remain
Risk assets extended their recent selloff, but amid the renewed volatility are some areas of unexpected outperformance.
How to avoid the bond 'greenium'
The recent rush for green bonds has often made them more expensive than ordinary bonds, despite offering the same returns.
When the playbook stops working
Why did markets wait so long to sell off in the wake of the Covid-19 coronavirus outbreak?
Cool Heads: Coronavirus hits global markets
Amit Lodha and Judith Finegold discuss the emerging investment implications as the coronavirus spreads beyond Asia to Europe and the Middle East.
White paper: Active share and index concentration
We examine active share, and assess how its value as a tool for evaluating portfolios and investment managers can vary with the underlying benchmark index.