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With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week was very quiet within G10 markets after the unexpected volatility experienced over the first week of 2020, driven by the uncertainty in the Middle East. The S&P 500 finished the week at new highs, rates and currencies were mostly range-bound, as a result volatility continued to slide lower. US and China signed the Phase 1 deal, without any surprises. Data continued to point at stabilisation and recovery in Asia-Pacific economies, which should be beneficial for the countries whose economies are reliant on trade (Europe and Japan). 

Latest G10 Macro Rates Blog
With Shayne Dunlap, Co-Portfolio Manager

Trump started the new year and decade unleashing an armed drone from somewhere above Baghdad airport. Is this a forbear to a new period of uncertainty and a return of higher volatility?   

Emerging Markets – 2019 Review
From the North of South Capital team

Global Emerging Market equities finished the year on a strong note in December, with the fund returning 20.7% for 2019 – ahead of the MSCI Emerging Markets index by 2.3%. This marks the fourth consecutive year of outperformance and the sixth out of eight calendar years that North of South has been managing this long only strategy with a focus on Value. 

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week marked the first week of normal business and liquidity in the bond and interest rate markets, as demostrated by over $1 trillion of bond issuance. 

CIO Monthly View with Will Bartleet, CIO and multi-asset portfolio manager at Pacific Asset Management

Equity markets ended the year in a jubilant mood as the US and China agreed phase one of a trade deal, signalling the first de-escalation of a trade war that started almost two years ago. What started with tariffs on washing machines and solar panels ramped up with self-proclaimed “Tariff Man” Trump imposing $360 billion levies on Chinese goods.  

With the Pacific G10 Macro Rates Team

Steady as she goes
December rounded off the year in a relatively benign way. US equities kept rallying, whilst the UST 10yr drifted up 14bp from 1.78 to 1.92 and the UST 2-10 curve steepened gradually from 16 to 34 bp.