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Macroeconomics Library

  • Larry Hatheway on Markets - August 2017

    15 August 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.

  • Larry Hatheway on Markets - July 2017

    27 July 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.

  • Larry Hatheway on Markets - June 2017

    22 June 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.

  • Larry Hatheway on Markets - May 2017

    25 May 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.

  • Larry Hatheway on Markets - April 2017

    28 April 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.

  • Larry Hatheway on Markets - March 2017

    27 March 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.

  • Larry Hatheway on Markets - February 2017

    23 February 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.

  • Larry Hatheway on Markets - January 2017

    31 January 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.

  • Larry Hatheway on Markets - December 2016

    14 December 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.

  • Larry Hatheway on Markets - November 2016

    17 November 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.

  • Macro and asset allocation after trump

    9 November 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.

  • Larry Hatheway on Markets - October 2016

    21 October 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

    18 October 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.

  • Negative Yielding Corporate Bonds: Irrational?

    29 September 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...

    27 September 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.

  • Larry Hatheway on Markets - September 2016

    20 September 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.

  • The Coming of Reflation

    31 August 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.

  • Larry Hatheway on Markets - August 2016

    16 August 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

    2 August 2016

    Productivity is Everything

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

  • Larry Hatheway on Markets - July 2016

    20 July 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.

  • What a Difference a Referendum Makes

    15 July 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: a Hidden Bonds Gem

    14 July 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: Is End Nigh?

    5 July 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.

  • Brexit and Markets: What Next?

    24 June 2016

    Brexit and Markets: What Next?

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

  • Larry Hatheway on Markets - June 2016

    22 June 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.

  • Melding Finance & Science

    12 May 2016

    Melding Finance & 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.

  • Larry Hatheway on Markets - May 2016

    11 May 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 Stocks And The Debt Supercycle

    6 May 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 Fed’s Hands Are Tied

    28 April 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

    22 April 2016

    Policy Response Evolved

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

  • Macroeconomic Outlook: April 2016

    20 April 2016

    Macroeconomic Outlook: April 2016

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

  • Macroeconomic Outlook: March 2016

    16 March 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.

  • Will the Sell-off Prove Self-fulfilling?

    17 February 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.

  • Macroeconomic Outlook: February 2016

    2 February 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.

  • Handling the Bear Market

    22 January 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.

  • Macroeconomic Outlook 2016

    6 January 2016

    Macroeconomic Outlook 2016

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

  • Long Live the US Consumer!

    6 November 2015

    Long Live the US Consumer!

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

  • Commodities and Deflation: The Worst is Yet to Come

    4 November 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.

  • Unwise to Rely on Central Banks

    22 October 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.

  • Characteristics of the New Normal

    15 September 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.

  • Rising Wages vs. Corporate Profits

    8 September 2015

    Rising Wages vs. Corporate Profits

    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.

  • How Will the Recent Chinese Currency Moves Impact European Equities?

    18 August 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.

  • International Economic Outlook

    7 August 2015

    International Economic Outlook

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

  • Greek Contagion Fears Unfounded

    10 July 2015

    Greek Contagion Fears Unfounded

    Comment from Enzo Puntillo, Investment Director

  • A Game of Two Halves, Strong Earnings Growth Will Drive Second Half of European Recovery

    24 June 2015

    A Game of Two Halves, Strong Earnings Growth Will Drive Second Half of European Recovery

    Comment from Niall Gallagher, Investment Director

  • Bond Volatility Highlights Attractions of Emerging Market Yields

    22 June 2015

    Bond Volatility Highlights Attractions of Emerging Market Yields

    Comment from Denise Prime, Investment Manager

  • Sterling Rallies on UK Election Outcome; Yet SNP, Brexit to Stir Investor Jitters

    8 May 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.

  • Emerging Market Debt: The Dominant US Dollar

    30 April 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.

  • Central Banker’s Role in Monetary Policy

    6 March 2015

    Central Banker’s Role in Monetary Policy

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

  • Europe to Achieve Champion Status in 2015

    22 January 2015

    Europe to Achieve Champion Status in 2015

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

  • Suppressing Fundamentals

    21 January 2015

    Suppressing Fundamentals

    Lessons for the ECB post the SNB currency move.

  • SNB Currency Move

    19 January 2015

    SNB Currency Move

    What it means for European stocks.

  • ECB Bank Stress Tests

    27 October 2014

    ECB Bank Stress Tests

    A positive for junior debt investors.

  • This Monetary Policy Obsession Serves No One

    24 October 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.