Focus Topic Millennials – the global guardians of capital
In this report, we discuss why millennials matter, unpick some commonly held beliefs, and show how their habits will play a pivotal role in the way the world spends its private wealth.
Thought of the day
Oil no threat yet
Renewed pressure on oil, now down some 20% year to date, is beginning to bubble over into the broader market. Since crude’s February peaks, the US and European energy sectors have fallen 14.9% and 8.7% respectively.
Morning audio comment
The US Trade Representative told Congress that the World Trade Organization would suffer "cataclysmic" consequences if China were considered a market economy. A trade war over steel imports is expected (US steel imports have been declining). President Xi of China may not be getting the return he expected on his investment of political capital in the US.
No tech wreck on deck
Fears of a tech bust triggering a bear market in US stocks appear unwarranted. Sector valuations are far from the extremes reached 15-20 years ago, and the outlook for large-cap technology companies appears bright. While we think a continued rotation into value stocks appears likely in the next six months, improving fundamentals for sectors like energy and financials are likely to fuel it rather than weaker tech prospects.
CIO Note: Fed raises rates for the second time this year.
The Federal Reserve has raised rates by 25 basis points, taking its target range for interest rates to 1.00-1.25%. The move, the fourth hike since December 2015, was widely expected by markets. What does it mean for investors?
Are you ready for the futures
No one knows precisely what will happen in the years ahead. How the world responds to observable trends, from the retreat in globalization to the advance of robotics, will be key. We present investors with four "futures" that could determine the shape of portfolios to come.
100 days of President Trump
The first 100 days of Donald Trump's presidency have shown that POTUS 45 is not like any other. What's next for investors? Watch the video.
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