CIO View

A questionable pas de deux: S&P 500 and Vix

While U.S. stocks are back to their pre-crisis levels volatility is not. Surprisingly, stocks and volatility have been moving in tandem for weeks. Time to worry?

Americas CIO View

S&P 500 leverage update: another young vs. old sector split

Investment Traffic Lights

Many markets reached new highs in August, stretching valuations even further. Combined with recent political developments this is pointing toward a stormy autumn.

How the UK went from leader to laggard

The vote to leave the European Union has cost the UK dearly already. Not much time is left to prevent even more economic damage

Money supply grows, but not inflation rates

Monetary aggregates are growing briskly across the globe. The outlook for inflation remains benign, at least for now

Slow, but not so steady

Until the Covid-19 virus is finally defeated, the recovery looks set to continue at an uneven pace. Our Macro outlook explains why.

Economic Overview

Equities Overview

Fixed Income Overview

Multi Asset Overview

Alternatives Overview

ESG CIO View