Markets Outlook - Articles & White Papers

This white paper is the fourth in a five-paper series. It introduces a radical new perspective on equities, thinking of them as one would of any high-end consumer good. This change in perspective enables us to demonstrate that income inequality is a hidden driver of equity prices, and also allows us to…

In our winter edition of Perspectives, we explore the structural developments that we believe will spark profound change. Seizing the opportunities these changes may create calls for a new approach rooted in a more holistic view of asset allocation with increased attention to risk.

Every year we review the data that drive capital markets—current valuation measures, historical risk premia, economic growth and inflation prospects—to provide the foundation for our forecasts. We update the models that we use and review their continued appropriateness. Crucially, our models are based on first-principle…

Navigate the risks and opportunities ahead with our 2023 portfolio manager outlooks hub.

From concerns about digital currency volatility, to how the crypto market’s correction and consolidation is helping accelerate regulation and innovation in the digital space, get the key takeaways from our latest Digital Digest.

Welcome to terra incognita, a new era in which the certainties that a generation of investors have grown so used to have started to crumble before our very eyes. Confusion has taken center stage on financial markets.

As 2022 lumbers on, investors are looking for ways to protect their assets from rising levels of inflation. With volatility in equity markets and continually low yields in fixed income markets, many investors are unsure about how best to invest their funds.

The recovery from the worst of the global coronavirus…

In PGIM’s new Megatrends paper, they propose an actionable climate-change agenda that addresses both hidden portfolio vulnerabilities and potential opportunities in the transition to a lower-carbon world. PGIM's research draws on the insights of more than 40 PGIM investment professionals, 30 leading policymakers, scientists…

Investors appear to be expecting that 2023 may be bumpy. But it feels as if they are unwilling to accept the logical conclusions of their analysis. Many investors expecting a Fed pivot may find it akin to waiting for Godot; there are still many factors which could keep inflation high and demand low, most notably energy…

Total global debt reached a record high of $306 trillion in the first quarter of 2022, led by a surge in several emerging markets, as well as China and the United States, according to the Institute for International Finance. By the third quarter, it had dropped to $290 trillion but this remains a very high level. When debt…

Events over the past year have heightened our conviction that we have entered a new macroeconomic regime, fundamentally different from the past few decades in which globalisation and the technology revolution created very benign market and economic conditions. We uncover three key shifts in the markets. 1. Supply-side…

In our 2023 Investment Outlook, we seek to guide investors at a pivotal moment for the global economy. Surging inflation and fundamental geopolitical shifts have led to rising demands on governments.

Against an increasingly uncertain backdrop, the Fed have continued to tighten aggressively, clear in their commitment to return inflation to target. Domestically, economic activity is softening as higher rates slow growth, and the risk of recession has increased. However, we believe that any recession, if there is one, will…