Coronavirus: mapping the impact

Market impact hub

Market navigation insights and analysis across asset classes from FTSE Russell Research assessing the impact of COVID-19.

Trouble with the yield curve?

April 15, 2021
There may be complacency about balancing managing inflation and the yield curve

A year in microcaps: COVID panic, euphoria and Reddit frenzy

April 05, 2021
A memorable year of fear, confidence and retail flows in microcaps.

Factor P/Es signal risks -- and opportunities

March 26, 2021
As COVID-19 shocks subside, valuations help to uncover potential resets in factor performance

Measuring COVID-19’s climate impact

March 26, 2021
What does the COVID-19 related reduction in greenhouse gas emissions tell us about Paris climate targets?

Which inflation figure to watch in the Keynesian beauty contest?

March 15, 2021
Keynes saw investing as beauty contest. What can this approach teach us gauging about inflation in the COVID-19 recovery?

Chinese yield curve remains well behaved, despite taper tantrums elsewhere

March 08, 2021
Apart from a 2020 COVID-19 spike, the Chinese yield curve has been stable since 2016. With no QE, the Chinese government bond curve is less prone to Taper Tantrums, unlike other central banks, which will need to judge QE tapers at some stage.

How do investors navigate value and growth rotations?

February 25, 2021
As growth and value performance ebb and flow, how can investors navigate the rotations?

Would a P/E mean-reversion be painful or benign for stocks?

February 22, 2021
The unfolding post-crisis recovery outlook suggests the dramatic P/E multiple expansion of the past few years may have run its course. Will it be painful or benign for stocks?

Resolving the Canadian credit conundrum?

February 09, 2021
Canadian corporate bond yields hit new lows in January, led by the decline in high yield. Since the Bank of Canada (BoC) announced its QE programme would include corporate bonds, in April 2020, yields have fallen steadily...

Investment Clock: has QE broken the link between factors and the economic cycle?

January 25, 2021
Is the link between investment factor performance and the economic cycle breaking down?

Russell 2000 sentiment gauge is running hot

January 25, 2021
Sentiment gauges have come roaring back from their holiday-season dip across equity markets, with the Russell 2000 sitting at a new high.

Four notable features of equity performance in 2020

January 05, 2021
In the rough and tumble equity markets of 2020, four notable features stand out, especially for US stock returns.

Will value resurgence drive a Santa Claus rally? Insights from global index provider FTSE Russell

December 23, 2020
US equity markets have continued their Q4 surge, with market watchers hoping for a traditional Santa Claus rally as we approach the end of a tumultuous year.

Good in parts: 2021 CMBS and the COVID rebound

December 18, 2020
COVID,and accompanying lifestyle changes, have affected CMBS in different ways. The vaccine recovery may do the same.

Post-pandemic case for international equities markets

December 18, 2020
FTSE Russell recently hosted market, derivatives and ETF experts from FTSE Russell, Franklin Templeton and the Singapore Exchange (SGX) in a special webinar focused on the post-Pandemic case for international equity markets and how investors might participate in these opportunities in 2021.

Sector differences explain “cap-gap” for Malaysian equities in the year of the global pandemic

December 15, 2020
Sector weightings have been a key driver of the performance difference between mid- and large-cap Malaysian stocks in 2020, according to new insight from global index provider FTSE Russell and Bursa Malaysia.

Is the long Value drought coming to an end?

December 14, 2020
The Value factor staged a dramatic revival in November but what would it take for a more durable Value renaissance. Our research offers some clues.

Listed infrastructure: the winners and losers since COVID

December 11, 2020
What listed infrastructure sectors have performed best and worst since COVID-19

Will a vaccine be a cure for global markets and economies?

December 10, 2020
Will the COVID vaccine be big medicine for the global markets and economy? Look for insights and highlights in the latest FTSE Russell Index IDEA.

Ahead of the curve: US Treasuries and economic turning points

December 09, 2020
US Treasury yields have been indicator of economic turning points since the Great Financial Crisis

History repeating? Viewing the subprime mortgage crisis through an ESG lens

December 08, 2020
Can ESG metrics identity predatory lending behaviors in securitised loans?

Why has Biotech eclipsed Pharma as COVID euphoria grips markets?

December 07, 2020
COVID vaccines have not delivered stellar returns for the pharma sector. Why?

Russell 2000 makes history as risk rally broadens

December 02, 2020
In a banner month for global equities, the Russell 2000 has clinched a historic milestone of its own amid cyclical sector outperformance.

The real estate COVID downturn: why this time really is different

November 27, 2020
Why the impact on real estate has been very different to that of the Great Financial Crisis.

Will the vaccine be a shot in the arm for value stocks?

November 24, 2020
With the recent vaccine breakthroughs, the stars may be finally aligning in favor of long-suffering value stocks.

Getting negative about negative interest rates?

November 19, 2020
Despite central banks pushing rates negative, it's far from certain helicopter money won't be needed to help the economy take off again.

China after COVID-19: a venue for diversification and income seekers

November 18, 2020
The case for greater exposure to China's fixed income and equities has grown after COVID-19.

Another US fiscal reflation trade that may prove short-lived

November 06, 2020
But the COVID shock and US policy delay on a contested election result may limit steepening of yield curves

The Russell 2000 outperforms in October market maelstrom

November 04, 2020
The Russell 2000 was among the few markets to stay above water in the October market maelstrom. Health care and banks were the index's life rafts in the storm.

The bond ETF liquidity crisis that never was

October 28, 2020
How did bond ETFs fare during the COVID-19 market correction?

Not all P/E expansions are alike

October 27, 2020
The dramatic expansion in valuations since March has been highly polarized across global markets and sectors, raising important allocation considerations for investors.

Bracing for a double-dip in EPS revisions

October 26, 2020
The positive uptrend in EPS expectations since spring has stalled amid rising Covid-19 lockdown risks. Could markets be headed for a second wave of downward revisions?

The Size factor rollercoaster ride continued in Q3

October 14, 2020
Among our global factors, Size has been particularly sensitive to the shifting economic winds buffeting equity markets since the outbreak of the coronavirus this year.

Trapped below zero – the BoJ and deflation risks

October 13, 2020
The Bank of Japan faces daunting policy challenges in the post-COVID world.

What's been driving US equity outperformance?

October 05, 2020
Despite taking a bigger hit in the March meltdown, US stocks have handily outperformed international counterparts so far this year.

Lessons of past US elections: the economy, not outcome, matters most to markets

October 02, 2020
We took a close look at how US markets performed in the wake of the past five presidential elections. The conclusion: It's the economy matters more than outcome

Germany: a case for diversification?

September 24, 2020
Germany's equity markets are more diverse than is recognized.

Why auto stocks have motored ahead since COVID

September 24, 2020
Auto stocks - long seen as a relic of an ailing industry - are outperforming all other sectors.

History rhyming but not repeating? The US housing market since COVID

September 21, 2020
US mortgage-backed securities have not suffered the existential disaster of the Great Financial Crisis, but there are indications of difficulties

Interesting discoveries in relative sector valuations

September 21, 2020
Elevated equity valuations are raising concerns. But digging deeper into PE multiples at the sector level and taking relative perspective reveals some interesting insights.

EPS revisions flashing an amber warning

September 17, 2020
The strong positive turn in EPS revisions since June helped power this summer's risk rally. But the recent slowing in this leading indicator is now flashing amber warnings signals for markets.

Can inflation take root without money velocity increasing?

August 24, 2020
It's best not to read too much into the recent acceleration in money growth without also monitoring the drivers of money velocity and aggregate economic demand.

Is the outlook dimming for the CMBS market?

August 21, 2020
Back in June, we published a blog examining how the first 100 days of the pandemic had impacted the CMBS market. We found that while the entire CMBS market had suffered a sharp decline at the onset of the pandemic, at the 100-day mark some real estate sectors were showing signs of recovery. If we look at the latest numbers, we can see that while some flickers of bright spots remain, the outlook for the CMBS market has become increasingly uncertain as spikes in COVID-19 cases persist throughout the US.

Mind the US PE gap—it's wider than the tech bubble peak

August 20, 2020
The post-lockdown risk rally has brought unusually wide valuation spreads across global markets, with the gap between expensive and cheap US stocks exceeding that of the TMT bubble peak.

Crisis? What crisis? USD corporate bond liquidity since COVID

August 20, 2020
How has the liquidity of US corporate bonds fared since the coronavirus crisis?

North America catching up to EMEA on sustainable investment

August 19, 2020
To examine the uptick in sustainable investments and better understand the growing interest in smart sustainability, earlier this year we surveyed 139 global asset owners, gauging their evaluation and adoption of these strategies.

Riskier Eurozone bonds gain from broad EU COVID response

August 17, 2020
Renewed optimism over the EU’s handling of the virus, the ECB’s upgraded QE programs and the joint COVID-19 stimulus fund fueled a strong rally in riskier European debt and tightened yield spreads over Bunds.

UK gilts join the negative yield club

August 14, 2020
Only long-dated UK gilt yields are meaningfully above zero now, placing them in the negative yield club of major government-bond markets. It appears that UK gilts have largely escaped the gravitational pull of US Treasuries.

Chinese government bonds – a high yield market in a low yield world

August 12, 2020
Alongside the recent collapse in G7 bond yields, as the Covid-19 crisis has developed, Chinese government bond yields have backed up in recent months, reflecting PBOC caution in cutting interest rates.

Why all that glitters is gold

August 06, 2020
The drivers of the recent record-breaking upsurge in gold can be mined for valuable market insights.

Solitary pursuit stocks stand out from the crowd

August 05, 2020
Since COVID, it's been the best of times and the worst of times for US leisure stocks

The ripple effects of the falling US dollar

August 04, 2020
The causes and ripples effects of the US dollar downdraft in July