Touchdown - Aberdeen Standard Investments

As Biden unveils a $2 trillion dollar infrastructure package for the US, it’s clear that his administration are committed to strengthening the post-pandemic economy. This episode of Macro Matters discusses the key challenges of the proposal and what it means for politics, climate change and beyond.

Are higher bond yields a headwind to the economic recovery and financial markets, or justified by the improvement in economic prospects as countries recover from the pandemic? This week on Macro Matters, we look at government bond markets to understand the impact of higher yields on the economic recovery and investors.

We consider the recent sell-off in government bond markets around the world, and whether investors should see this an opportunity or a concern.

How have emerging economies weathered the Covid storm? This week on Macro Matters, we look across Latin America, Russia and Asia to understand the different challenges facing emerging markets along the road to recovery.

This week, ASI’s Vanessa Whitehead talks about the vital role compliance has to play in Responsible Investing. This includes one of the most pressing tasks currently facing asset managers in Europe – implementing the far-reaching EU regulation on sustainability. Just as importantly, Vanessa also talks about her drive for social justice and equality.

As the pandemic continues to accelerate the long-term shift away from cash transactions, central banks around the world are seriously considering digital currencies as a way to keep up with digitalisation. But what would a Central Bank Digital Currency (CBDC) look like? How could it change the way we all save and spend money, and what does this mean for the future of commercial banking? Welcome to another episode of Macro Matters. This week our host Paul Diggle is joined by special guest David Oxley, Senior Economist from Capital Economics. Together with Luke Bartholomew, our in-house Monetary Economist, they discuss whether central banks should issue digital currencies. Part 1 brings us up to speed on what CBDCs are, how they differ from cryptocurrencies like Bitcoin, and what it would mean in practice for us all to have a bank account with the central bank. Part 2 discusses the potential costs and benefits of CBDCs, focussing on the consumer and business innovations that could be possible, how CBDCs might change monetary policy, and the future of commercial banks in this brave new world.

What are the United Nations’ Sustainable Development Goals? In this episode, we look at how and why they came about. We also discuss how stewardship of capital can advance emerging markets’ progress towards the goals. Fiona Manning, Investment Director in ASI’s Global Emerging Markets team joins Nick Robinson to explain.

This week marks the rather grim milestone of a year since the World Health Organisation declared the COVID-19 spread a global pandemic. A year on, we could be justified in thinking we're starting to see the light at the end of the tunnel, with vaccines being rolled out in major markets, and some early signs of lockdown easing. For investors and for policymakers, then, what will the world look like when lockdown is over? What will people do with their hard earned savings with the income that they have - bearing in mind that whilst some households have accumulated healthy savings balances during the pandemic, others have suffered financially? And what will all of that mean for growth, inflation and market returns? Stephanie Kelly discusses the tricky question of post-pandemic economic forecasting with James McCann; meanwhile, the Macro Matters team muse on what they're personally most looking forward to in life after lockdown.

Ahead of International Women’s Day on March 8th, this week’s episode of Macro Matters focuses on gender equality. Sharing the findings from the newly published research ‘A Woman’s Place’ , the episode explores why boosting female participation in the labour force is key to unlocking long-term economic growth and what policies really work. It turns out, men are a crucial piece of the puzzle.

Ben Leonard, the co-founder of Life Moments, discusses how technology and responsible investment fit together. He also advocates the need to reimagine the role of financial guidance in our everyday lives.

If there’s one thing that’s certain about the pandemic, it’s uncertainty. So how do economists and investors make forecasts in this environment? Our latest episode of Macro Matters explains why drifting into epidemiology has become an occupational hazard when it comes to forecasting the macro-economy and markets.

Holly Mackay, founder/Managing Director of Boring Money, talks about her passion for turning financial gobbledygook into real speak. In particular, when it comes to Sustainable Investing, the need for good stories and, most importantly, putting the consumer first.

Biden’s bold fiscal stimulus proposal has sparked a wider debate in the investment community about the limits of fiscal policy. Should we worry about governments running large deficits and building up huge debt loads? Or are the costs of doing too little greater than doing too much? In this episode, our host Paul Diggle is joined by fellow economists from the Aberdeen Standard Investments Research Institute, James McCann and Luke Bartholomew. Together they discuss the role of fiscal policy in the pandemic recovery, and whether economies risk having ‘too much of a good thing’. Part 1 addresses why a country is not like a household in its debt carrying capacity, what that means for austerity versus fiscal stimulus, and whether debt-to-GDP limits are much larger than people think. Part 2 turns our attention to the current debate over the size of fiscal stimulus in the US, the role of fiscal policy when central banks are so constrained, and what such huge stimulus measures mean for the inflation outlook.

Hear the latest perspectives from Aberdeen Standard Investments on everything that impacts the Municipal Bond space.

Hear the latest perspectives from Aberdeen Standard Investments on investment opportunities in the the small cap asset class.

How are EU institutions handling the Covid challenge and what are the prospects for EU recovery? With Draghi trying to form a new government in Italy, upcoming elections in Germany to decide who replaces Merkel, and a difficult vaccine rollout a potential source of euroscepticism, it's safe to say that 2021 has change in store for European politics. It’s been just 3 months since our last spotlight on Europe episode, but in that time a lot has changed. This week on Macro Matters, our hosts Stephanie Kelly and Paul Diggle return our attention back to Europe and bring us up to speed on the recent economic and political developments impacting the EU. Part 1 focuses on Europe’s handling of the covid crisis, covering vaccine roll out, fiscal policy and the role of the European Central Bank. Part 2 covers both Germany and Italy, discussing the implications of Germany’s next chancellor and the task ahead for the Draghi government.

How is the green revolution making investment opportunities in emerging markets? In the fourth episode of our Emerging Market Equities Podcast, Mubashira Bukhari Khwaja joins Nick Robinson to discuss. Mubi specialises in emerging markets infrastructure. Having recently branched out to cover Chinese renewables, she shares how increased action on climate change helped to pique her interest in the sector.

This week on Macro Matters, our hosts Stephanie Kelly and Paul Diggle are joined once again by Robert Gilhooly, our in-house Senior Emerging Markets Research Economist. Together they discuss the political implications of the Covid vaccine rollout and what this means for foreign policy, UK-EU relations, and emerging markets.

What lies ahead for fixed income markets in 2021? Listen as the ASI Fixed Income Team discusses its views on the asset class and where the team sees opportunity.

In this podcast, Jeremy Lawson, Chief Economist and Head of ASI’s Research Institute, talks all things climate change. This includes ASI’s innovative, forward-looking climate scenario analysis tool, which is designed to help clients understand various climate scenarios and how these affect their portfolios.

As America’s new president is sworn in and the Biden administration officially begins, our host Stephanie Kelly explores what to look out for in Biden’s first 100 days with her guest, Clayton Allen. What changes are in store for fiscal policy and what does this mean for investors?

The pandemic has wide-ranging implications for the future of cities. Lock-down measures have reduced the use of office space, halted the hospitality sector and changed how we use transport systems. But is city-flight a temporary phenomenon? Or are cities more resilient than we think? Welcome to another week of Macro Matters. In this episode our host Paul Diggle discusses the post-pandemic future of cities with the esteemed British economist Bridget Rosewell. Once the Chief Economist for the Greater London Authority and now Non-Executive Director of Network Rail, Bridget shares her leading expertise on the economics of cities and transport.

In our latest podcast, we talk with Sarah Gordon - former FT business editor and CEO of the Impact Investing Institute. Among the various topics discussed, Sarah explains the difference between impact investing and traditional responsible investing. This includes dispelling the myth that you have to sacrifice financial returns to have a positive impact. She also discusses an investment topic new to many of us – Green Plus Guilt.

What does 2021 have in store for the global economy? This week we look forward to the year ahead and answer 7 questions shaping our economic and political outlook • How big is the drag from renewed lockdowns? • How quickly will vaccines be rolled out and gain macroeconomic traction? • What does the Brexit deal actually mean? • What will a Biden Presidency do? • Is the global economy facing fiscal cliffs? • Will monetary policy remain a support? • Which way will inflation go?

The views set out in the podcast represent the latest thinking to emerge from the quarterly Global Investment Group, or GIG, chaired by Keith Skeoch, Chairman of the Aberdeen Standard Investment’s Research Institute. The GIG’s role is to characterise the current and future risk-return environment at a high level. Glimmers of hope are appearing in the form of globally approved vaccine's. This, along with a change in The White House, gives investors much to consider in the coming months.

In this week's Macro Matters, our final podcast of 2020, we're joined by Felicity Burch, Director of Innovation and Digital at the CBI and James McCann, Senior Economist at ASI. What does the future hold for business? How important is innovation and why does research matter for economists and investors alike? In part 1, we're delighted to welcome Felicity Burch, Director of Innovation and Digital at the Confederation for British Industry (CBI). In a fascinating and wide-ranging discussion, we consider why innovation matters for business, the "silver-lining" effect that Covid has had in incentivising firms to innovate, and the challenge companies face to keep up the momentum as the world returns to something closer to ‘normal’ in 2021. In part 2, we welcome back James McCann from the ASI Research Institute to discuss why innovation is a key factor for the macroeconomic outlook and how research can allow investors to identify the winners and losers of digital innovation.

We have just been through a period where financial market plumbing has, again, been tested to its limits and where QE has arguably one of the greatest drivers of markets. However, it is also a period where the needs of savers have never been greater. We have, perhaps, also never seen such external scrutiny of what we, as an asset management industry, do and how we behave as shareholders and debtholders. An opportune time then for Richard Dunbar to discuss the principles of investment governance and oversight with Archie Struthers, Global Head of Investment Governance & Oversight, Fiona Melville, Global Head of Investment Oversight and Paul Hughes, Global Head of Investment Risk.

The third instalment of our Emerging Market Equities podcast looks to Eastern Europe and Russia. EM investors Catriona McNair and William Scholes join Nick Robinson to share their thoughts on the changing investment landscape in the region and how it could be a particular beneficiary of normalisation post Covid. Listen to ‘Eastern Europe and Russia: value opportunities’ here.

Climate change. A force shaping our economy as well as our geography. Our experts in this week’s podcast bring the climate agenda into sharper focus. What risks does climate change pose for the markets and how can investors use climate scenarios to better inform their understanding of the risks and opportunities in the coming decades?

Inflation or deflation? It’s a question fuelling debate across the investment community. Our experts on this week’s episode discuss the impact of the Covid crisis on inflation and the likelihood of fiscal dominance. Our host Paul Diggle is joined by two familiar faces from the Aberdeen Standard Research Institute, giving us a trio of economic expertise - Sree Kochugovindan, Senior Research Economist and Luke Bartholomew, Senior Monetary Economist. Together they answer the big questions about inflation and whether we can expect inflation regime change. Part 1 focuses on the outlook for energy and food prices, the impact of tax cuts and wages support, and the practical difficulties of measuring inflation during a pandemic. Part 2 compares the high inflation of the 1970s and the low inflation of the 2010s, applying the lessons of these distinct historical inflation regimes to the inflation outlook from here.

In this podcast, Rosie French discusses her life as an ESG analyst on the European equity team. Topics of note include how and why European companies are leading the way in building a fairer, more sustainable world. In particular, when it comes to the vital topic of diversity and inclusion. Rosie also looks to the future and argues why she thinks the role of ESG analyst will one day be a thing of the past.

This week our hosts Stephanie Kelly and Paul Diggle are joined by a guest all the way from Berkeley in the US – the renowned Barry Eichengreen. Professor of Economics and Political Science at the University of California, and author of many prominent publications, Barry joins us as an expert on the topic of Populism. Part 1 begins by touching on themes from Barry’s published works and explains the key drivers of populism and its impact on economic growth. Diving into the pandemic, the discussion turns to Covid’s unequal economic impact whilst also covering the US Election and the challenges being faced in Eastern Europe. In Part 2, Steph and Paul discuss examples of populism in action today, what it means for investors and what we can expect going forward.

How is innovation shaping investment opportunities in Latin America? Trends such as digitalisation are strengthening in the region, while both start-up and fintech companies are growing in number. Eduardo Figueiredo, head of ASI’s São Paulo office, and Osamu Yamagata from our emerging market equities team join Nick Robinson to investigate. Hear their thoughts on these issues and more in this second episode of our Emerging Markets Equities podcast.

Our latest Macro Matters podcast welcomes Bloomberg’s Chief Economist, Tom Orlik, to discuss China and the widespread prediction that it's a bubble about to burst. Is the Chinese economy really on the cusp of collapse? Or have doom-mongers been getting it wrong?

This week Will Goodhart, erstwhile journalist and now Chief Executive of the UK’s CFA, talks us through his fascinating responsible investment journey. This includes the CFA’s work to help investors understand ESG to the urgent need to view climate change from an investment perspective. He also discusses the exciting work he’s doing as part of the Impact Investing Institute.

Our latest Macro Matters podcast turns our attention to Europe. What does a Biden win mean for Brexit, and what is the future of Europe after Angela Merkel steps down next year?

Join us for the first episode of our Emerging Market Equities Podcast, where we look at the who, what, where, when, and why of investment opportunities in the region. This week, Adam Montanaro, Pruksa Iamthongthong, and David Smith talk to Nick Robinson about Chinese technology. How has the sector evolved from its infancy to become a powerhouse of emerging markets? How does increased internet connectivity tie in with the increase in Chinese consumption? What are the building blocks of 5G, and how will it influence the future of technology in China? Listen here to find out more.

In a far-reaching interview, Sam Lamb, senior fund manager and head of ESG for fixed income, discusses everything from green financing to the importance of timing risk. Sam also argues we have to have an honest conversation about what we as investors can realistically achieve if we are all to reach our ESG goals.

Welcome to Macro Matters, and as the dust begins to settle after a huge turn-out both on and before polling-day in the US, Senior Political Economist Stephanie Kelly and Senior Economist Paul Diggle invite Chief Economist, Jeremy Lawson, back on to the show to take stock of the standings as they unfold. What are the early indicators? What happens next? And how are the markets responding so far? A note on timing: we recorded the podcast at 11.00 UK GMT and 06.00 Washington DC time on November 4th 2020.

Welcome to Macro Matters, and as the US Election race enters its final week before the big day in November, there could only really be one topic of conversation: who is in the lead, and what do the different possible outcomes mean for the markets and for investors?

This week - what lessons can economists learn from how a virus spreads, and what pitfalls should they avoid? Our guest, the distinguished economist Paul Ormerod, suggests that the macro-modellers of the Covid-19 virus might have missed a trick; put simply, they didn’t properly take into account the fact that people faced with a situation – any situation – are highly likely to change their behaviour as a result. And if economics is all about human behaviour, should economists have been as closely involved as epidemiologists in modelling the approach to managing the virus back in March? In the second part of the podcast, Paul Diggle and Stephanie Kelly discuss the search for a vaccine, and how the ASI Research Institute has tried to extend the kind of thinking that Paul Ormerod was talking about by building a framework to measure vaccine development and output.

Welcome to our latest Responsible Investing podcast – Lessons from The Lorax. This week, Julia Dreblow, director of SRI Services and founder of online tool Fund EcoMarket, shares her invaluable insights from over three decades in the industry. Topics include her drive for transparency, the reasons investors shouldn’t fear complexity and why the lessons of the Dr Seuss’s Lorax still ring true today. Listen to this and more here.

Brexit and Covid-19 are still the topics on everyone's lips, like it or not. But taking a longer view, where does this leave UK politics - and what does sustained political volatility mean for investors?

Episode 5 - did furlough work? by Aberdeen Standard Investments

In our latest podcast, David Smith, Senior Investment Director in our equities business in Singapore, offers his views on the changes he’s seen over the past couple of decades in the responsible investment market. He also shares his personal perspective on how the Asian markets have evolved during his time in the region.

In this podcast, originally aired for 3D Asset Management as part of their Advisor Success Series, Robert Minter, Investment Strategist, represents Aberdeen Standard Investments in a discussion of the current state of the commodities market. Listen as Bob and industry peers explore how the coronavirus pandemic, the recent oil crisis and other ongoing, global market forces have impacted commodities. The group also lays out what trends and themes they are keeping an eye on through the rest of 2020 and beyond.

The views set out in the podcast represent the latest thinking to emerge from the quarterly Global Investment Group, or GIG. The GIG’s role is to characterise the current and future risk-return environment at a high level. For investors, analysing the long-term economic and financial implications of Covid-19 is still a challenging process. The environment is uncertain and the path ahead is likely to be difficult to navigate. Like many others, our hopes are pinned on the prompt delivery and distribution of an effective vaccine and on continued and appropriate policy support for struggling economies. But geopolitical events could still make this a bumpy ride to year end.

Episode 4 - the state of the race (U.S. Presidential election, with Robby Mook) by Aberdeen Standard Investments

Welcome to our weekly podcast, Macro Matters. This week, we grade Abenomics and look ahead to the next era of Japanese politics, and we assess the impact of the passing of Ruth Bader Ginsburg on the US Presidential race.

In front of the mic for our next Responsible Investing podcast is Devan Kaloo. Here, Devan takes us through his storied career, from his roots in emerging markets to his current role as Global Head of Equities. Throughout this time he has seen many market booms & busts, as well as a number of crises. This has given him keen insights into a variety of topics, especially one of the most exciting issues today – the future of responsible investing.

As we all know, the investment landscape is ever-evolving and perhaps never more so for asset owners. In recent years an increasing governance focus, broadening regulatory requirements, and increasing mismatches between assets and liabilities have asked many questions of asset owners. It is therefore perhaps not surprising then that ‘Solutions’ have come much more talked about in the industry. But what are Solutions and who do they serve? Richard Dunbar talks to Ian McDonald, Global Head of Client Solutions and Leandros Kalisperas, Head of Portfolio Solutions on the evolution of solutions and helping investors address specific and complex investment challenges