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Multi-Asset – CIO Monthly View – February 2020

03 March 2020

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

Markets fell sharply in the last week of February as investors were spooked by the marked rise in the number of coronavirus cases outside China. It is now clear that hopes that the spread of Covid-19 would be contained within China have been dashed, despite China’s draconian steps to halt the movement of around 50 million people.  

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PAM Weekly Investment Team Meeting

03 March 2020

Conference Call for Clients
With the PAM Investment Management Teams

Last week saw markets fall sharply as investors became unnerved by the marked rise in the number of coronavirus cases outside China.  Because of the increased market volatility, Pacific Asset Management invited clients to listen and take part in the Pacific Weekly Investment Team Meeting. Matthew Lamb (CEO), was joined by Will Bartleet CIO / Portfolio Manager of Pacific’s range of multi-asset solutions and by our Emerging Markets and G10 Macro rates fund teams. 

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G10 Macro Rates Market Analysis – Weekly Review – 2nd Mar 2020

02 March 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week the main news and market reactions were again dominated by Coronavirus events and news flow. Markets repriced as they continued to absorb the virus related information flow. A picture of lower economic activity has emerged and the markets have priced a higher probability of large-scale lockdowns being implemented in Europe and North America. This realisation was a result of extensive outbreaks over the previous weekend in northern Italy and South Korea, demonstrating that modern countries with well-developed health systems are no less susceptible than any other.  

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Multi-Asset – CIO Market Update - 28th Feb 2020

28 February 2020

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

Market Overview
Markets have fallen sharply over the past week as investors have been spooked by the marked rise in the number of coronavirus cases outside China. It is now clear that the hopes that the spread of Covid-19 would be contained within China have been dashed, despite China’s draconian steps to halt the movement of around 50 million people. The virus has now been detected in every continent apart from Antarctica and has become a concern for all countries around the globe. As we write, there are over 83,000 reported cases, of which nearly 79,000 are within China.  

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G10 Macro Rates Blog – Central banks can’t come up with vaccines

26 February 2020

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

"Central banks can’t come up with vaccines"
So said regional Federal Reserve Bank president Tom Barkin.

We have experienced two world changing events over the last 12 months, the first was last August with the standoff between the US and China on Trade Agreements and now we are experiencing the spread of CoVid-19. Both are similar in that they are affecting the major G10 economies in the same way and at the same time. The net effect of this is that correlations of markets have increased once again. 

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G10 Macro Rates Market Analysis – Weekly Review – 24th Feb 2020

25 February 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week we observed continued divergence between equity and fixed income markets. Whilst Fixed Income markets started to price in a very benign global growth outlook due to concerns about the spread of coronavirus, the S&P reached new highs on Wednesday.  

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G10 Macro Rates Market Analysis – Weekly Review – 17th Feb 2020

17 February 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Interest rate markets were trading with caution over the last week trying to navigate through the coronavirus headlines, politics and macroeconomic data. Yield on the 10-year US Treasuries was stuck in a narrow (less than 10bps) corridor the whole week. At the same time, equities continued grinding higher despite the uncertainty and unquestionably lower (short- to medium-term) global growth prospects that is starting to show in the data. 

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G10 Macro Rates Market Analysis – Weekly Review – 10th Feb 2020

10 February 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Coronavirus related headlines continued to dominate financial markets last week. Once again G10 interest rates paid little attention to strong fundamental data with government bonds selling off in the first half of the week and then rallying back into the weekend. 

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Multi-Asset – CIO Monthly View – January 2020

04 February 2020

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

Investors hoping for a quiet start to the new decade were in for a rude awakening in January. At the start of the month, President Trump authorised an airstrike killing Iran’s most powerful general causing the oil price to spike. Then it was reported that a new coronavirus had broken out in China, most likely originating from a food market in Wuhan. 

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G10 Macro Rates Market Analysis – Weekly Review – 3rd Feb 2020

03 February 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Despite many countries releasing Q4 GDP and inflation data, along with two major central bank meetings (The Fed and the Bank of England), last week’s fundamental information was largely ignored, with the focus firmly on the outbreak of the Coronavirus and its potential impact on global growth.  

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