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AI is driving new demand for commodities, while supply remains disciplined – supporting the outlook for natural resources equities.
August was a strong month for risk assets, with equities extending their advance as gold surged on renewed fiscal and inflation concerns. Resilient earnings, highlighted by another blowout Nvidia report, drove US and European equities to fresh records, while sharp moves in bond yields kept fixed income markets volatile. Gold jumped 10% as investors sought protection against inflation and financial repression, while emerging markets extended their gains on the back of the AI trade.
It has been another strong year for EM equities, which has left many investors pondering where exactly we are in this cycle. Archie Hart and Varun Laijawalla explain why there is scope to capture a re-rating that they believe has considerable upside from here.
The AI theme in credit markets is evolving rapidly. New financing packages can provide better compensation for risk but they require careful diligence.
The headwinds facing EM debt today are cyclical and manageable, with mispricing and divergence across countries creating a fertile hunting ground for active investors. Crucially, the strength of structural tailwinds behind the asset class is undiminished.
Our EM Debt team shares its latest outlook and positioning across the investment universe.
Overlapping pressures across agriculture, fertiliser and energy markets could create fresh inflationary risks this year, with wide ranging implications for commodity markets, monetary policy and emerging market assets.
Global markets split sharply in July, as a reassessment of AI valuations collided with a renewed oil shock. Doubts over AI capex and monetisation weighed heavily on technology and semiconductor stocks, while the collapse of the US-Iran agreement drove oil prices sharply higher, lifting energy, defence, and value-oriented markets. The result was one of the sharpest rotations in market leadership so far this year.
Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.
For years, capital has gravitated to the US. A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.
A shrinking supply of shares has flattered US equity returns for years. The AI issuance boom is putting that into reverse.
Our credit experts review how credit markets fared in the second quarter of the year and share the latest scorecards for the global credit universe.
Recent election results point to a political pivot with positive implications for debt markets. Dynamics in this key region are reflective of broader shifts across the maturing EM debt market.
Our EM Debt team shares its latest outlook and positioning across the investment universe.
Markets are pricing in a rapid normalisation of Middle East oil supply following the US-Iran conflict. The talk at a resources industry conference highlights that risks remain.
As AI euphoria drives markets to historic concentration levels, the question every investor should be considering is: how much longer can the music play?
Risk assets had one of their strongest quarters in years, with easing geopolitical risks in the Middle East backed up by resilient earnings, and continued AI-capex-driven growth. Emerging markets, especially Korea and Taiwan, outperformed the US, while commodities came under pressure after the peace deal and expectations for rate hikes. Global credit markets also delivered a strong rebound over the quarter.
A just energy transition is about more than decarbonisation. Using South Africa as a live example, this paper explores why credible transition outcomes depend on the alignment of policy, infrastructure, capital and communities, and the role investors can play in supporting them.
As global investors reassess their allocations, emerging markets are entering the second half of the year from a position of genuine strength.
A low multiple is not necessarily a sign of value. Genuine value arises when there is a gap between the market value of a company and its true intrinsic worth.
Market and portfolio insights, webinars & events curated from across our investment teams to help you steer through changing investment landscapes.
