Market Intelligence

2020 March From coronavirus to credit market stress

While much of the media’s coverage has focused on the number of infections and the market reaction, our Global Chief Economist Frances Donald believes it’s just as important for investors to keep an eye on one area: the fixed-income space.

2020 March Identifying the winners and losers of oil price slump: the Asian fixed income perspective

The steep decline in oil prices during the week of 9 March 2020 sent global markets sharply lower. However, Asia may emerge as a principal beneficiary of this trend, as many countries in the region are net oil importers. Endre Pedersen, Chief Investment Officer, Fixed Income, Asia (ex-Japan), explains why Asian fixed income may be well placed to withstand short-term market volatility and how to capture long-term opportunities for investors.

2020 March The Fed’s historic stimulus package

The Fed sent a jolt through the financial markets on Sunday, 15 March, by cutting interest rates by a full percentage point three days before its scheduled rate-setting meeting. Our Global Chief Economist and Global Head of Macroeconomic Strategy Frances Donald takes a closer look.

2020 March Emergency interest-rate cuts are here

The Fed has lowered interest rates by 50 basis points (bps) in its first intermeeting cut since 2008. While an interest-rate cut was widely expected, market reaction suggests investors might have been underwhelmed. Our Global Chief Economist and Head of Macroeconomic Strategy Frances Donald shares her views.

2020 February Coronavirus update: A material economic reassessment

Mounting concerns that the coronavirus could spread further have sent markets into a tailspin. Our macroeconomic strategy team, led by Chief Economist Frances Donald, explains why the outbreak could nudge the US Federal Reserve (Fed) into lowering interest rates sooner than expected. Indeed, the team thinks that a March rate cut isn’t entirely unthinkable.

2020 February Coronavirus outbreak and its implications from global healthcare team

Steven Slaughter, lead portfolio manager of the Global Healthcare strategy, discusses the makeup of the virus as well as his view regarding the implications of the outbreak.

2020 February The impact of the coronavirus on Asian credits

The outbreak of the 2019 novel coronavirus (coronavirus) has negatively affected regional economies and financial markets. In this investment note, Fiona Cheung, Head of Credit, Asia, assesses the current and expected impact of the coronavirus on regional credit markets, focusing on Chinese, Indonesian, and Indian credits.

2020 February Thoughts from Macrostrategy team - Coronavirus: what does it mean for investors?

Financial markets are reeling as a result of the coronavirus outbreak. While the experience with SARS from some years back suggests calm would be restored soon, good sense and logic can remain in short supply in the meantime. Frances Donald (Chief Economist) and Sue Trinh (Asia Strategist) from our macroeconomic strategy team take a closer look.

2020 February Global risk-off market sentiment prevails

Investors have reacted in a risk-off manner to the uncertainty surrounding the economic impact of the coronavirus outbreak. Endre Pedersen, Chief Investment Officer, Fixed Income (Asia-Pacific), believes that Asian fixed income markets are awaiting further information to assess the economic impact on China and the rest of the region.

2020 February The impact of coronavirus on Chinese equities

Concerns about the economic and financial impact of the coronavirus outbreak have seen some offshore Chinese equities come under pressure. However, Ronald Chan, Chief Investment Officer, Equities, Asia (ex-Japan), believes that if these worries lead to a broad-based correction, then any market decline should be short-lived or contained.

2020 January an 2020 US-China phase-one trade deal: the devil is in the details

On 15 January 2020, the United States and China signed the long-awaited phase-one trade deal. In this market note, Sue Trinh, Senior Macro Strategist, Manulife Investment Management, assesses the significant aspects of the deal and notes that the real test will be in implementing the details of the agreement and setting the agenda for the next phase of talks.

2019 December US-China trade agreement, UK election, Fed easing: stronger base case, but risks remain

A trio of market-relevant news hit the headlines within the space of 24 hours: a trade agreement between Washington and Beijing, a decisive UK vote, and more monetary easing from the US central bank. Our Global Chief Economist Frances Donald assesses if this will translate into a sunnier outlook for 2020.

2019 December The millennial consumer and the future of US growth

Millennials are growing up and settling down,they are deeply involved in reshaping the industries with which they’re closely identified—particularly tech, ecommerce, and social media. As Emory W. (Sandy) Sanders, Jr., CFA, Senior Portfolio Manager explains, this may give them a uniquely powerful form of economic influence in the years ahead.

2019 November Macro Outlook: Re-entering a “lower for longer” rate environment

Facing a convergence of macroeconomic headwinds, growth is forecast to moderate over the next few years, with some economies potentially facing recession. Despite negative headlines, we still hold a positive bias towards risk assets, given the increasing commitment among central banks and governments to support growth and corporate earnings.

2019 September US interest-rate cut

Our Chief Economist and Head of Macroeconomic Strategy Frances Donald takes a magnifying glass to the proceedings and identifies the key themes from the US Federal Reserve (Fed) communications and the problems that the central bank is facing.

2019 August US-China trade war: A framework for thinking about new tariffs

This game-changing development alters our earlier, more bullish view of the markets. In addition to our traditional thoughts about the impact of tariffs on the global economy, we are now considering additional factors that create nonlinear headwinds to growth.

2019 August Chinese RMB breaks 7 – what it means for China's economy and credit markets

Our Asian credit team shares its views on how the Chinese renminbi's acute weakness, if sustained, may impact China’s economy and credit markets.

2019 August Tariff threat trips the circuit breaker, setting the scene for a 50 basis points Fed rate cut in September

Frances Donald, Chief Economist and Head of Macroeconomic Strategy, explains why this phase of the trade war is different.

2019 August The Fed's next chapter: this is no regular interest-rate cut

The US Federal Reserve (Fed) trimmed rates by 25 basis points, as has been widely expected. Frances Donald, Chief Economist and Head of Macroeconomic Strategy, believes that the Fed's going to cut at least once more, probably in September, and the 2016/2018 hiking cycle is now over.

2019 July 2019 mid-year outlook — Asian equities: Beyond the numbers

While the headline numbers are noteworthy, Ronald Chan, Chief Investment Officer, Equities, Asia (ex-Japan), believes the underlying catalysts of reform and change in the region are equally worthy of investors' attention.

2019 July 2019 mid-year outlook — Asian fixed income: Spotting opportunity in volatility

Against a backdrop of shifting Fed policy and the potential easing of trade tensions, Asian bonds appear well-positioned. Endre Pedersen, Chief Investment Officer, Fixed Income, Asia ex-Japan, believes the situation remains fluid, and the interplay between these factors will influence the investment approach – when volatility increases opportunity often knocks.

2019 July 2019 mid-year outlook — Greater China equities: Planning for the day after tomorrow

Kai Kong Chay, Lead Portfolio Manager, Greater China Equities focuses on planning for long-term opportunities, carefully selecting investment themes that should benefit from China’s economic transition even amid day-to-day volatile trade tensions.

2019 July G20 Meeting Recap ─ Seven Macro Takeaways

The G20 meetings in Osaka have produced a moderate de-escalation of trade tensions between the US and China. The headlines appears to represent a slightly, but not dramatically, better-than-expected outcome.

2019 June The fog of uncertainty has thickened

Generating economic forecasts is never straightforward, and in 2019 the task has become even more of a challenge as the world grapples with escalating volatility.

2019 June A Fed July interest-rate cut isn’t a done deal

On 19 June, The US Federal Reserve (Fed) kept interest rates unchanged, as expected, but held the door open for a rate cut in the coming months if the economic outlook for the US deteriorates.

2019 May Why China's rising tide may not lift EM boats

Increased trade tensions at the beginning of May have frayed nerves and, by extension, market returns. It's unsurprising, therefore, that equity markets didn't respond well to being reacquainted with trade-policy uncertainty

2019 May Sino-US trade tensions enter a new phase

After 11 rounds of bilateral trade talks, the US and China have (re)entered a phase of increasing tensions. Ronald Chan, Chief Investment Officer (CIO) of Asian Equities (ex-Japan), lays out a basic roadmap to help investors understand the possible scenarios that could lead to a resolution of the current dispute.

2019 May Latest tariff threat could derail a Sino-US trade deal

US President Donald Trump signalled his intention to increase tariffs on US$200 billion of Chinese imports from 10% to 25% starting Friday 10 May 2019, while another US$325 billion of untaxed goods could face 25% duties "shortly". The investment teams from Manulife Asset Management share their views on this latest development.

2019 April Goldilocks escapes the bears—for now

As markets enter the second quarter of 2019, the reemergence of the Goldilocks economy—moderate economic growth, low inflation, dampened market volatility—should underpin asset classes globally.

2019 March Flight of the Doves

Following pronounced market volatility and the US Federal Reserve's tilt toward dovishness in January, the markets have been broadly characterised by stronger equity prices and lower bond yields.

2019 March China A-shares move to centre stage

Manulife Asset Management’s investment team explains how they are positioned to take advantage of the greater access to the China A-shares market and look at the opportunities it presents for global investors.

2019 February Making Sense of the Market Rebound

The start of this year saw the return of risk-on sentiment as investors welcomed a newly dovish Fed and signs the Chinese economy is over the worst – but geopolitical tensions and the growth outlook are lingering concerns.

2019 January The Fed strikes a dovish tone

Megan E. Greene, our global chief economist at Manulife Asset Management, believes that the Fed has turned overwhelmingly dovish, and outlines what she thinks could happen next.


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Manulife Investor Sentiment Index (MISI) in Asia is a quarterly, proprietary survey measuring and tracking investor's€™ views across eight markets on their attitudes towards key asset classes and investment vehicles.


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