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.
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.
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.
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.
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.
Quality and Profitability market factors have continued to lead US equity markets this year, despite a brief rally in Size during the second quarter, according to the recent factor insights from global index provider FTSE Russell.
FTSE Russell Head of Canada Paul Bowes and FTSE Russell Director of Fixed Income Research Robin Marshall recently spoke to Canada clients and the news media about the Canada fixed income markets. In a program entitled “Looking Through the Apocalypse: Canadian fixed income, QE and economic recovery.”
The COVID-19 crisis has impacted asset valuations, increased volatility and led to reduced liquidity in many cases. Most asset classes have been affected, and governments have stepped in to support financial operations. In this paper, we examine the effects of the crisis on the year-to-date liquidity of USD corporate bonds, as measured by the price liquidity ratio.
Credit markets extended the April rally in May, with spreads narrowing further versus government bonds, driven by renewed risk appetite, and central bank QE programs. But there is a notable divergence in the performance of Canadian investment grade and high yield spreads in 2020...
Philip Lawlor, MD Global Markets Research, draws upon key observations from the recently published 'Market Maps' Monthly Performance Report to discuss different perspectives of the Covid-19 impact, why US equities have outperformed in the risk rally, R1000 and R2000 performance, REIT and Environmental Opportunity index performance, factor rotation and correlation analysis.
This week, Philip Lawlor, MD Global Markets Research, reviews key data points from the Market Maps Equity Market Drivers report to provide insight into the impact of debt financing on recovery, what’s happening to the EPS cycle, diminishing prospects for dividends and buybacks, and elevated valuations.
Philip Lawlor, MD, Global Markets Research examines the recovery in risk appetite, why US equities dominated global equity market returns, notable differences in sector weighted performance contributions across the regions, performance of alternative indices and more.