Investing insights
Our global Chief Investment Office (CIO) publishes our economic outlook and investing themes. From thought-leadership on ESG and long-term trends to timely commentary on market developments, our investing insights are designed to help each client shape their financial tomorrow.

CIO Insights quarterly report
Inflation remains sticky: our Q2 2023 update
Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the second quarter of 2023 and beyond.

CIO Insights quarterly report
Annual outlook 2023: Resilience versus recession
Our annual outlook considers how slower economic growth in 2023 will not necessarily translate into weaker financial markets and how investors might position their portfolios for the opportunities ahead.

CIO Insights quarterly report
Under pressure: our Q4 2022 update
Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the final quarter of 2022 and beyond.

CIO Insights quarterly report
Keep a firm hold: our Q3 2022 update
Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the second half of 2022 and beyond.

CIO Insights quarterly report
Weathering many storms: our 2022 update
Our new CIO Insights quarterly update provides an economic and investment outlook on our 10 themes for 2022.

CIO Special report
ESG Market Monitor: Q2 2023
Our ESG Market Monitor publication is designed to help you stay informed and up-to-date on the latest developments in environmental, social and governance (ESG) investing and the transition to more sustainable economies.

CIO Special report
U.S. Debt Ceiling: Taking it to the limit
The recurring negotiations around the U.S. debt limit, commonly called the debt ceiling, have developed into one of the more uncomfortable aspects of political life.

CIO Special report
High nominal yields, high inflation: the case for systematic hedging
A changing investment environment has prompted many investors to question their approach to asset allocation and risk management.

CIO Special report
Land – A key Life Pillar
In our latest publication, we take a deep look at the importance of biodiversity, particularly from an investor's perspective.

CIO Special report
Energy Transition: the quest for emissions-free energy
Our CIO Special report looks at a central challenge for the world today: how we produce and use energy in a more sustainable way.

CIO Special report
So far, so good: BoE policy under the sign of growth resilience
Although the Bank of England (BoE) raised its key rate in March and is now forecasting UK GDP growth in Q2 instead of contraction, it has stated that the monitoring of financial and credit conditions will be paramount going forward.

CIO Special report
Big Tech: Regulation remains an important factor
In our CIO Special, we look at the regulatory picture in jurisdictions around the world and consider the investment outlook.

CIO Special report
India: Why it will be a USD 7 trillion economy by 2030
In our latest CIO Special – India: Why it will be a USD 7 trillion economy by 2030 – we look at the structural shifts taking place currently in India which are setting the stage for it to become the fourth largest economy in the world by the end of this decade.

CIO Special report
U.S. small cap outperformance may continue
In our latest CIO Special we look at why U.S. small cap equities within the S&P 600 have recently outperformed the S&P 500 and the outlook for both indices

CIO Special report
A promising start for EM equities and a look ahead
In our CIO Special, we look at the performance by emerging market (EM) equities that has become more optimistic about the potential boost from China's Covid reopening.

CIO Special report
Semiconductor sector: semi-recovered?
After supply chain problems, geopolitical tensions, the aftermath of the global pandemic, a worsening interest rate outlook and surging inflation made 2022 a difficult year for semis investors, the sector is now on the road to recovery.

CIO Special report
German economy facing challenges
Our latest CIO Special highlights the structural issues facing the German economy in the aftermath of the Covid and energy crises.
Market insights

CIO Memo
Asia: an uneven recovery
Recent macro data in Asia are pointing to a slowdown in the region’s trade growth momentum.

CIO Memo
U.S. CPI: moderating but still elevated
U.S. inflation continued to moderately decline in April, supporting the case that the Federal Reserve will not raise interest rates at its next meeting.

CIO Memo
Flying high – Asia Pacific tourism rebounds
The upward trajectory of Asia Pacific tourism is expected to continue in the coming months, driven largely by the resurgence in Chinese outbound travel.

CIO Memo
Nonfarm payrolls: U.S. labor market remains robust
The U.S. jobs report for April showed a continued strengthening of the labor market with an increase in payrolls that beat expectations.

CIO Memo
FOMC: Terminal arrival?
The Federal Reserve's policy decision and subsequent statement gave the clearest signal that the most aggressive monetary policy period since the 1980s is coming to an end.

CIO Memo
ECB has "more ground to cover"
The European Central Bank maintained its course with a rate hike of 25 basis points and signalled that it could tighten policy further if inflation remains high.

CIO Memo
Japan: BoJ stays dovish amid macro uncertainty
The Bank of Japan kept its policy rate unchanged, in line with market expectations, but signalled a possible shift to its yield curve control in the future.

CIO Memo
China: Q1 GDP improves on consumption recovery
China's GDP grew more than expected during the first quarter, confirming the rebound of its economy since the reopening measures late last year.

CIO Memo
U.S. CPI: Fading forces
U.S. inflation continued its downward trend in March, but markets took the data in stride because the shift was not enough to change the likely path of Federal Reserve policy.

CIO Memo
Nonfarm Payrolls: Bringing us softly into land?
The U.S. jobs report for March showed a continued strengthening of the employment market. But over the longer term, hiring appears to be cooling in an orderly fashion.

CIO Memo
India: RBI pauses at 6.50%, likely end to hiking cycle
The Reserve Bank of India paused in its hiking cycle, while keeping the stance of ‘withdrawal of accommodation’ unchanged. Markets reacted positively to this decision across the board.

CIO Memo
Review and Outlook: China's recovery
China's economic recovery can be expected to accelerate in the second quarter. Specific industries within Europe may also do well, supported by this tailwind from China.

CIO Special report
Venture Capital Investing: returns and diversification
Our latest CIO Special report Venture Capital investing: returns and diversification discusses how the sector is developing and its role in portfolios. Read more...

CIO Special report
Venture Capital investing: conclusion
We attempt to summarise the main positives and negatives of Venture Capital investing in our CIO Special report.

CIO Special report
Venture Capital trends
Find out more about the growth of global Venture Capital investment and the wide range of risks associated in our CIO Special report.

CIO Special report
Portfolios and Venture Capital
Find out more about the potential role of Venture Capital investing in portfolios as well as diversification in our CIO Special report.

CIO Special report
Venture Capital in entrepreneurship
Find out more about the role of Venture Capitalists in our CIO Special report.