Today’s Conference Board consumer survey provides more evidence that economic weakness is spreading to the labour market. An indicator combining consumer assessments of current job-finding difficulty and prospects in six months’ time rose to a 14-month high in June.
Janus Henderson’s US-based Multi-Asset Solutions Team present their latest Tail Risk Report, using market prices to infer expected tail gains and losses for each asset class. In May, signals continued to forewarn that inflation may not be dead.
The view here remains that global economic weakness is spreading to labour markets, implying that it is becoming entrenched and will require more significant policy easing to reverse. Three news items in recent days are consistent with this development.
Additional monetary data released last week confirm that global six-month real narrow money growth ticked higher in November / December. Growth, however, remains below its range over 2009-17 – a sustained further increase is needed to warrant a shift away from economic pessimism. January global manufacturing PMI results, meanwhile, are consistent with the forecast here of a joint downturn in the stockbuilding and business investment cycles.
Het Janus Henderson Global Emerging Market Equities Team hanteert dezelfde benadering voor het beoordelen van duurzaamheid als voor andere aspecten van een bedrijf. Daarbij doet het meer dan alleen maar vinkjes zetten. In het onderstaande artikel maakt het team duidelijk waarom het genereren van beleggingsrendement over de lange termijn in hun ogen door de aard ervan beleggen in duurzaamheid is.
Aneet Chachra and Steve Cain, Portfolio Managers within the Diversified Alternatives team at Janus Henderson, look at the maturity profiles on Treasuries compared with their ‘risk of loss’ history to reach conclusions about where value might lie within shorter maturities.