Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Macroeconomics

<ul>
<li>FDI into China turned negative. To explain why, we look at interest rate differentials, profitability, and ‘uninvestability.’ Meanwhile, the country has slipped into deflation again as it buys gold like there is no tomorrow.</li>
<li>US consumer credit is rolling over as the highest yields in decades take their toll. When credit growth stumbles, GDP growth will soon follow. </li>
<li>We look at key takeaways of the latest Fed SLOOS, the surprising decline in oil prices, our Fear &amp; Frenzy Sentiment Index, and earnings surprises &amp; stock market reactions.</li>
</ul>


FDI into China turned negative. To explain why, we look at interest rate differentials, profitability, and ‘uninvestability.’ Meanwhile, the country has slipped into deflation again as it buys gold like there is no tomorrow.
US consumer credit is rolling over as the highest yields in decades take their toll. When credit growth stumbles, GDP growth will soon follow. 
We look at key takeaways of the latest Fed SLOOS, the surprising decline in oil prices, our Fear &amp; Frenzy Sentiment Index, and earnings surprises &amp; stock market reactions.


The Weekly Market Monitor – China Makes History, Nobody Likes US Debt, and a Massive Chart on Yields

Cross Asset Strategy

<ul>
<li>This week, we show why the economy is in the final innings of this economic cycle. The only macro-indicator that stubbornly refuses to acknowledge this is the US labor market. </li>
<li>Real yields are bad for Equities and good for Bonds, but gold is the unlikely asset class that really thrives when real rates spike above 2%. </li>
<li>We update our scary valuation chart, revealing a monstrous gap between yields and stock market valuation, and look at Bitcoin positioning, our Fear &amp; Frenzy Sentiment Index, and much more.</li>
</ul>


This week, we show why the economy is in the final innings of this economic cycle. The only macro-indicator that stubbornly refuses to acknowledge this is the US labor market. 
Real yields are bad for Equities and good for Bonds, but gold is the unlikely asset class that really thrives when real rates spike above 2%. 
We update our scary valuation chart, revealing a monstrous gap between yields and stock market valuation, and look at Bitcoin positioning, our Fear &amp; Frenzy Sentiment Index, and much more.


The Weekly Market Monitor – Real Rates = Growth Scare?

<ul>
<li>Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.</li>
<li>We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? </li>
<li>Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. </li>
</ul>


Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.
We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? 
Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. 


The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

<ul>
<li>Fed Chairman Powell delivered a very powerful statement this week on the need to retain price stability. As a result, investors are giving up their fight to think otherwise.</li>
<li>We focus on France’s horrible PMI data and explain how we may see a repetition of the US retail sales slump witnessed in December 2018. </li>
<li>With central bankers embracing the ‘higher for longer’ narrative, real yields will start to hurt. </li>
</ul>


Fed Chairman Powell delivered a very powerful statement this week on the need to retain price stability. As a result, investors are giving up their fight to think otherwise.
We focus on France’s horrible PMI data and explain how we may see a repetition of the US retail sales slump witnessed in December 2018. 
With central bankers embracing the ‘higher for longer’ narrative, real yields will start to hurt. 


The Weekly Market Monitor – Are Central Banks Finally Breaking Sentiment?

<ul>
<li>August and September are the weakest for Equities relative to Treasuries. Staying out of equities during those months would have significantly improved the risk-return profile of a multi-asset portfolio.</li>
<li>September high yield returns are mediocre at best, underpinning that the equity component of the asset class is the return-determining factor most of the time.</li>
<li>September is the only month in which Bitcoin realized a negative return on average. Finally, Gold returns have been solid in September.</li>
</ul>


August and September are the weakest for Equities relative to Treasuries. Staying out of equities during those months would have significantly improved the risk-return profile of a multi-asset portfolio.
September high yield returns are mediocre at best, underpinning that the equity component of the asset class is the return-determining factor most of the time.
September is the only month in which Bitcoin realized a negative return on average. Finally, Gold returns have been solid in September.


Seasonality: September Is a Bad Month for ALL Risky Asset Classes

United States

iShares iBoxx High Yield Corporate Bond ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds.

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iShares iBoxx High Yield Corpo (HYG US)

The Weekly Market Monitor – China Makes History, Nobody Likes US Debt, and a Massive Chart on Yields

Start your week in financial markets with last week's biggest charts and stories! The Weekly Market Monitor will keep you ahead of markets.

Jeroen Blokland

The Weekly Market Monitor – Real Rates = Growth Scare?

Defaults are rising, gasoline demand is falling out of bed, and price pressures reside despite spiking energy prices. Is the growth slump finally...

Jeroen Blokland

The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

Inflation is collapsing and even turned negative in the Netherlands. Yet, bond yields continue to spike, providing ample downside risk for equities.

Jeroen Blokland

The Weekly Market Monitor – Are Central Banks Finally Breaking Sentiment?

One-and-a-half hawkish central bank pauses spooked equity investors, who are running out of narratives to keep stocks from falling.

Jeroen Blokland

Seasonality: September Is a Bad Month for ALL Risky Asset Classes

September returns for Equities, High Yield, Corporate Bonds, and Bitcoin tend to be weak, while Treasury and Gold returns are solid.

Jeroen Blokland

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)