NN IP: Globalisation and labour’s falling share

Economic Outlook: Globalisation and the falling labour income share

The rapid degree of globalisation in the past 30 years has been accompanied by a decline in the labour income share of GDP, but the rising profit share has not fuelled more investment. At some point, a backlash against this trend may prove to be so strong that it overshoots in the direction of rolling back globalisation too far. Read more..

Asset Allocation: Where are we now?

The shifting post-Brexit landscape has put the macro and market outlook in a twilight zone for one or two months. Eventually we will need to assess the negative influence of political uncertainty on the underlying fundamentals. This effect will only gradually become visible in the economic data that describe the post-June 23rd environment. Read more...

Fixed Income: Spreads recover in wake of Brexit vote

Spread products were remarkably resilient in the wake of Brexit and quickly reversed initial losses. Part of the reversal can be explained by investors’ anticipation of extra monetary policy stimulus. It remains to be seen though if more stimulus will prove to be effective. Read more...

Equity Strategy: Emerging market equities may continue their outperformance

EM equities have outperformed their developed market counterparts in the first half of the year, thanks to diminished expectations of further rate hikes by the Fed and less concerns about China. The search for yield of global investors is attracting capital flows to EM, supporting solid EM equity performance. Read more...