Market Insights

MARKET

INSIGHTS

EM Comeback

Why a little convergence in global growth could be good for Emerging Markets

MARKET STRATEGIST INSIGHTS 1 of 2

PORTFOLIO MANAGER INSIGHTS 2 of 2

Market Strategy

Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.

Market Know-How

Game of (Un)Knowns

A stabilizing macro backdrop, convergent growth, and late-cycle opportunity: each is a reason we do not see winter coming for investors. We believe that strategy will be key—we remain pro-expansion, yet pro-reality, attuned to the evolution of late-cycle conditions.

Edition 2 Themes

1Muni momentum.

2Clipping coupons.

3Sector dissector.

4Emerging opportunities.

5Coming of age.

Chart of the Week

Opine on Swine

Ongoing US-China trade disputes have coincided with an African Swine Fever outbreak and soaring pork prices in China. Behind the headlines, we see a story of the rising emerging market (EM) consumer. Population growth and rising income are driving Chinese consumer former luxuries like pork into dietary staples. We think global consumption growth may be driven disproportionately by EM economies in the future, creating potential opportunities for companies and investors.

Source: USDA Foreign Agricultural Service. As of April 9, 2019.

GSAM Connect

May 2019

Market Update: Trade Tensions versus Policy Puts

Against a backdrop of heightened trade tensions we scaled back overweight exposure to EM currencies and EM debt. That said, given policy support —or “policy puts” whereby policymaker actions support market liquidity thereby creating put protection on asset prices—and our expectation for the cycle to continue, we maintain exposure to spread sectors and we continue to identify relative value opportunities in macro markets.

April 2019

US High Yield: Return Potential Arising from Demand Dynamics

Firm retail investor demand has been a large contributor to US High Yield corporate credit performance this year. Much of this demand is channelled through exchange traded funds (ETFs) which has resulted in performance dispersion between bonds from small and large issues, as only the latter tend to be eligible for ETF inclusion.

March 2019

Keep Calm and “Carry and Roll” On

This month we focus on curves. In credit markets we outline how curve steepness can create return opportunities within the sector and within a particular rating cohort, namely BBB-rated bonds. On the macro front we discuss why we believe the business cycle signal implied by yield curve inversion is less powerful than in prior cycles.

Stay posted on the latest market developments and key themes for your portfolios and practices

More Market Strategy

May 2019

Monthly Market Pulse: May

Monthly recap of global markets, thought leadership, and investment themes from across Goldman Sachs.

Bring the Noise

Episodic volatility has picked up and markets are abuzz with noise. We believe the backstretch of 2018 remains supportive of risk assets, but sentiment can change rapidly. A strategic commitment to risk management is key.

View more perspectives on the latest market developments and trends

Asset Class Views

Access the latest views from our product teams on macro strategies and browse insights by key topics, such as equities, fixed income, money markets and alternatives.

How High to Hike

Our portfolio manager discusses how machine learning interprets investor sentiments and extracts topical subjects

LEARN MORE

2018 Macro Chartbook: 3 Themes to Watch

May 2019

Global Fixed Income Weekly

Each week the Fixed Income team releases its views on macro strategies including duration, country, cross macro and currency, and sector strategies such as securitized debt, corporate credit and emerging markets debt.

GOLDMAN SACHS RESEARCH

Follow trends in the global economy, including policy issues and analysis of economic development from Goldman Sachs Global Investment Research.