EMEA

event April 2025

5 min

Article

2026-04-30

EMEA Video Fixed income

Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

By

Paul Skinner

event April 2025

4 min

Video

2026-04-30

European flag waving at the arch of Jubel Park in Brussels,Belgium

Europe Equity Macro and market Wealth Program European Stewards Focused European Equity Article

The changing face of Europe: regime change gathers pace

Macro Strategist Nicolas Wylenzek explores the drivers of Europe’s accelerating regime change and its impact on European equity markets and potential areas of opportunity.

By

event April 2025

8 min

Article

2026-03-31

Active management Equity Portfolio construction Wealth Program EMEA Focused European Equity Article

The power of local perspective: the rewards of a contrarian approach to European equities

Portfolio Manager Tom Horsey and Investment Director Thomas Kramer explain why they see compelling opportunities in today's European equity market for contrarian, bottom-up investors.

By

Thomas Horsey

Thomas Kramer

event March 2025

4 min

Article

2026-03-31

European Union flags waiving at Berlaymont building of the European Commission in Brussels, Belgium

Chart in Focus Equity Asset allocation Content CoE Program Global Program iStrat Europe Wellington on Washington and the World Tactical allocation Infographic

Chart in Focus: how sustainable is Europe’s rally?

Is the recent rally in European equities sustainable? In this edition of our Chart in Focus series, we explore the potential path ahead.

Multiple authors

event March 2025

4 min

Infographic

2026-03-31

Deutschland, Berlin, Blick vom Marie-Elisabeth-Lüders Haus über die Spree auf den Reichstag und Paul-Löbe-Haus bei Sonnenuntergang

Germany Elections Wellington on Washington and the World Content CoE Program Global Program Article

A pivotal election result for Germany and Europe

Macro Strategists Eoin O’Callaghan and Nicolas Wylenzek share their initial observations on what the pivotal Federal election results in Germany could mean for investors.

By

event February 2025

5 min

Article

2026-02-28

active-views-event-hero-page-banner-image

ActiveViews Equity Macro and market Wealth Program Europe Event replay

Beyond US exceptionalism: what’s next for equity markets?

Macro Strategist Nick Wylenzek shares his insights on what could be an eventful year for equities and explores why Europe and the UK could defy current gloomy investor sentiment.

By

Will Lockhart

event February 2025

25 min

Event replay

2026-02-28

Active management Europe Fixed income Wealth Program Article

Top five fixed income ideas for European investors

Investment Directors Tobias Ripka and Marco Giordano share their top five fixed income ideas for European investors in 2025.

By

Tobias Ripka, CFA

event February 2025

4 min

Article

2026-02-28

A detailed view of the earth from space with night lights

Europe Equity Macro and market Content CoE Program Global Program Fundamental equity Article

Europe amid regime change: where next for European equities?

Is pessimism on Europe overdone? Macro Strategist Nicolas Wylenzek discusses why he believes Europe is in the middle of a regime change with significant opportunities for active equity investors.

By

event January 2025

6 min

Article

2026-02-28

Elections Fiscal policy Geopolitics Content CoE Program Global Program Opportunistic Fixed Income Fixed income Americas China EMEA Macro Yielding insights Article

What an “America first” foreign policy may mean for markets

Fixed Income Portfolio Manager Brij Khurana explores the potential market impacts of President Trump's "America first" foreign policy. From regional hegemony to global economic dominance to tariffs applied for strategic geopolitical gain, discover how these shifts could affect investors.

By

event January 2025

6 min

Article

2026-01-31

Outlook Macro and market Portfolio strategy Equity Fixed income Multi-asset USA APAC EMEA Emerging markets Active management Article

Scaling opportunities in a new economic era

Explore our latest views on risks and opportunities across the global capital markets.

event January 2025

Article

2026-01-31

Equity Inflation Monetary policy Wealth Program EMEA Article

What do declining European earnings mean for ECB policy?

European companies have been unexpectedly resilient over the last couple of years. However, the outlook for European earnings could be more challenging than headline numbers suggest. What could this mean for investors?

By

event November 2024

6 min

Article

2025-11-30

Geneva, Switzerland skyline view over the river at sunset

Active management Europe Equity Wealth Program Wealth Article

The power of local perspective: the long and short of European equity investing

Dirk Enderlein and Boris Kergall explain why, in their view, the structural changes impacting European equity markets offer active long/short investors a rich source of potential return and diversification.

By

Dirk Enderlein, CFA

Boris Kergall, CFA

event October 2024

7 min

Article

2025-10-31

Japan Market disruptions Volatility Content CoE Program Global Program Large-cap Equity Hedge funds USA EMEA Germany Yielding insights Brand Fixed income Wealth Article

What the yen carry trade unwind could mean for markets and the Fed

Brij Khurana explains why market participants are likely underestimating how foreign ownership of US assets could constrain the pace and magnitude of the Fed’s cutting cycle.

By

event September 2024

7 min

Article

2025-09-30

Business People Analyzing Wooden Samples

Europe Equity Macro and market Wealth Program Fundamental equity Macro Wealth Article

The investment implications of Europe’s ageing workforce

What are the investment implications of Europe’s ageing workforce? Macro Strategist Nicolas Wylenzek explores the drivers of this accelerating demographic shift, Europe’s likely response and the opportunities it creates for investors.

By

event September 2024

6 min

Article

2025-10-31

Active management Fixed income Macro and market Wealth Program Americas Brazil Canada Mexico USA APAC Asia Australia China India Japan EMEA Africa Europe France Germany Italy Russia United Kingdom Emerging markets Inflation Interest rates Macro Monetary policy Asset allocation Article

Time to capitalise on the evolving role of bonds?

We outline why we think the new economic era is elevating the role of bonds as a source of attractive and stable income, downside protection and portfolio diversification.

By

event September 2024

2 min

Article

2025-09-30

Europe Equity Financials Wealth Program Global Industry Research Large-cap EMEA Article

The power of local perspective: where next for European banks?

Global Industry Analyst Thibault Nardin explores how monetary policy divergence, technological disruption and sector consolidation are reshaping European banks, while creating potentially compelling opportunities for active investors.

By

Thibault Nardin

event August 2024

7 min

Article

2025-08-31

Europe Equity Elections Fundamental equity Article

European elections: all change for equity investors?

Macro Strategist Nicolas Wylenzek discusses how the elections for the European Parliament could herald significant change, with major implications for European equity investors.

By

event July 2024

4 min

Article

2025-05-07

Elections France Equity Wealth Program Wellington on Washington and the World Geopolitics Fundamental equity Article

Surprise French election result: what does it mean for investors?

Macro Strategist Nick Wylenzek and Investment Director Thomas Kramer discuss the surprise French election and its implications for European equities.

By

Thomas Kramer

event July 2024

4 min

Article

2025-07-31

Income Europe Economic cycle Credit Fixed income Inflation Article

Has the European credit cycle been extended?

2024 has kept fixed income investors busy. Yet, despite lingering inflation and rate volatility, European credit markets have remained strong. Are we looking at an extended credit cycle? And if so, what does this mean for investors?

By

Derek Hynes

Will Prentis

event June 2024

8 min

Article

2025-06-30

Interest rates Monetary policy Outlook Economic cycle Fiscal policy Macro USA Japan Europe France Germany Italy United Kingdom Fixed income Macro hedge funds Credit Government bonds Investment grade Article

Governments have been slow to reduce their fiscal deficits — it could cost them

Our expert explores the investment implications of continued excessive deficit spending by G7 countries.

By

event June 2024

4 min

Article

2025-06-30

Impact Carbon emissions Emerging markets Sustainable investing Brazil Africa Equity EM debt Impact investing Article

Impact investing in emerging markets: Growing opportunities, shifting challenges

Members of our impact bond team discuss their evolving emerging markets opportunity set and the importance of a bottom-up approach to value creation.

Multiple authors

event April 2024

6 min

Article

2025-04-30

Macro and market Europe Equity Macro Active management Fundamental equity Article

Key factors to monitor in European equities

Macro Strategist Nicolas Wylenzek assesses the longer-term prospects of European equity markets through the prism of five key factors.

By

event March 2024

Article

2025-03-31

Economic cycle Interest rates Monetary policy Credit Americas China Europe Fixed income program Quick Take

Bizarro World: Could 2024 be the opposite of 2023?

Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.

By

event January 2024

Quick Take

2025-01-17

Germany Macro and market Fixed income Macro Fiscal policy Article

Why structural change in Germany may impact investors globally

Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.

By

event January 2024

Article

2025-01-31

Outlook Fundamental equity EM equity Large-cap Small-cap Equity USA APAC China United Kingdom Emerging markets Growth Asset allocation Volatility Interest rates Economic cycle Article

Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year.

By

Andrew Heiskell

event December 2023

Article

2024-12-31

Long-short Europe Volatility Liquid alternatives & hedge funds Market disruptions Interest rates Inflation Alternatives investing Article

Long/short investing in European equities' growing dispersion

We explore how growing dispersion in European equity markets is driving opportunities for long/short investors, fueled by structurally higher inflation, changing market leadership, and a renewed focus on valuation.

By

Dirk Enderlein, CFA

event September 2023

Article

2024-09-30

Macro and market Geopolitics Germany Macro Article

Why the change of direction in Germany warrants close attention

Macro Strategist Nicolas Wylenzek assesses the shifts underway in Germany and Europe more broadly, including the recent surge in the far right's popularity and the challenges associated with the energy transition.

By

event September 2023

Article

2024-09-12

Geopolitics Macro and market China USA Russia Quick Take

Investing in the age of great-power competition

As competition between great powers intensifies, a new global order is taking shape. Geopolitical Strategist Thomas Mucha explores the investment implications of a more fragmented and fractious world.

By

event June 2023

Quick Take

2024-06-30

Outlook Equity Europe Fundamental equity Quant equity Macro and market Value vs growth Article

European equities: cyclically challenged but structurally supported

Macro Strategist Nicolas Wylenzek discusses why, despite cyclical challenges, European equities may be in the best structural position that they have been in for years.

By

event June 2023

Article

2024-06-30

Outlook Europe Macro and market Economic cycle Monetary policy Article

Europe/US divergence: the ECB has further to go

How far will Europe diverge from the US? Macro Strategist Eoin O’Callaghan sees several reasons sustaining this growing divergence.

By

event June 2023

Article

2024-06-30

Fixed income Portfolio construction Monetary policy Credit Government bonds Europe Active management Volatility Risk management Article

4 reasons why European investors may benefit from going global

Bonds are looking increasingly attractive, but a new, more volatile, normal means investors with a home bias may wish to revisit portfolios. An inconsistent policy landscape and lower hedging costs are just some of the reasons why European investors in particular may benefit from going global.

By

Jitu Naidu

event May 2023

Article

2024-05-12

Europe Equity Macro and market Alternatives investing Financials Quick Take Liquid alternatives & hedge funds

European stocks: Regime change and the valuation gap

Portfolio Manager Dirk Enderlein explains why we may see more dispersion in European stocks in coming years and why there may be greater clarity about which stocks will be the new market leaders.

By

Dirk Enderlein, CFA

event April 2023

Quick Take

2024-04-14

Equity Europe Macro and market Quick Take

European equities: a complex story

Macro Strategist Nicolas Wylenzek examines the complex prospects of European equities from both a near-term and structural perspective.

By

event February 2023

Quick Take

2024-02-29

Europe Inflation Economic cycle Outlook No Optimizely Monetary policy Interest rates Fiscal policy Multi-asset Article

Why Europe could surprise in 2023

Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.

By

Christopher Goolgasian, CFA, CPA, CAIA

event December 2022

Article

2023-12-31

unique-perspectives-konstantin-leidman-0234-720x660

High yield Europe Volatility No Optimizely Fixed income Credit Unique Perspectives Article

How to find potential in volatile European high-yield markets?

Fixed Income Portfolio Manager Konstantin Leidman discusses why European high-yield investors need to be ready for both further volatility and the emergence of new opportunities.

By

Konstantin Leidman, CFA

event December 2022

Article

2023-12-31

Biodiversity Climate Stewardship Sustainability policies EMEA Article Sustainable investing

Biodiversity: Why investors should take note

With scientists now broadly agreeing on the risks posed by accelerating biodiversity loss, Chris Goolgasian and Jenny Xie assess implications for investors and steps they can take.

By

Jenny Xie

event November 2022

Article

2023-12-31

Volatility Inflation United Kingdom Defined contribution (DC) Distribution Public pension (DB) Private pension (DB) Article

After the UK sell-off: what’s next for global markets and investors?

Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.

By

Natasha Brook-Walters

event October 2022

Article

2022-12-30

Volatility Fiscal policy Monetary policy Currency Interest rates Economic cycle United Kingdom Article

UK in the eye of the storm: which countries might be next?

Macro Strategist John Butler provides his latest take on what's happening in the UK and its broader global implications.

By

event September 2022

Article

2022-12-31

Macro and market Climate Energy Germany Quick Take No Optimizely Unique Perspectives

Germany: Reducing Russian energy dependence in a hurry

Macro Strategist Juhi Dhawan sees Germany continuing to embrace the transition to renewables while also working to diversify its sources of fossil fuels.

By

Juhi Dhawan, PhD

event September 2022

Quick Take

2022-12-30

a shiftting macro landscape qe china and europe

China Monetary policy Geopolitics Alternatives investing Volatility Economic cycle Americas APAC EMEA Article

A shifting macro landscape: QE, China, and Europe

We explore the changing macro environment, highlighting the investment implications of the end of quantitative easing programs, the state of the Chinese cycle, and an evolving outlook on Europe.

By

Mark Sullivan, CFA, CMT

event August 2022

Article

2023-08-31

Inflation Fixed income Active management Fixed income program Monetary policy Europe Credit Quick Take

Why today’s fixed income market is fertile ground for active management

Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.

By

Tobias Ripka, CFA

Will Prentis

event August 2022

Quick Take

2022-12-31

Inflation Europe Monetary policy Volatility Fiscal policy EMEA Article

What next for the euro area after the ECB’s historic hike?

Eoin O'Callaghan and Marco Giordano explore the ECB’s likely next steps and the potential future path of inflation and growth in the euro area.

By

event July 2022

Article

2023-07-05

Fixed income Opportunities and risks Europe Article

Navigating an uncertain world: finding value in European high yield

Fixed Income Portfolio Manager Konstantin Leidman and Investment Specialist Jillian Rooney explore why recent spread widening has created a potentially attractive entry point into the European high-yield market.

By

Konstantin Leidman, CFA

Jillian Rooney

event June 2022

Article

2022-12-31

Geopolitics Russia Energy China Quick Take

How the Russia/Ukraine conflict has galvanized the West

Geopolitical Strategist Thomas Mucha provides his latest insights on the Russia/Ukraine conflict, particularly with regard to its significant and potentially enduring impact on US/EU relations.

By

event May 2022

Quick Take

2022-08-30

Inflation Europe Portfolio strategy Yield Monetary policy Interest rates Quick Take

Helping European investors navigate inflation fears

The recent shift to a higher inflation regime, with resulting expectations of tighter monetary policy and rising interest rates, presents a material challenge for European fixed income investors. Against this backdrop, Investment Analyst Will Prentis and Investment Director Tobias Ripka believe investment flexibility is key.

By

Will Prentis

Tobias Ripka, CFA

event April 2022

Quick Take

2022-07-31

Credit Monetary policy Geopolitics USA Europe Quick Take

Global credit: Where do we go from here?

Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).

By

Mahmoud El-Shaer, CFA

Annabel Gray

event April 2022

Quick Take

2022-07-31

China Russia Geopolitics Volatility Multi-asset Article

What does the Ukraine invasion mean for China?

Macro Strategist Santiago Millán argues that the scale and breadth of the sanctions on Russia have increased the uncertainty of investing in China across multiple dimensions. He explores the continued decoupling of China and the West.

By

Santiago Millán, CFA

event March 2022

Article

2022-06-30

China Russia Inflation Volatility Geopolitics Multi-asset Article

China is not Russia: Reasons to stay invested

Equity Portfolio Manager Greg Mattiko challenges investors to look at actions rather than conjecture when considering reduced exposure to China.

By

Greg Mattiko, CFA

event March 2022

Article

2023-03-31

Russia Geopolitics Multi-asset Inflation Volatility Article

War in Ukraine: Five observations on recent developments

Macro Strategist Gillian Edgeworth assesses recent developments in the escalating Russia/Ukraine conflict and highlights five key implications.

By

Gillian Edgeworth

event March 2022

Article

2023-03-31

Geopolitics Macro and market Multi-asset Equity Europe Article

War and markets: What's the connection?

Amid the geopolitical turmoil and tragic humanitarian fallout of the Russia/Ukraine crisis, many investors are naturally also concerned about the negative effects the escalating conflict could have on their portfolios. With that in mind, I thought I’d provide a quick snapshot of the impacts that past wars have tended to have on asset prices.

By

Owen Lamont, PhD

event March 2022

Article

2023-03-31

insight-russias-invasion-of-ukraine-105675781-1500x410

Geopolitics Russia Europe Fiscal policy Monetary policy Energy Article

How will Russia’s invasion of Ukraine transform the euro area? Four potential paths

As the tragedy in Ukraine unfolds, Macro Strategist John Butler assesses possible implications of the conflict for Europe and the euro area. He outlines four potential paths.

By

event March 2022

Article

2023-03-31

Russia Commodities Geopolitics Article

Russia/Ukraine and the commodity challenge

With commodity inventories at multi-decade lows, is rising cross-asset class volatility all but inevitable? Leveraging insights from Wellington colleagues, Thematic Strategist Trevor Noren argues that the Russia/Ukraine crisis demonstrates why the answer is likely yes.

By

Trevor Noren

event March 2022

Article

2023-03-31

Geopolitics Russia Multi-asset Article

Geopolitical observations on Ukraine

Geopolitical Strategist Thomas Mucha integrates his observations with those of his senior-level military, intelligence and diplomatic contacts to offer insights on the potential consequences of Russia’s invasion of Ukraine.

By

event March 2022

Article

2023-03-31

Russia Geopolitics Multi-asset Quick Take

Can Ukraine’s economy withstand another conflict with Russia?

Macro Strategist Gillian Edgeworth assesses Ukraine’s outlook in the face of renewed conflict with Russia and finds that under most scenarios Ukraine's macro-economic prospects may be less negative than perhaps is assumed.

By

Gillian Edgeworth

event February 2022

2023-02-28

1031043360-ukraine-russia-flags-cracked-wall-1024x733

Russia Geopolitics Article

Ukraine crisis: Understanding the broader picture

The tense Ukraine crisis has brought the US-Russia standoff to a head: Now what? Geopolitical Strategist Thomas Mucha argues this is all part of a global geopolitical pattern — “great-power” competition — that makes the Russian threat particularly dangerous. Read more.

By

event February 2022

Article

2023-02-28

Europe Inflation Quick Take

Euro area: Challenging long-held assumptions

We believe 2022 will be the year when macroeconomic and political developments challenge two deep-rooted misperceptions about the euro area:

By