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Informes

GWS Equity Insights

[Inglés]

/ 6 Feb 2018

Japan: It’s Different This Time “The man who moves a mountain begins by carrying away small stones.” – Confucius

We recently spent a week in Japan meeting with 20 companies, the Bank of Japan (“BoJ”), the Cabinet Office and the Japanese External Trade Organization (“JETRO”). While we were very familiar with the Prime Minister Abe’s extraordinary fiscal and monetary policies, we were surprised by the magnitude and impact of the structural reforms, the so-called “third arrow.” In 2014, when Abe characterized the structural reforms as 1,000 needles, it left many economists and strategists under-whelmed. It was the opposite of the shock and awe of Bank of Japan’s quantitative easing. However, three years later, seeing the impact of many small on the very strong Japanese business culture is amazing.

GWS Global Investment Outlook

[Inglés]

/ 31 Ene 2018

Investing 2018

In 2017, the global economy had its best economic performance in recent memory. The resurgence was not focused in any particular region as growth was both global and synchronized. In 2018, we expect growth to remain robust with global GDP expanding 3.8% over last year.

GWS Global Investment Outlook

[Inglés]

/ 14 Dic 2017

Grinding Higher

Where’s My Inflation? Virtuous circles, in which good news begets good news, tend to lead to the most sustainable economic recoveries. The period in which we find ourselves today is looking more and more like a textbook example of a virtuous cycle. Good news has recently become widespread and global.

GWS Equity Insights

[Inglés]

/ 14 Dic 2017

Grinding Higher

While we have been more positive than most about equities, we did not expect November to be as strong as it was. For the month, the MSCI All Country World returned 2% and was led higher by the S&P 500, which appreciated 3.1%; Japan, which added 1.4%; and Emerging Markets, which were up 0.2%. . Europe was down 2.1% during November. Last month, we wrote about the “Swan Market,” which was characterized by what we called “corrections taking place under the surface.” Interestingly, during November, equity markets experienced another underthe- surface correction. The Transportation Index dropped 6%, the Russell 2000 (small caps) and the Financials both fell 4% while the S&P only went down 1.5%.