Allianz Global Investors

📺 After an eventful few months in the markets – and looking ahead to a potentially volatile final quarter – Virginie Maisonneuve, CFA, MBA, our Global CIO Equities, joins us to share her views and convictions on the global economic landscape and what investors may want to watch closely in the next couple of weeks. #equities #tech #outlook

*Fibre roll-out for ultra-speed internet* The pandemic has accelerated the shift to digital communication in work and life, ranging from home office to streaming services. The prerequisite is an ultra-speed internet connection. However, Germany still lags behind when it comes to digitization and the fibre roll-out.* “Unsere Grüne Glasfaser was founded in 2021, deploying local fibre optic networks throughout Germany with a focus on rural and semi-rural areas. The goal is to create an open-provider fibre network of over 50,000 kms delivering environmental benefits through energy efficient operations and enabling the transition to fibre in the deployment areas. 💡 Fibre-optic technology consumes 60 percent less energy than conventional copper wires.** *https://lnkd.in/e9PNfxiR **https://lnkd.in/emvdADW2 For professional investors only. Investing involves risk. Marketing Communication #infrastructure #privatemarkets #realassets 

October, widely known as "Pinktober" is dedicated to raising awareness about breast cancer. By wearing pink, participating in events and by spreading knowledge, individuals and organisations worldwide unite to honour survivors, support those currently battling the disease, and remember the ones lost. Breast cancer affected 2.3 million women worldwide in 2022 and while the disease is much more common in women, breast cancer also affects men. 🎀 With Pinktober at AllianzGI, we hope to help raise awareness and aim to promote screening and prevention of breast cancer. Regular checkup can lead to early detection, which is crucial for successful treatment. Colleagues came together and formed a beautiful Pink Sea in Hong Kong, Jakarta, Shanghai, Singapore, Taipei and Tokyo. In Europe, charity bracelet sales, articles, webinars & talks with activists & survivors brought colleagues together in London, Paris, Munich, Frankfurt and #TeamAllianzGI in New York learned about benefits and prevention. This event served as a powerful reminder of the impact we can create when we come together to support one another.  

Recent economic data confirms the path of the Bank of Japan. The prerequisites to continue hiking interest rates are still in place. Nevertheless, the BOJ’s messaging indicates that there is no rush to adjust interest rates at the next meeting in October. Global CIO Multi Asset Gregor MA Hirt comments ahead of the Bank of Japan Meeting on 30-31 October.

Today on Bloomberg China Open, Christiaan Tuntono, Senior Economist AP, shared his insights on Asia’s macro and economic outlook: Fed policy rate cut trajectory: Christiaan noted that the recent pullback of Fed’s policy rate cut expectation was driven by more resilient than expected US data. The pullback was within expectation, as we perceive the previous market’s pricing for policy rate cuts as overly dovish. In our view, the US economy is on the path towards a soft landing, rather than a recession, which enables the Fed funds target rate to be lowered to around 3.5% by end-2025. Impact on Asian Central Banks: The Fed’s pivot into an easing cycle has empowered Asian central banks to begin their own easing cycles as well. Christiaan anticipates six Asian central banks to ease in this Fed easing cycle, which includes China, Indonesia, the Philippines, Korea, Thailand, and India. All of these central banks have already cut with the exception of India, which we think shall ease in 2025. China, which faces inadequate domestic demand, is expected to continue easing monetary condition and stepping up fiscal stimulus to support the economy. China’s fiscal stimulus: The market is currently waiting for more details on China’s fiscal stimulus measures from the NPC Standing Committee in early November. Christiaan noted that the fiscal measures disclosed by the Ministry of Finance so far are geared more towards mitigating the tail-risk faced by the Chinese economy, focusing on local government debt financing, property sector and state bank recapitalisation. However, there are limited coverage on direct consumption stimulus nor enhanced social-welfare provision which can help lower the high saving rate in the Chinese economy. We think China’s top policymakers still prioritize economic stability, investments and job creation as the main channels for consumption support, in contrast with the western approach of directly stimulating consumption through hefty cash-handouts and social welfare provisions. Japan’s Lower House election: The fact that the Japanese Yen has weakened while the Japanese stock market remains resilient suggest that the market could be speculating that Sanae Takaichi, who has long been an advocate for Abenomics, may assume leadership of the ruling Liberal Democratic Party (LDP) in forming a new government. There are two other potential scenarios after the current political uncertainty, however: (1) Current Prime Minister Shigeru Ishiba stays as LDP’s President and form a larger ruling coalition with Komeito and other smaller opposition parties; or (2) Main opposition the Constitutional Democratic Party of Japan (CDPJ) forms the new government with its leader Yoshihiko Noda nominated as the new Prime Minister. Christiaan thinks that the implication on Japan’s monetary policy from these two political scenarios would not be as dovish as the one under Sanae Takaichi’s leadership. #Asia #FiscalPolicy #MonetaryPolicy

🌍✨ Join us in Frankfurt as our new Senior Expert Vendor & Contract Manager (f/m/d)! Lead vendor relationships in IT, overseeing Vendor Governance, Outsourcing Oversight, and Commercial Management to ensure exceptional service and drive optimization. 📈🤝🚀 https://lnkd.in/e-DztJq9 #Hiring #VendorManagement #ContractManagement

Is there a smooth landing in sight? The US Federal Reserve’s policy pivot has ushered in a new investment regime that should help cushion the slowdown in the US economy and provide a near-term floor for risk sentiment. We think the Fed’s move can ensure favourable conditions for bond markets – and see opportunities within yield curve steepeners and duration, as well as defensive options in case the economic outlook darkens. Read more here from Julian Le Beron, CFA and Luke Copley, CFA: https://ow.ly/j3C950TSAES #navigatingrates #fixedincome #softlanding #USeconomy

Engaging with companies to protect the climate and biodiversity If the world is to achieve its net-zero ambitions by 2050, it is not enough to invest in companies that already boast low greenhouse gas emissions. As investors, we also aim to challenge companies – including high emitters – in their efforts to lower their emissions. Engaging with the companies in which we invest is core to this mission, and it is why the topics of climate and biodiversity are often foremost in our engagements. Matt Christensen, Global Head of Sustainable & Impact Investing at AllianzGI: "As investors, we believe it is critical to have a constructive discussion with investee firms on issues such as their impact on climate change. Engagement is an important element in our ambition to decarbonise portfolios and contribute to our net-zero targets, which reflect those set by Allianz Group." Read more: https://ow.ly/tU3E50TSIFn #engagement #netzero

Investing in private markets involves risk. Hence, it is especially important to understand these risks to mitigate them. That´s why the work of Priscilla Adjei, Head of Private Markets Risk, is so crucial for our investment and asset management. Private Markets cover a variety of risk profiles along the capital structure of different asset classes. Priscilla, who is based in Paris, joined in 2021 and has been leading since then with her team the analysis, oversight, quantification, and reporting of risk associated with investments and portfolios across our private markets' spectrum – from impact to infrastructure, from private debt to private equity.  "Private markets are an illiquid asset class which comes with risk and complexity that need to be effectively managed. With the opening of private markets solutions to retail clients and an everchanging regulatory environment risk management is even more in focus.”   Learn more about expanding the boundaries of investing: https://ow.ly/inGy50TSpWQ #privatemarkets #womeninprivatemarkets

India: a justifiable premium? While the fundamental case for investing in Indian equities remains strong – based on a robust macroeconomic backdrop, a powerful demographic dividend, and rapid technology adoption – questions around market valuations remain. Multiples such as price-to-earnings (P/E) and price-to-book (P/B) look expensive relative to both other emerging equity markets and India’s own history. While the MSCI India Index has been trading at a valuation premium for several years, this spread has continued to widen, not least as other large markets like China have disappointed. Anand Gupta,CFA and Sarah Lien review the key valuation drivers and offer an assessment of their trajectories. https://ow.ly/94Tz50TRqtM #Disruption