Senior Portfolio Strategist - BlackRock Investment Institute. Week of August 16th. While overweight on a strategic basis, we see near-term risks. The data will help investors assess the persistence and breadth of inflationary pressure amid the unprecedented restart dynamics. We still favor equities over credit and government bonds in strategic portfolios and advocate a more granular approach to portfolio construction. Indexes or prices used are, in descending order: spot Brent crude, MSCI USA Index, MSCI Europe Index, Bank of America Merrill Lynch Global High Yield Index, ICE U.S. Dollar Index (DXY), MSCI Emerging Markets Index, J.P. Morgan EMBI Index, Refinitiv Datastream Italy 10-year benchmark government bond index, Bank of America Merrill Lynch Global Broad Corporate Index, Refinitiv Datastream U.S. 10-year benchmark government bond index, Refinitiv Datastream Germany 10-year benchmark government bond index and spot gold. The BlackRock Investment Institute sees higher inflation over the medium term, for three main reasons. In EMEA  Until 31 December 2020, issued by BlackRock Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. You may not get back the amount originally invested. Even with the S&P setting new post- Some sectors may benefit from being aligned with the green transition, as solution providers or by being less exposed to transition risks, including tech and healthcare. We believe investors should be mindful of ongoing geopolitical tensions, which was underscored by the uncertainty around China’s clampdown on certain industries. WEEKly INVESTMENT COMMENTARy. %%EOF Weekly Commentary . Jared Lewis | Jun 14, 2021. BlackRock - weekly investment commentary - Budget and Debt Ceiling Drama Goes to the Brink. Vanguard's Framework for constructing globally diversified portfolios PDF. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan. We expects the ECB to step up its regular asset purchases when the PEPP program expires early next year to achieve its medium-term price stability goals under its new policy framework. We are neutral UK equities following their strong performance. From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Union, the issuer of this material is:(i) BlackRock Investment Management (UK) Limited for all outside of the European Union; and(ii) BlackRock (Netherlands) B.V. for in the European Union, BlackRock (Netherlands) B.V. is authorized and regulated by the Netherlands Authority for the Financial Markets. Disclaimer: This publication is proprietary to Palos Management Inc. (along with its affiliate Palos Wealth Management Inc., "Palos"). We are overweight Asia fixed income. The economic restart broadens as the vaccine rollout plays out. Agree that you are within the respective sophisticated type of audience (or professional/sophisticated /institutional/ qualified investors, as such term may apply in local jurisdictions), and where applicable, meet the requisite investor qualification, for your respective jurisdictions. China is already a distinct pole of global growth. We see more uncertainty on the U.S. dollar outlook due to a risk premium from Fed communication. Some sectors in the U.S., such as IT, materials and communications, have dramatically eclipsed their pre-pandemic earnings estimates. Sources: BlackRock Investment Institute, with data from Refinitiv Datastream as of Sept. 9, 2021. We see a better outlook for earnings amid moderate valuations. He reconnects with his mates, Jared, Davo and Scott and finds that a newcomer, Toby, is hosting his 18th birthday party at the Surf Club. Markets were shaken last week by a potent cocktail of central bank tapering and economic growth concerns mixed with coronavirus and a splash of the new Chinese privacy law. In the meantime, explore our website to read insights on the markets, portfolio design and more. Emerging market (EM), high yield and global corporate investment grade (IG) returns are denominated in U.S. dollars, and the rest in local currencies. Blackrock Weekly Commentary. Registered office: 29th floor, Olaya Towers – Tower B, 3074 Prince Mohammed bin Abdulaziz St., Olaya District, Riyadh 12213 – 8022, KSA, Tel: +966 11 838 3600. • U.S. stocks eased from record highs. We believe non-traditional return streams, including private credit, have the potential to add value and diversification. All Contents are owned or controlled by BlackRock or the party credited as the provider of the Content. Trade Register No. FICAION The following material is provided by a third-party strategist unaffiliated with AssetMark. Fund expenses, including management fees and other expenses were deducted. 200010143N). %PDF-1.7 %���� After China's crackdown, is the worst yet to come for investors? 4. BlackRock has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites. BIIM1120U/M-1413763. Except as expressly provided herein, nothing in this Website should be considered as granting any licence or right under any copyright, patent or trademark or other intellectual property rights of BlackRock or any third party. The fall in long-dated yields through the second quarter – a reversal from the climb earlier in the year – has further eroded our expected long-run returns across government bonds and credit. The New Yorker - September 20, 2021. The path is unlikely to be a smooth one – and we see this creating opportunities across investment horizons. The persistent inflows to China bond exchange-traded products (ETPs) have underlined the appeal. We stick to the anchor of our three key investment themes – and a broad strategic preference for equities over bonds in our updated long-term return assumptions. Investors should no longer view the transition to a low-carbon economy as a distant event only, in our view, as it is happening here and now. The anti-monopoly clampdown in the heavyweight Chinese tech sector and broader geopolitical risks dampen the outlook, in our view. This book introduces the reader to the latest innovations in fields such as artificial intelligence, systems biology or surgery, and gives advice on what new technologies to consider for becoming a market leader of tomorrow. THE IMPORTANCE OF GETTING GRANULAR. Rates across all routes dropped this week in the capesize market. Valuations remain attractive relative to history and investor inflows into the region are only just starting to pick up. We believe non-traditional return streams, including private credit, have the potential to add value and diversification. The global aspect of this recovery is highlighted by the fact that nearly 40% of the . Receive A Free, No Obligation Portfolio Review. consumer price index (CPI)Sept 15 –China industrial output and retail sales; U.S. industrial productionSept 16 –U.S. This information should not be relied upon as investment advice regarding any particular fund, strategy or security. The ECB also said it would include climate change considerations in monetary policy operations. All other trademarks are those of their respective owners. While five of the 11 GICS sectors posted gains for the week, losses in cyclical sectors such as energy (-7.0%), materials (-3.1%) and industrials (-2.3%) confirmed risk off sentiment in U.S. equities. Overweighting Strategic Exposure: These are the key points of the Global Weekly Commentary from BlackRock Inc.'s (NYSE: BLK ) BlackRock Investment Institute, which focuses on the analysis of . Economic week in review. Our neutral view is based on a starting allocation that is much larger than what most qualified investors hold. For Professional Investors only (Professional Investor is defined in Financial Instruments and Exchange Act). We remain underweight investment grade credit. Certain commodities, such as copper and lithium, will likely see increased demand from the drive to net zero. The tailwinds of stimulus, the economic recovery, strong For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx, Not FDIC Insured | May Lose Value | No Bank Guarantee. It is not possible to invest directly in an index.Â. We dig deep into U.S. personal spending by sector to assess the state of the consumption restart. We believe the clampdown on some private industries could go on for years, but its intensity would likely fluctuate. This has important implications for long-term investors. We see potential in this segment of the U.S. equity market to benefit from the cyclical rebound in domestic activity brought about an accelerated vaccination rollout. Improving credit fundamentals drive strong demand [PDF Download] (Zurich Insurance) ESV Thinline Bible (Trutone, Terracotta, Ornament Design) $21.49 $29.99. 3. As a user, you must not sell, copy, publish, distribute, transfer, modify, display, reproduce, and/or create any derivative works from the information or software on this Website. Natalie Gill, CFA, Director, is a member of the Portfolio Research team in the BlackRock Investment Institute. We believe investors need exposures to both poles of global growth. Past performance is not a reliable indicator of current or future results. Note: Views are from a U.S. dollar perspective, August 2021. The information contained within is intended strictly for Sophisticated Investors as defined in the CMA Implementing Regulations. ,"��"1`r7�d�����@�?P%#k7X=� �3��� � Ф D Spreads are now below where we see high yield as attractively valued. Trade Register No. 16-Aug-2021. 8/23/2021. Key points. We believe the path of inflation will likely be higher than market pricing implies, mostly as a result of the policy revolution in response to the Covid shock and the shift in the Fed’s monetary policy framework. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. We believe the recent pullback in the asset class presents an attractive opportunity, particularly on a relative basis against European inflation breakevens as the outlook for euro area inflation remains sluggish. Outside of China, we like Asia sovereigns and credit for their yield and income given the region’s fundamental outlook. Past performance is not a reliable indicator of current or future results. We’ve witnessed diverging earnings expectations across regions and sectors during the pandemic. We are neutral EM equities. September 14, 2021. We stay underweight credit on a strategic basis as valuations are rich and we prefer to take risk in equities. You'll be the first to receive BlackRock's latest thought leadership and investment ideas to your inbox. consumer price index (CPI)Sept 15 –China industrial output and retail sales; U.S. industrial productionSept 16 –U.S. 3/R.M. Any distribution, by whatever means, of the information within and related material to persons other than those referred to above is strictly prohibited. In Japan, this is issued by BlackRock Japan. The anti-monopoly clampdown is ongoing. Found inside... investments: Myths & misconceptions. www.blackrock.com/pt/literature/market-commentary/10-myths-surroundingalternative-investments-commentary.pdf, p. 2. We keep our overweight equities on a strategic horizon. According to the University of Michigan Consumer Sentiment survey, consumers are now the least confident they have been not just throughout the pandemic, but also in the last decade. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Socrates . We see a sizeable pickup in activity helped by accelerating vaccinations. A concise weekly summary of the major economic events around the world and their impacts on the financial markets. We maintain high conviction in our new nominal theme that implies low real yields – a positive for risk assets. Notes: The chart shows 12-month forward earnings for the selected sectors within the MSCI USA and MSCI EMU indexes relative to their pre-Covid trend. Please refer to the Financial Conduct Authority website for a list of authorized activities conducted by BlackRock. For your protection telephone calls are usually recorded. Forward earnings estimates by sector vs. pre-Covid level, August 2021, Forward-looking estimates may not come to pass. Sept 14  –U.S. This drop may be overstated as this month's survey rests on a very small . Co., Ltd. (Financial Instruments Business Operator: The Kanto Regional Financial Bureau. We are overweight U.S. Weekly commentary July 12, . Notes: The two ends of the bars show the lowest and highest returns versus the end of 2019, and the dots represent year-to-date returns. Monthly email with commentary on global ETF market, macro views and themes with a regional flavour. This is why we are launching climate-aware return assumptions. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. Climate change and the green transition will likely affect all assets, but it will be most pronounced at the sector rather than broad market level, in our view. Our neutral view is based on a starting allocation that is much larger than what most qualified investors hold. For Other APAC Countries, this material is issued for Institutional Investors only (or professional/sophisticated /qualified investors, as such term may apply in local jurisdictions). But what comes next? The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. Indexes are unmanaged and do not account for fees. 4 FinSA, please see the following website: www.blackrock.com/finsa. Learn more. Week of August 23rd. We are overweight U.S. BLACKROCK Investment Stewardship Commentary 4 When assessing a board's oversight of climate risks, BIS does not expect to see a specific climate expert on the board.6 Rather, we expect all board members to be able to speak to the subject of business relevant climate risk (among other enterprise-level risks) and to have considered the potential financial impacts of climate change Supply-side challenges continue to bedevil the recovery - 07/02/2021. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that ... The virus shock has transformed the global investment landscape, accelerating deep structural trends. We stay underweight credit on a strategic basis as valuations are rich and we prefer to take risk in equities. Intellectual Property RightsCopyright, trademark and other forms of proprietary rights protect the Contents of this Website. We are neutral euro area peripheral bonds despite recent outperformance given stability in ECB policy, low volatility in peripherals and better value elsewhere. Users are advised to periodically review the contents of this Website to be familiar with any modifications. 1532 0 obj <> endobj We are neutral local currency EM debt, and see more uncertainty on the U.S. dollar outlook due to a risk premium from Fed communication. The information contained in this document, does not constitute and should not be construed as an offer of, invitation, inducement or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Global. In Taiwan, independently operated by BlackRock Investment Management (Taiwan) Limited. The powerful economic restart is broadening, with Europe and other major economies catching up with the U.S. We expect a higher inflation regime in the medium term – with a more muted monetary response than in the past. If you no longer want to receive the Weekly highlights from the BlackRock Investment Institute, please click here. Market Insights. Portfolio Strategist – BlackRock Investment Institute. The information contained within is intended strictly for Sophisticated Investors as defined in the CMA Implementing Regulations. Equities at BlackRock . 43288. Showing 1 to 20 of 20 entries. The ECB decided to reduce the pace of asset purchases under its pandemic emergency purchase program (PEPP) for the fourth quarter as expected. . We see the market as fairly valued and prefer European equities. iShares ETFs (exchange traded funds) can help . We see a sizeable pickup in activity helped by accelerating vaccinations. This material is only directed at 'Professional Clients’ and no other person should rely upon the information contained within it. Monthly Scorecard. The cookie will expire after six months, or sooner should there be a material change to this important information. U.S. stocks declined from record high levels and the U.S. dollar rose as uncertainties over growth prospects weighed on markets.

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