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The Intelligence Report – Wanted: an investment compass for 2020

Global views and trends

BNP Paribas Asset Management

Reassurance – “it will turn out alright” – would be comforting as we head into 2020; unfortunately, it looks like change and paradigm shifts will be with us again.

‘Off course‘ applies when it comes to climate change and disrupted global temperatures. To help make it ‘alright’, fiscal, investment-focused policy might provide an answer. And there are important roles to play for central bankers and investors. Read our state-of-play article.

Perhaps disconcertingly, some of the basic truths that have long guided investors no longer apply. One is that growth plus inflation equals the benchmark yield. This has left bond investors looking for new waypoints. Interestingly, here too, fiscal, investment-focused policy could help get growth and inflation back on track, argues Arnaud-Guilhem Lamy in our second article.

If disruption is the hallmark of our time, it is imperative to keep abreast of it so that you can identify the opportunities that inevitably go with it. In our final article, we provide an overview – in both video and text – of the key themes discussed at the recent Investment Forum. We see these as helping us chart the course for solutions and strategies that can make a difference to investors.

Time to put climate action back on track   

Four years after the landmark Paris Agreement, it is clear that climate change has been raging on unabated. Taking action now is imperative if we are to steer away from the dire consequences across society and industry.


Out of order: the bond market’s compass   

With eurozone rates adrift from the basic ‘growth plus inflation’ calculation, anchorless fixed-income investors need something solid to grab onto. Investment-boosting fiscal policy in 2020 could be their lifeline.


Capture the essence of our Investment Forum with our videos and articles

From the prospects for China (despite the trade war ructions) to the US outlook in an election year, from the policies needed to regulate the mushrooming tech industry to action to contain global warming.


To find out more about our views, asset allocation and investment strategies, click here >

For the previous edition, click here >

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Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients.

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