Barclays_Global_Portfolio_Manager_s_Digest_The_Sequel

This document is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendations offered in this report.Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.* This individual is a member of the Product Management Group and is not a Research AnalystAll research referenced herein has been previously published. You can view the full reports,including analyst certifications and other required disclosures, by clicking the hyperlinks in thispublication or by going to our Research portal on Barclays Live.FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 34.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 34.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 35.Global Portfolio Manager's DigestThe SequelWe provide context and perspective on research across regionsand asset classes, this week highlighting our initial reaction tothe US elections; our updated Fed call, now seeing only two ratecuts next year; and the opportunity for US power names withrespect to nuclear energy.• The Results Are In: After a decisive presidential election, our first take on financial markets isthat the USD rally still has room to run, US longer rates have more quickly priced in theelection outcome, a US equity melt-up into year-end is a real possibility, and European stocks,while already pricing in tariff risk, may keep lagging. In terms of policy timing, we think tariffswill have to wait until the new administration confirms its Commerce and TreasurySecretaries as well as the US Trade Representative. Even if the administration moves quickly,we would pencil in late in the second quarter or early in the third as the point at which tariffdetails are announced – at the earliest. Tax cut legislation might take at least as long; onceagain, we do not see passage until mid-year 2025 at the very earliest and probably later thanthat. Perhaps the most important question for investors is what is and is not priced intomarkets. As is to be expected in volatile periods, not all asset classes move in tandem. Forexample, we think the USD still has room to strengthen, but the election seems largely pricedinto US rates, the euro front end seems very worried about US tariffs, yet European equitiesare holding their own.• What's Next for the Fed: With the election of Donald Trump as the next US president, weembed increases in import tariffs and tighter res

立即下载
金融
2024-11-18
41页
1.19M
收藏
分享

Barclays_Global_Portfolio_Manager_s_Digest_The_Sequel,点击即可下载。报告格式为PDF,大小1.19M,页数41页,欢迎下载。

本报告共41页,只提供前10页预览,清晰完整版报告请下载后查看,喜欢就下载吧!
立即下载
本报告共41页,只提供前10页预览,清晰完整版报告请下载后查看,喜欢就下载吧!
立即下载
回顶部
报告群
公众号
小程序
在线客服
收起