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Global Perspectives on the US Construction Boom
Benefiting from over $1.2 trillion in government-backed stimulus and a post-COVID economic recovery, many investors may not be aware of the substantial surge in US construction spending, particularly in manufacturing.
French Snap Elections
Following the strong performance of far-right National Rally (RN) in the European Parliament elections earlier this month, President Macron and his centrist Renaissance party raised the stakes in French politics by calling for snap elections of the lower house of the French parliament on June 30, with runoffs on July 7.
Playing Defense
In 2023, global defense spending reached a historic high of $2.4 trillion, reflecting a 6.8% increase from the previous year—the largest since 2009. This surge, illustrated in the chart below underscores how widespread defense spending has grown in recent years, with increases across all major geographical regions.
Biopharma’s GLP-1 Race Heats Up
Our conviction in Novo Nordisk continues unabated, particularly in the work it is doing to treat the approximately 890 million people worldwide who struggle with obesity and the 530 million people suffering from Type 2 diabetes. While this field has attracted competition, the company has not rested on its laurels after launching its groundbreaking Type 2 diabetes medication Ozempic in 2017 and its obesity follow-on treatment Wegovy in 2021.
Smarter Buildings—An Unsung Hero in the Climate Fight
The increasing evidence that greenhouse gases created by human activity is driving climate change—including higher temperatures, more droughts, extreme weather and melting glaciers—has created a call to action for public and private-market solutions to slow these trends.Read More
Navigating Volatility in Global Equity Markets
As the COVID-19 pandemic continues to drive heightened uncertainty and historic daily volatility, we thought an update may be appropriate. We are closely monitoring this rapidly evolving situation, remaining focused on our deep company analysis in order to understand the impacts to businesses’ growth outlooks, as appropriate. As this crisis has unfolded, companies have revised their revenue and earnings outlooks sharply lower. While supply-chain disruptions emanated from China as early as January, the economies of Western Europe and the US are just now experiencing their corresponding demand shocks.
The Search for Sustainable Growth
After global growth gained momentum through 2016 and 2017, the investment outlook turned cloudier in 2018. Concerns about decelerating economic and earnings growth due to normalizing monetary policies, softening global growth and US-China trade tensions drove a sharp increase in equity market volatility, leading to the MSCI All Country World Index’s worst calendar year since 2008. No regions were unscathed: Europe, Japan and emerging markets were each down double-digit percentages, while the US market fell 5% for the year.
In contrast to the rest of the world, the US economy strengthened in 2018. The substantial fiscal stimulus in the form of tax cuts contributed to stronger economic growth and corporate profits. Yet, with tax reform in the rearview mirror, growth rates are inclined to come down in our estimation as comparisons become more difficult in upcoming quarters. In addition, margins are at risk as the costs of raw materials, labor and interest are increasing.