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Macroeconomics

  • Larry Hatheway on Markets

    11 September 2018

    Larry Hatheway on Markets - September 2018

    GAM Investments’ Larry Hatheway outlines his latest multi-asset views, discussing what has caused the sharp bifurcation of market performance this year, whether equity markets will be driven by rotation and fresh leadership, and the key risks to markets for the remainder of 2018.

  • Larry Hatheway on Markets

    Thursday, July 26, 2018

    Larry Hatheway on Markets - July 2018

    Group Head of GAM Investment Solutions and Group Chief Economist Larry Hatheway discusses what is currently eroding market performance and investor conviction, how political events in the UK could impact Brexit and sterling, and whether there is still a case for an allocation to risk assets.

  • economic_outlook_icon

    Monday, June 18, 2018

    Larry Hatheway on Markets - June 2018

    Chief economist and head of GAM Investment Solutions Larry Hatheway discusses the risks facing equity markets, whether the US dollar will strengthen from here and what that means for portfolios as well as what we can expect from the Fed over the remainder of this year.

  • economic_outlook_icon

    Wednesday, May 23, 2018

    Larry Hatheway on Markets - May 2018

    Group Head of GAM Investment Solutions and Group Chief Economist, Larry Hatheway, discusses whether markets are likely to remain range-bound for the rest of the year, what factors are behind the change in market sentiment, and if financial conditions and policy settings are still supportive of global growth.

  • economic_outlook_icon

    Friday, April 20, 2018

    Larry Hatheway on Markets - April 2018

    Chief economist and head of GAM Investment Solutions, Larry Hatheway, discusses whether the recent equity market sell offs are indicative of fundamental issues or more sentiment driven and in fact a buying opportunity, if we should be concerned about an escalation in trade wars between the US and China as well as other markets, and whether global growth is peaking.

  • economic_outlook_icon

    Wednesday, March 28, 2018

    Larry Hatheway on Markets - March 2018

    Chief economist and head of GAM Investment Solutions, Larry Hatheway, discusses what happened to the markets in early February, how significant the spectre of US protectionism will be and whether markets should be worried about rising inflation.

  • economic_outlook_icon

    Monday, February 19, 2018

    Larry Hatheway on Markets - February 2018

    Chief economist and head of GAM Investment Solutions, Larry Hatheway, discusses the changing macroeconomic environment, including whether we are reaching the end of the equity bull market, his expectations for inflation and monetary policy and the implications for portfolio construction.

  • economic_outlook_icon

    Friday, January 19, 2018

    Larry Hatheway on Markets - January 2018

    Chief economist and head of GAM Investment Solutions, Larry Hatheway, discusses how long the equity bull market can continue, his expectations for inflation in the year ahead and why the dollar has weakened.

  • economic_outlook_icon

    Thursday, December 07, 2017

    Larry Hatheway on Markets - December 2017

    Chief economist and head of GAM Investment Solutions, Larry Hatheway, discusses the macroeconomic outlook for 2018, including his expectations for global equity and bond markets, monetary policy and the biggest risks to investors in the year ahead.

  • uk-elections-icon

    Wednesday, November 22, 2017

    UK Autumn Budget

    On 22 November, following a particularly animated Prime Minister’s Questions with Jeremy Corbyn and Prime Minister Theresa May, Chancellor Phillip Hammond stood up to deliver his Autumn budget. GAM’s investment director Charles Hepworth highlights the key takeaways.

  • economic_outlook_icon

    Thursday, November 09, 2017

    Larry Hatheway on Markets - November 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the current global macro environment, the biggest risks to investors in the remainder of 2017 and the impact of political uncertainty on markets.

  • economic_outlook_icon

    Wednesday, October 25, 2017

    Larry Hatheway on Markets - October 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the current global macro picture, the on-going Q3 earnings season and the effect of the expected tapering by central banks on the markets.

  • 60-40-hitting-the-target_icon

    Tuesday, October 17, 2017

    Outlook: Hitting the Target

    Although not ‘all weather’, the standard asset allocation approach has served investors well. However, it is time for a rethink: the 60-40 model of a balanced portfolio of stocks and bonds no longer looks fit for purpose. GAM’s Head of Investment Solutions and Chief Economist Larry Hatheway explains why.

  • economic_outlook_icon

    Wednesday, September 27, 2017

    Larry Hatheway on Markets - September 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, his expectations for monetary policy and the biggest risks to investors in the next quarter.

  • economic_outlook_icon

    Tuesday, August 15, 2017

    Larry Hatheway on Markets - August 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses how global equity and bond markets are performing, the outlook for the dollar and whether economic expansion in emerging markets is sustainable.

  • economic_outlook_icon

    Thursday, July 27, 2017

    Larry Hatheway on Markets - July 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, his expectations for the remainder of the second quarter earnings season and monetary policy over the next quarter.

  • economic_outlook_icon

    Thursday, June 22, 2017

    Larry Hatheway on Markets - June 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, the impact of stalling or falling inflation and the biggest risks for investors over the next quarter.

  • economic_outlook_icon

    Thursday, May 25, 2017

    Larry Hatheway on Markets - May 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, the impact of recent political uncertainty in the US and the significance of the forthcoming UK election and monetary policy decisions for markets.

  • economic_outlook_icon

    Friday, April 28, 2017

    Larry Hatheway on Markets - April 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • economic_outlook_icon

    Monday, March 27, 2017

    Larry Hatheway on Markets - March 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • economic_outlook_icon

    Thursday, February 23, 2017

    Larry Hatheway on Markets - February 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • economic_outlook_icon

    Tuesday, January 31, 2017

    Larry Hatheway on Markets - January 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • economic_outlook_icon

    Wednesday, December 14, 2016

    Larry Hatheway on Markets - December 2016

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • economic_outlook_icon

    Thursday, November 17, 2016

    Larry Hatheway on Markets - November 2016

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • us-election-insights-icon

    Wednesday, November 09, 2016

    Macro and Asset Allocation After Trump

    A first reaction from Larry Hatheway, Chief Economist and Head of Multi Asset Portfolio Solutions, on the implication of the US election result for investors.

  • economic_outlook_icon

    Friday, October 21, 2016

    Larry Hatheway on Markets - October 2016

    GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • all-hail-king-carry-icon

    Tuesday, October 18, 2016

    All Hail King Carry

    Following the death of the 60:40 portfolio, carry is creeping in as a fresh return-generation focus. Julian Howard, Investment Director, examines harnessing carry without relying on traditional fixed income securities.

  • banks-buy-bad-news-icon

    Thursday, September 29, 2016

    Negative Yielding Corporate Bonds: Irrational?

    The world of negative interest rates reached new levels earlier this month when the first negative yielding euro corporate bonds were sold. Enzo Puntillo, head of fixed income at GAM, considers the significance of this for investors.

  • mirror-mirror-on-the-wall-icon

    Tuesday, September 27, 2016

    Mirror, Mirror on the Wall...

    Commodity markets are one of the best mirrors to capture economic and monetary reality. Christian Gerlach, portfolio manager of a commodity fund at GAM, explains their importance.

  • economic_outlook_icon

    Tuesday, September 20, 2016

    Larry Hatheway on Markets - September 2016

    GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • rise_rise_em_icon

    Wednesday, August 31, 2016

    The Coming of Reflation

    Despite measures taken by central banks to stimulate economic growth, inflation is well below target in all developed countries. Xavier Van Hove argues that monetary policy alone is not working and increased spending and investment are needed to return economies to trend-line growth.

  • economic_outlook_icon

    Tuesday, August 16, 2016

    Larry Hatheway on Markets - August 2016

    GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway considers the outlook for the global economy and capital markets.

  • productivity-is-everything-icon

    Tuesday, August 02, 2016

    Productivity is Everything

    John Lambert, investment director, discusses the changing landscape for productivity gains and what impact that will have on living standards.

  • economic_outlook_icon

    Wednesday, July 20, 2016

    Larry Hatheway on Markets - July 2016

    GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway assesses outlook for the world economy in the aftermath of the UK’s vote to leave the European Union and implications for markets.

  • bank-of-england-icon

    Friday, July 15, 2016

    What a Difference a Referendum Makes

    Charles Hepworth, Investment Director, gives his reaction to the Bank of England’s latest interest rate update, where the rhetoric remains ‘lower for longer’ and the market prepares for an August loosening.

  • new-zealand-bonds-icon

    Thursday, July 14, 2016

    New Zealand: a Hidden Bonds Gem

    The best performing bond market in the developed world so far this year is often overlooked by investors, says Enzo Puntillo, head of fixed income for GAM in Zurich.

  • uk-bond-rally_icon

    Tuesday, July 05, 2016

    UK Bond Rally: Is End Nigh?

    Tim Haywood, investment director for absolute-return strategies, considers prospects for the UK bond market after the nation’s vote to leave the European Union.

  • hatheway_brexit_icon

    Friday, June 24, 2016

    Brexit and Markets: What Next?

    The UK’s historic referendum has, predictably, sent powerful shockwaves through global capital markets. What comes next?

  • economic_outlook_icon

    Wednesday, June 22, 2016

    Larry Hatheway on Markets - June 2016

    GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway considers the attractiveness of equity investments amid a moderate growth environment.

  • science_and_economists_icon

    Thursday, May 12, 2016

    Melding Finance and Science

    Will the economy grow exponentially long term? Dr Lars Jaeger, Head of Alternative Risk Premia, GAM Systematic, says economists need to take into account developments in natural science and the technologies they enable when looking at long term productivity.

  • economic_outlook_icon

    Wednesday, May 11, 2016

    Larry Hatheway on Markets - May 2016

    US dollar depreciation benefited risk assets this year. GAM Chief Economist and Head of Multi Asset Portfolio Solutions Larry Hatheway considers the reasons behind the dollar's weakness and the outlook for US interest rates.

  • us_profits_icon

    Friday, May 06, 2016

    US Stocks and the Debt Supercycle

    As countries and companies become increasingly laden with debt, Investment Manager John Lambert considers the consequences for investors.

  • the_feds_hands_are_tied_icon

    Thursday, April 28, 2016

    The Fed’s Hands are Tied

    Since the financial crisis, whenever there was a hiccup in financial markets or in the US economy, the Fed came to the rescue. But this won’t happen any longer and investors need to prepare, argues Dr Sushil Wadhwani, founder and CEO of Wadhwani Asset Management.

  • policy_response_evolved_icon

    Friday, April 22, 2016

    Policy Response Evolved

    Julian Howard Investment Director at GAM, talks about the policy options available to help boost growth in the world economy.

  • economic_outlook_icon

    Wednesday, April 20, 2016

    Macroeconomic Outlook - April 2016

    Larry Hatheway, GAMs Chief Economist and Head of Multi Asset Portfolio Solutions, expects markets to stabilise and move sideways

  • economic_outlook_icon

    Wednesday, March 16, 2016

    Macroeconomic Outlook - March 2016

    Larry Hatheway, GAM's Chief Economist and Head of Multi Asset Portfolio Solutions, says investors should begin to diversify their portfolios.

  • icon_centralbanks

    Wednesday, February 17, 2016

    Will the Sell-off Prove Self-fulfilling?

    As the market sell-off continued unabated, Larry Hatheway, Group Chief Economist, considers whether market dislocations might precipitate global recession.

  • economic_outlook_icon

    Tuesday, February 02, 2016

    Macroeconomic Outlook - February 2016

    Larry Hatheway, GAM’s Chief Economist and Head of Multi Asset Portfolio Solutions, takes stock of the market sell-off in January and considers investment opportunities.

  • bear_market_icon

    Friday, January 22, 2016

    Handling the Bear Market

    Markets have had one of the worst starts to the year in recent history. Investor behaviour is becoming increasingly indiscriminate. GAM Chief Economist and Head of Multi-Asset Portfolio Solutions, Larry Hatheway, takes stock and considers what’s ahead.

  • economic_outlook_icon

    Wednesday, January 06, 2016

    Macroeconomic Outlook 2016

    Larry Hatheway, GAM’s Chief Economist, shares his outlook for 2016.

  • icon_us-consumer

    Friday, November 06, 2015

    Long Live the US Consumer!

    Julian Howard, Investment Director, reviews consumption trends in the US and their effect on consumer stocks.

  • deflation

    Wednesday, November 04, 2015

    Commodities and Deflation: The Worst is Yet to Come

    Christian Gerlach, Investment Manager, discusses the implications of dramatically lower commodity prices for the world economy and globalisation.

  • hatheway

    Thursday, October 22, 2015

    Unwise to Rely on Central Banks

    As markets hop back and forth on rate decision hype, Larry Hatheway, Group Chief Economist, urges investors not to tie their asset allocations to market performance, but rather base them on alpha-generating good judgement.

  • hatheway

    Tuesday, September 15, 2015

    Characteristics of the New Normal

    With alpha being the key performance differentiator, Larry Hatheway, Group Chief Economist, looks at investing in a world firmly entrenched in the new norm of subdued growth, low inflation and accommodative monetary policies.

  • Julian Howard

    Tuesday, September 08, 2015

    Rising wages vs. corporate profits – should investors worry?

    With the topic of rising minimum wages gaining media attention, Julian Howard and Graham Wainer, GAM Multi-Asset Class Solutions, examine how corporate profits may be impacted and the implications for investors.

  • gallagher_niall

    Tuesday, August 18, 2015

    How will the recent Chinese currency moves impact European equities?

    Niall Gallagher, Investment Director, looks at three main parts of the European equity market that are impacted by Chinese developments: autos and automotive suppliers; luxury and consumer staples; and energy, mining and the industrial sectors value chain.

  • green_andrew

    Friday, August 07, 2015

    International economic outlook

    GAM managers give their market predictions for the second half of the year.

  • puntillo

    Friday, July 10, 2015

    Greek contagion fears unfounded

    Comment from Enzo Puntillo, Investment Director

  • gallagher_niall

    Wednesday, June 24, 2015

    A game of two halves, strong earnings growth will drive second half of European recovery

    Comment from Niall Gallagher, Investment Director

  • prime

    Monday, June 22, 2015

    Bond volatility highlights attractions of emerging market yields

    Comment from Denise Prime, Investment Manager

  • mcdaid_james

    Friday, May 08, 2015

    Sterling rallies on UK election outcome; Yet SNP, Brexit to stir investor jitters

    James McDaid, Investment Manager, GAM, analyses the impact for the investors after the 2015 UK General Election.

  • mcnamara_paul

    Thursday, April 30, 2015

    Emerging market debt: The dominant US Dollar

    Paul McNamara and Mike Biggs, responsible for GAM’s emerging market debt strategies, examine how macroeconomic developments around the world, in particular the strength of the US dollar, influence emerging markets.

  • friedman_alex

    Friday, March 06, 2015

    Central banker's role in monetary policy: What will life be like once central banker Batman leaves Gotham?

    What will life be like once central banker "Batman" leaves Gotham?

  • gallagher_niall

    Thursday, January 22, 2015

    Europe to achieve champion status in 2015

    Comment from Niall Gallagher, Investment Director responsible for European markets at GAM.

  • owens

    Wednesday, January 21, 2015

    Suppressing fundamentals: Lessons for the ECB post the SNB currency move

    Lessons for the ECB post the SNB currency move.

  • gallagher_niall

    Monday, January 19, 2015

    SNB currency move – what it means for European stocks

    What it means for European stocks.

  • smouha

    Monday, October 27, 2014

    ECB bank stress tests a positive for junior debt investors

    A positive for junior debt investors.

  • wainer_graham

    Friday, October 24, 2014

    This monetary policy obsession serves no one

    Predicting interest rates in the developed economies has become a career for many financial analysts and commentators.