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Total Dividend Payment Time 0 Time s. Total Dividend 0. In the U. Equity Strategist. With the Fed expected to hold rates steady, valuations take on even more meaning. Rather than hitch their wagons to the index, investors should watch for rotations between styles and sectors. Trade tensions and tariffs made difficult for many emerging markets, but a better ex-U. For , Garner and his team have raised their stance on EM equities from underweight to equal weight.
Earnings are a major driver of equity markets, but so too are multiples—how much investors are willing to pay for earnings. Europe has long been unloved and undervalued by global investors, but that trend could be set for turnaround next year. Europe is the only market where strategists see multiple expansion for equities. Several contributing factors, including less uncertainty around Brexit, asset allocation decisions away from negative-yielding bonds and global investor base that is under-indexed to Europe may all boost demand for European stocks.
Although central banks around the world are simultaneously easing monetary policy, global bond markets will likely diverge in the year ahead. Put simply, strategists think U. Of course, the U. Global credit markets are on track to close with the highest returns on record in this cycle, say strategists, but it's been a bumpy road. Looking ahead, investors should expect even more bifurcation. Within developed markets, the credit outlook varies greatly by region, sector and quality.
Emerging-market debt is likely to get off to a strong start in the first half of the year as global investors return to these markets.
Even as all three firms look beyond surging cases and renewed lockdowns to the prospect of a vaccinated population achieving herd immunity sometime over the next two years, their at times divergent views on how to invest underscore the high stakes for money managers during what could be a pivotal moment for markets. Progress on Covid vaccines this month has already triggered wild shifts in relative performance among industries, countries and stock-market investment styles.
Vaccinations in the U. That came after Pfizer Inc. A vaccine developed by the University of Oxford and AstraZeneca Plc prevented a majority of people from getting the disease. The equity rally is extending even as investors consider hurdles such as ultra-low temperature storage and distribution for some vaccines. Global shares are poised for the best month ever while Asian equities are on track for best gains since this month. Asia, according to Ahmed, has maximized the market benefits it can get from containing the virus.
But not everyone is buying into such a rotation. For Stephen Dover, the head of equities at Franklin Templeton, there are still months at a minimum before any vaccine can be widely implemented, and that means Asian stocks are still the place to be.
Money managers also differ on when the vaccines will lead to a return to normal economies. Evan McCulloch, director of equity research for Franklin Equity Group and the lead portfolio manager of the Franklin Biotechnology Discovery Fund, sums up how the fund managers, despite differences in their strategies, are generally looking beyond new waves of the virus and the return to lockdowns in many countries. For more articles like this, please visit us at bloomberg.
Subscribe now to stay ahead with the most trusted business news source. It bought JPMorgan stock. Expectations of good news on the near horizon are buoying markets right now. And the electoral results, that Democrat Joe Biden will ascend to the Presidency while the Republicans will emerge strengthened in Congress, promise the avoidance of extremes typical of divided government.
And that has them seeking stocks that are primed for gains. Codiack BioSciences CDAK As we have all learned from coronavirus pandemic, some new thing in medical science can make huge impact on our world. Codiack aims to turn that principle to good. This research-oriented pharmaceutical aims to turn exosome therapeutics into a whole new class of medicines.
Exosomes are the degradation mechanism RNA, and can transfer genetic material around a body. And therein lies the potential. Codiack has developed a design platform for the engineering of exosome proteins capable of carrying and protecting drug molecules through cell walls. If successful, exosome therapy offers doctors the ability to design a drug that will deliver specific agents to specific cells to fight specific disease. Codiack is involved in all aspects of exosome therapeutics, from design to manufacturing, and currently has an active pipeline of agents — seven, in all — in various stages of discovery, preclinical testing, and the beginnings of Phase 1 trials.
In the biosciences, success or failure is all about that pipeline, and in its diverse, active pipeline of agents in a new sector of biotechnological pharmaceuticals, Codiack has a fine resource to attract investors. To get those investors, the company went public this past October, selling 5. Among the healthcare name's fans is Goldman Sachs analyst Graig Suvannavejh.
Among a field of multiple competitors, CDAK has made the most significant progress on both fronts, and as such we view their technology platform as best-in-class. Arcutis is involved in discovering the next generation of dermatological treatments — an important niche, especially when one realizes that one common ailment, psoriasis, has not seen an FDA approval for a novel treatment in over two decades.
The company is leveraging recent advances in immunology and inflammation to find new approaches to skin treatment. The goal is to make it easier for patients and doctors together to manage conditions like psoriasis, alopecia, atopic dermatitis, seborrheic dermatitis, and vitiligo, to name just a few. The company's lead candidate, ARQ roflumilast cream , is about to enter a phase 3 trial for atopic dermatitis, and is in an advanced phase 3 stage in Plaque Psoriasis.
Arcutis has recently issued an update on positive data from the Phase 2 trials of ARQ in atopic dermatitis. The drug is a once-daily treatment, and has demonstrated significant patient relief from symptoms, especially itching and itching-related sleep problems. It has been in operation for eight years, and went public this past summer, holding the IPO in August. Earnings per share matched expectations, at 15 cents. A planned expansion in Texas, involving a partnership with Walmart, is also proceeding as planned, and Oak Street has opened its first Walmart Community Clinic the Dallas-Fort Worth area city of Carrollton.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. The stock market is looking robust, but also showing some signs of excessive bullishness. Apple leads four key names to watch. John Buckingham of The Prudent Speculator investment newsletter provides a special screen of stocks for MarketWatch premium subscribers.
House of Representatives and Senate. At age 57, this is an income stream I hope to outlive—but I could be wrong. Apple has been an American success story several times over with the Mac, iPod, iPhone and other inventions.
But is Apple stock a buy now? Here's what its stock chart and earnings show. Ford has been among the worst-performing auto stocks during the past five years. Its new CEO could help fix the company and send its share higher. Rhythm Pharmaceuticals gained Food and Drug Administration approval for an obesity drug for patients with rare genetic deficiencies, and RYTM stock rocketed to a two-month high.
Jeremy Siegel, the Wharton professor credited for calling Dow 20, in , predicted that the market could be in for a solid gain in the coming year based on three factors. Does buying gold stocks, or betting on the gold price, make sense, despite vaccine progress and election results? Here are some things to consider. Given the chance, how many would have added Tesla Inc.
Or even June, when the shares had merely doubled? Customization is at the heart of a red-hot investing strategy driving two of the biggest deals in asset management this year. Rising materials prices, world-trade recovery, and the recent vaccine news are providing a tailwind for commodity producers. However, structural issues could prolong the downturn and delay a recovery. Overall, we see the risks more balanced for emerging markets and have upgraded our view from unfavorable to neutral.
An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results. Please see the end of the report for the index definitions and risk considerations. Events of early November have created a market environment that is a mix of significant near-term concerns and medium-term reasons to be more cheerful. While the U. Yet, until that happens, COVID cases and fatalities continue to soar amid increasing restrictions and more economic damage in both the U.
We looked at how selected fixed-income and currency markets reacted in the two weeks following the November 3 elections see table below. In the U. The U. While there is clearly room for a renewed upsurge in volatility and risk perceptions in the next couple of months, we expect these more positive trends to persist further into We maintain a favorable outlook on high-yield bonds and look for a further moderate decline in the dollar against developed market currencies next year.
Latest data as of November 13, HY spreads are based on the Bloomberg Barclays U. Yields represent past performance and fluctuate with market conditions. Current yields may be higher or lower than those quoted above. The energy transition has been a hot topic recently. This movement has been gaining momentum in recent years and there have been high profile commitments from companies, countries, and regions. Even China — perhaps the most notorious emitter — recently pledged to be carbon neutral by What have Midstream energy companies done in an effort to hedge against this existential threat to their primary business?
To date, little. But that may be changing. The group seems to be coming to the realization that even though the energy transition will likely take many decades, action is needed now to keep pace with the world around them. Or could the motivation be that investor money is flowing towards clean energy see chart below? Regardless of the motivation, this past earnings season saw an unprecedented Midstream focus on the energy transition.
One of the largest Midstream companies went so far as to announce plans to have net zero emissions by Midstream opportunities to contribute to a cleaner future include investments in wind and solar, reducing methane leaks, incorporating carbon capture technologies, utilizing renewable energy to power existing infrastructure, and investing in and leveraging existing infrastructure to foster the growth of renewable natural gas and hydrogen.
Daily data: January 1, — November 18, Indexed to as of the start date. Midstream index is the total return of the Alerian Midstream Energy Index. Download a PDF version of this report. Each asset class has its own risk and return characteristics. The level of risk associated with a particular investment or asset class generally correlates with the level of return the investment or asset class might achieve.
Stock markets , especially foreign markets, are volatile. Stock values may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. Foreign investing has additional risks including those associated with currency fluctuation, political and economic instability, and different accounting standards.
These risks are heightened in emerging markets. Small- and mid-cap stocks are generally more volatile, subject to greater risks and are less liquid than large company stocks. Prices tend to be inversely affected by changes in interest rates.
High yield junk bonds have lower credit ratings and are subject to greater risk of default and greater principal risk. Currency risk is the risk that foreign currencies will decline in value relative to that of the U. Exchange rate movement between the U.
The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility. Investing in a volatile and uncertain commodities market may cause a portfolio to rapidly increase or decrease in value which may result in greater share price volatility. Real estate has special risks including the possible illiquidity of underlying properties, credit risk, interest rate fluctuations and the impact of varied economic conditions.
Hedge fund, private equity, private debt and private real estate fund investing involves other material risks including capital loss and the loss of the entire amount invested. A fund's offering documents should be carefully reviewed prior to investing.
Hedge fund strategies, such as Equity Hedge, Event Driven, Macro and Relative Value, may expose investors to the risks associated with the use of short selling, leverage, derivatives and arbitrage methodologies. Short sales involve leverage and theoretically unlimited loss potential since the market price of securities sold short may continuously increase.
The use of leverage in a portfolio varies by strategy. Leverage can significantly increase return potential but create greater risk of loss. Derivatives generally have implied leverage which can magnify volatility and may entail other risks such as market, interest rate, credit, counterparty and management risks.
Arbitrage strategies expose a fund to the risk that the anticipated arbitrage opportunities will not develop as anticipated, resulting in potentially reduced returns or losses to the fund. Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.
Bloomberg Barclays U. Corporate High Yield Index covers the universe of fixed-rate, noninvestment-grade debt. Bloomberg Commodity Index is comprised of 22 exchange-traded futures on physical commodities and represents 20 commodities weighted to account for economic significance and market liquidity. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein.
The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products.
The perceived slower industry shift may represent a small window of opportunity. Early adopters may be wise not to underestimate their competition. AI early adopters are aiming to improve both their external and internal capabilities. The primary AI benefits they report are enhancing products and services selected by 43 percent as one of their top three benefits and optimizing internal business operations identified by 41 percent as a top-three benefit.
Companies may choose an internal or external focus or both , and many are pursuing a variety of use cases. There are many estimates of total global AI spending, investment in AI startups, and the impact of AI technologies on the future economy. In fact, 51 percent expect to increase their AI investment by 10 percent or more in their next fiscal year.
Even with a high level of excitement and willingness to invest in AI technologies, organizations are facing a set of interwoven challenges. Between 30 and 40 percent of our global sample identified the following challenges in their top three: integrating AI into roles and functions, data issues, implementation struggles, cost, and measuring the value of AI implementations.
Carlo Torniai, global director of digital product development at Pirelli, has experienced a few of these. Every organization should think about these potential barriers ahead of time and make plans for how to address them. Executives are also worried about broader vulnerabilities, with 43 percent saying they have major or extreme concerns about potential AI risks.
Topping the list are cybersecurity vulnerabilities 49 percent rated it as a top-three concern and making the wrong decisions based on AI recommendations a top-three concern for 44 percent. Additionally, forty percent point to the potential bias of AI decisions as a top-three ethical risk.
Finally, most organizations face AI skill gaps and are looking for expertise to bolster their capabilities. Sixty-eight percent of global respondents indicated moderate-to-extreme AI skills gaps, and the top three roles needed to fill the gaps include AI researchers, software developers, and data scientists.
Many companies are also looking beyond technical expertise, citing the need for business leaders who are able to interpret AI results and make decisions and take actions based on them. Business needs to lead the charge, and leaders need to believe in order to drive the organization forward. Maturity: Even though all respondents are early AI adopters, already prototyping or implementing AI solutions, AI maturity is still generally low across the board.
Strategic maturity—in terms of having a comprehensive, companywide AI strategy—is also still quite low, with China and the United Kingdom leading in this area. Some adopters of AI are further along in their efforts than others. To aid our comparison, we identified three distinct segments at different levels of maturity.
They have generally launched multiple AI production systems but are not yet as AI-mature as the Seasoned. They lag on their number of AI implementations, their level of AI expertise, or both. Urgency: The early adopters are anticipating rapid change. A closer look reveals the percentage of executives rating AI as critically important will surge over the next two years—with some countries making a bigger leap than others see figure 4.
Additionally, a majority within each country believe that AI will transform their business within the next three years see figure 3. China exhibits the greatest optimism, with more than three-quarters taking this view. Even though the competitive landscape differs by country and industry, we wanted to understand whether early adopters use AI primarily to stay on par with peers or to create a competitive lead.
Perspectives vary considerably. Challenges: Early adopters in various countries expressed contrasting levels of concern about AI risks. For example, about half of respondents from Australia and France reported a major or extreme concern, compared with just 16 percent of respondents from China see figure 3. In particular, respondents from Germany and China appear to have a surplus of confidence, with faith in their preparedness surpassing their level of concern see figure 6.
Looking at specific challenges, a lack of AI skills seems to be a pervasive issue. Depending on the country, 51 to 73 percent of early adopters report moderate-to-extreme skill gaps see figure 3. Across countries, at least four in 10 AI early adopters rate this as a top-three concern rising to 54 percent in China.
Organizations from Australia hold a positive view of the strategic importance of AI to their success. Inadequate AI strategies appear to be one impediment, with 41 percent reporting that their company either completely lacks an AI strategy or has only disparate departmental strategies versus 30 percent globally. The good news is that the majority 59 percent of organizations from Australia are already using AI-as-a-service technology, allowing them to tap into AI capabilities without needing to build their own infrastructure or establish specialized in-house expertise.
Potential AI risks present another worry, with 49 percent of early adopters reporting major or extreme concern—the highest level among countries. Indeed, several prominent Australian business and industry leaders are urgently asking for a national debate on the policies and regulatory and ethical standards needed to address the risks and challenges associated with AI.
As organizations pursue transformation with AI, they enter a new frontier of opportunity and risk. By unlocking operational efficiencies and new revenue streams, they confront a host of issues regarding ethical implications, enhanced cyber vulnerabilities, and questions of talent readiness.
For Canadian enterprises, these new complexities are clearly at the forefront. Both today and in the near future, these concerns could throttle the pace of AI-driven innovation in Canada. To illustrate, consider two specific phenomena:.
As other organizations pursue AI strategies that fuel innovative products and services, Canadian companies are at risk of being left behind. This is especially true for talent, where the government has put forth policies to make immigration an easier, more open process for those with AI-related skill sets. While Canadian companies are clearly well positioned to focus on external sources of talent, attention should also be given to internal pools of talent.
Respondents from Canada are less focused on training their workforces to develop and deploy new AI solutions. By taking a more balanced approach, one that concurrently imbues new skill sets and strengthens the current talent pool, a more well-rounded workforce can emerge—one that empowers the entire organization to better navigate AI-related risks and simultaneously drive new product solutions. Despite the exuberance, China has the smallest proportion of organizations 11 percent that fall into our Seasoned category see figure 3.
Recognition of the risks and challenges is likely to grow as AI experience increases. Although not as far along in AI adoption, organizations from China are demonstrating signs of strategic maturity by putting policies, procedures, and metrics in place to succeed with AI. Almost half 46 percent indicate they have a comprehensive, organizationwide strategy for adopting AI—the highest rate among countries studied.
And 62 percent have already established a companywide process for determining how AI prototypes get moved into production—again outpacing all others. Early adopters from China are also more keenly tracking performance metrics of their AI initiatives.
Although the AI revolution has been proceeding rapidly in China, there may be bumps ahead. The government is making it a priority to develop AI both domestically and by working broadly with the European Union. This overall optimism is evident in our study, as most early adopters from France 76 percent agree that AI will help augment human capabilities, enabling a collaborative working partnership.
However, despite the optimism, AI early adopters signal they are starting gradually in their quest for AI-driven transformation. Additionally, 45 percent are undertaking smaller AI projects targeted at specific functions, the highest rate among countries.
Large-scale, transformational projects are not yet a priority—there may be other competing priorities, including General Data Protection Regulation GDPR compliance and broader data management efforts. Finally, many companies feel their AI deployments are simply enabling them to keep up with their competition see figure 5.
Organizations may feel headwinds from people challenges as well as the technical challenges of adopting AI. Their top challenge is difficulty integrating AI into roles and functions, with 45 percent—the highest rate among countries—selecting it as a top-three challenge. Thirty-one percent of respondents said they have major or extreme skill gaps, the second-highest rate among countries surveyed. To support the aims of the French government, organizations can focus on their people problems, look for ways to alleviate the stress of keeping up, and seek tools to accelerate their AI journey.
One way to fast-track efforts is to use easy-to-consume AI solutions, such as cloud-based as-a-service applications. We found that early AI adopters from France are primarily pursuing AI-embedded enterprise software 57 percent and open-source solutions 56 percent. An example of this focus is seen in France-based startup Dataiku, which is helping drive enterprise AI adoption by providing open-source solutions on its platform.
The German government is looking to accelerate the adoption and development of AI technologies. AI early adopters from Germany stand out in a unique way, as they appear to be dealing more with some of the ethical concerns surrounding AI than those from other countries.
Their top ethical concern is using AI to manipulate information and create falsehoods; 47 percent selected it as a top-three ethical concern. They are also worried about potential job cuts from AI-driven automation, with 43 percent rating it a top-three issue, tied with France for the highest among countries. Germany also has the lowest percentage of respondents agreeing their company wants to automate as many jobs as possible with AI.
Respondents from Germany are more likely than their counterparts from other countries to train employees to use AI in their jobs, train developers to create new solutions with AI, and train IT staff to deploy these solutions.
This holistic approach to filling the AI talent gap is a source of advantage, and one from which other countries can learn. Leaders may also wish to explore how ensuring ethical AI can become a source of competitive advantage. First, there is a strong recognition of the increasing importance of AI and a corresponding near-term investment.
Respondents from the United Kingdom show clear enthusiasm, with 45 percent saying AI will be of critical importance to their near-future success. They are backing up this exuberance with investment: 60 percent of respondents expect to increase their AI investment more than 10 percent next fiscal year. This is the highest rate for both of these measures among all countries surveyed see figure 8. Although only 15 percent fall into the Seasoned category, organizations are feeling the pressure to move faster.
For these organizations to improve their chances of success with AI, they should channel their enthusiasm. And respondents appear to be going big with their approach to AI: They are more focused on undertaking large-scale, transformational AI initiatives than those from other countries.
Twenty-nine percent are pursuing only large-scale initiatives; another 53 percent have a mix of focused and broader AI projects. UK companies also rank second in having a comprehensive strategy in place for AI adoption with 41 percent. This may mean respondents feel the need to be more ambitious with their projects amid intense global competition. To gain an AI advantage, it is essential to address challenges and risks early. Whereas some in the UK government are worried about legal liability, criminal misuse, and the impacts of autonomous decision-making, respondents have more practical concerns.
For years, the United States has been a leader in public and private AI research. This wave of investment helped transform many US organizations into relatively sophisticated AI users. For instance, 30 percent of respondents from the United States—highest of all countries—currently manage 11 or more AI production systems.
One might assume that early adoption implies mastery. However, our analysis reveals that sophistication brings about a greater recognition of the complexities that come with large-scale AI implementations. Fully half of respondents from the United States view cybersecurity as a top concern see figure 3. As organizations rely upon more and more data to fuel their enterprisewide AI initiatives, the stakes for protecting this information increase.
Absent a clear strategy to address this issue, many potentially high-impact AI initiatives are at risk of slowing down or, worse, never getting off the ground. Our respondents highlighted two areas of concern:. As more companies weave AI into their operations and products, they increasingly need the right talent to support large-scale initiatives.
But as the number of AI applications increases, the talent pool may feel somewhat fixed. Clearly, US organizations feel this pressure, as 68 percent perceive the talent gap as moderate-to-extreme see figure 3. In response to this talent pressure, many US enterprises are using internal training programs to bolster their workforce. Addressing the need for skills is becoming a more holistic effort, focusing not only on upskilling IT staff to deploy solutions 61 percent but on teaching frontline employees how to integrate AI into their work 57 percent see figure 7.
Businesses will continue to improve their AI capabilities and make them central to their competitiveness. Both will continue to feel a sense of urgency and anxiety as they try to keep up with the rapid pace of AI-driven developments around the world.
In light of this, organizations should confront a series of vexing questions when evaluating their AI strategies:. Our survey reveals that, no matter where organizations are on their AI journeys, their approach to tackling these questions varies. Some are playing catch-up with their global rivals. Others are addressing their aims through focused projects, or by pursuing larger-scale initiatives.
Some early adopters are much more focused on training and skills development than others. Even those that have comprehensive, mature AI strategies are approaching execution differently. There are many paths to AI excellence. By taking a step back and examining AI early adopters through a global lens, we can enable a broader conversation and help countries learn from one another.
By doing so, all can take a more informed, balanced approach to pursuing their unique AI advantage. Consider the following:. There's clearly no one-size-fits-all approach to adopting and integrating AI. AI-fueled transformation of businesses and industries appears to be coming rapidly, and the window for differentiation is shrinking. Much hangs in the balance—including the future competitiveness of companies and even whole countries. By combining enthusiasm with a balanced approach to AI goals and execution, companies and countries may find success.
The authors would like to thank Sayantani Mazumder for her invaluable data analysis efforts and support creating this report. Finally, we thank Christine Brodeur , Kristine Sevilla , and Jeanette Watson for contributing thoughtful suggestions to our work and Mic Locker and Karthik Ramachandran for their continued counsel.
Now, Scottish engineering and energy companies like the Wood Group and Weir Group carry on that tradition of Scottish companies being global players. Over the decades, Scotland has overcome the challenges of changing markets and changing investment patterns. Today, as a small open economy in a rapidly changing and globalised world, our ability to create a more productive and fairer Scotland depends more than ever on trading with the rest of the world and on attracting investment into our economy, our businesses and our assets.
We want more businesses across Scotland to sell more goods and services to more markets. We want existing investors to develop, grow and expand in Scotland. And we want new investors to see Scotland as a place where they can thrive and contribute to a stronger and more inclusive economy.
The Strategy sets the course for doing that — not just through information, advice and support for businesses and investors, but also through a much broader agenda for internationalisation and a One Scotland approach to working together, in Scotland and overseas, to achieve our ambition.
That approach and that wider agenda for internationalisation and supporting Global Scotland are at the heart of our plans for Innovation and Investment Hubs in Dublin, Brussels and London. The essence of this is captured in our eight point action plan for trade and investment. This includes a Digital First approach to information, advice and support for businesses; a long term plan to build Scotland as a global innovation centre to attract new forms of investment; working with existing investors to help them develop, grow and expand; and a strategic approach across Government and partners to attract capital investment to large scale projects.
Working together we can achieve that. Home Publications. Global Scotland: trade and investment strategy