Biotech Sector: ETF Analysis Shows Overvaluation is Deflating


While the biotech sector had long enjoyed investors’ attention, it was never as pronounced as around the time the pandemic was felt around the world. However, as 2022 unravels, so has the interest, with a steady downward trend in stock valuations across the board. The reasons behind the ongoing market… Read More »

The ‘real regime’ during the equity correction


■     Since the start of the year, a combination of hawkish monetary policy, the war in Ukraine and the risks from China zero-COVID policies have dragged markets in a ‘Balanced Bear’, with equities selling off alongside bonds. ■     With a worsening growth/inflation mix, inflation expectations have decorrelated from growth pricing,… Read More »

2020: rates, trade and politics are top market-movers


We think 2020 will be characterised by muted global growth, a slowing US economy and continued uncertainty about how monetary policy and politics will move markets. Central banks will keep using the policy levers at their disposal to try to spark economic growth, but we question how much room they… Read More »

September round-up of the summer’s events

Philippe Waechter -

Let’s start with the global outlook – are signs on the world economy still as robust as they were? The situation has changed since the start of this year. The world economy was fuelled by faster world trade growth in 2017, but this is no longer the case. Trade momentum… Read More »

Emerging Markets vs Wall Street


The recent and not so recent turmoil in Emerging Markets (EM) can be considered as normal if one is willing to see the United States as an “exceptional” country. The currencies of Cuba and Venezuela have been languishing along with the Russian ruble that has been under attack for years.… Read More »

Positive reforms in China


Despite ongoing concerns about China’s economy and debt levels, M&G is becoming more optimistic about China amid signs that the government’s recent reforms are taking effect. We are seeing the results of efforts to reduce overcapacity in a range of industries as well as stabilise the financial system. While we… Read More »