In the first decade of the 2000s, the U.S. and other developed countries fell behind emerging market equities by a wide margin, and they lagged China’s markets in particular: the S&P China BMI grew by 600% in the first decade of the new millennium. The 2010s saw a reversal of fortunes for broad-based emerging market…
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In politics, “regime change” denotes the replacement of one governmental structure with another; in economics, we use the same term to indicate a shift in the interactions of various parts of the economic or financial system. Political regime changes are easy to identify (after all, a military coup is hard to miss). Defining when an…
2019 was a remarkable year for risky assets. All benchmarks tracked in the SPIVA U.S. Year-End 2019 Scorecard delivered positive returns. Information Technology-heavy and more internationally diversified companies of the S&P 500® pushed the index to its second- and fourth-highest annual return since 2001 and 1990, respectively. In addition, the S&P MidCap 400® (26.2%) and…
The S&P 500® is widely considered one of the best single gauges of the U.S. equity market. Composed of 500 companies that are domiciled in the U.S., the index captures approximately 82%[1] of the total U.S. equity market value. An index of U.S. companies may lead one to assume that the index is only reliant…
Over the past five years, the more worrisome government-issued debt in Europe has made significant progress in managing the normal mechanism of higher-perceived risk equaling higher yields. The Wall Street Journal focused on Portugal’s debt in their article, “Decade of Easy Cash Turns Bond Market Upside Down”. Quantitative easing (QE) by the European Central Bank…
The possibility of interest rates remaining low means investors will continue to search for yield while also looking to diversify market exposures. Below we offer a snapshot of two corporate bond landscapes: the U.S. corporate bond market and the Chinese corporate bond market, which has expanded rapidly in recent years. Size Tracked by the S&P…
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