Chart Room: Ukraine war adds to inflation and brings further supply chain woesAs the appalling human cost of the war in Ukraine continues to grow, the knock-on effects for the global economy are also becoming clearer.17/03/2022By Fiona O'Neill, Director, Global Equity Research & Sector InvestingGita Bal, Global Head of Research, Fixed IncomeTerry Raven, Director, European EquitiesYi Hu, Investment WriterMark J Hamilton, Senior Graphic DesignerHigher costs and further disruption to supply chains are the immediate global economic impacts of the war in Ukraine, according to Fidelity International’s latest monthly Analyst Survey. Of the 147 analysts surveyed worldwide, some 82 per cent rank higher cost inflation as a major second-order effect of the war, while about two thirds cite de
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Chart Room
Chart Room
Stagflationary
Stagflationary dynamics still in the backgroundAs the conflict in Ukraine moves into its fifth week, volatility looks set to continue and the outlook is marred by the threats to growth.22/03/2022By Henk-Jan Rikkerink, Global Head of Solutions and Multi AssetMarket sentiment improved last week despite the Federal Reserve doubling down on inflation at its 16 March meeting, leaving the MSCI World slightly higher than it was before the invasion began. It has been an extremely volatile few weeks. How much of last week’s rebound of risk assets was driven by short covering and how much was driven by investors prepared to buy the dip is unclear at this stage.We are yet to be convinced the outlook has improved. Behind the market’s volatility, we believe the challenging stagflationary dynamics
Stagflationary
Multi-asset view
Multi-asset view: More damage in the pipelineThe direct impact of the war in Ukraine seems to have been priced in for now, and equity markets had another relatively strong week. However, we are still cautious due to our expectations of slower growth as a result of high inflation, tightening financial conditions, and the squeeze on consumers.29/03/2022By Henk-Jan Rikkerink, Global Head of Solutions and Multi AssetThe team made no changes to our core positioning this week. We still have a cautious stance on risk assets from our underweight ratings for equities and credit. Central banks, especially the Federal Reserve, remain focused on bringing inflation down. Successfully doing so will involve hiking enough to reduce demand, which we expect will result in further equity weakness.Volati
Multi-asset view
No easy answers
No easy answers: Ukraine war raises social and ethical dilemmas for companies and investorsIs selling clothing and food to Russians fulfilling their human rights or funding a war? This is just one example of the kind of complex ethical issues companies now face. Investors too must grapple with doing the right thing while acting in the best interests of their clients. There are no easy answers.31/03/2022By Jenn-Hui Tan, Global Head of Stewardship and Sustainable Investing Gabriel Wilson-Otto, Director, Sustainable InvestingHere we take a high-level look at the sustainability and ethical issues that have arisen as a result of the war and ho
No easy answers
China: an equally vital engine of the global economy
With the US Federal Reserve signalling that it is likely to start winding down its asset purchase programme and higher interest rates appear on the horizon, the world is moving from an era of accommodative policies and easy financial conditions towards a new and potentially challenging environment. However, the US is not the only driver of global events; China is playing an increasingly vital role in shaping our future.12/10/2021Against this backdrop, Marty Dropkin, Fidelity's Head of Asian Fixed Income, and Anna Stupnytska, Fidelity’s Global Macro Economist, appeared in a recent edition of our Rich Pickings podcast when they explored recent developments in China and how these are affecting investor sentiment.It’s well established that China wants to move towards a more sustainable economy
Sustainability and technology in China – progress and opportunities
With China focusing more heavily on the quality and sustainability of its economic growth, the country is innovating in targeted technological areas.05/11/2021China has set an ambitious target of achieving peak carbon by 2030 and overall neutrality by 2060. For the country to attain this goal, the Institute of Climate Change and Sustainable Development at Tsinghua University anticipates that approximately RMB138 trillion (US$20 trillion) of new investment is required between 2020 and 2050.Using technology to improve sustainability will become increasingly important as China moves toward its carbon targets. Of course, the energy sector will play an essential role, but technology is also developing rapidly in other areas of the economy.Investors now recognise that sustainability is positivel
Sustainable investing – Taking the long view in Asia
By Dhananjay Phadnis, Portfolio Manager, Asian Equities12/11/2021Global investors are turning to Asia as a source of diversification and yield. But as uncertainty surges in China and the region continues to see an uneven economic recovery, market participants are trying to deepen their understanding of the region.Environmental, social and governance (ESG) investing is also swiftly gaining prominence in more developed markets – but it is still only at a nascent stage in Asia. With ESG mandates at the forefront, investors may be wondering how they should think of Asian markets and properly allocate capital to Asian assets. Here, we look at several potential sectoral opportunities that are playing out and discuss why a sustainable investing approach can be an excellent way to identify va
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