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Mid-Year Investment Outlook

The Trend Accelerator （內文僅供英文版本）

2020年06月01日

專文評析

Listen to our Outlook Podcast

Message from our Global CIO

Welcome to our mid-year outlook for 2020 – six months that surely rank as the most extraordinary of our careers. Indeed, it is hard to put the enormity of what we have just been through into context. A global pandemic, economies collapsing faster than during the Great Depression, higher volatility in some markets than ever before – and all of this while many of us were confined to home.

Nevertheless, amidst the bankruptcies and soaring unemployment there is plenty to be hopeful about. Governments and policy makers responded at pace. Financial markets stayed open and showed resilience. Lessons from the 2008 crisis were applied. Most importantly, in our opinion, although covid-19 has upended the world, it is also proving an accelerator of existing trends.

The latter is one of the main themes in this report. Trends that were accelerated by the pandemic include a steepening trade-off between risk and return, the use of technology, a focus on sustainability (see the Responsible Investing section for a special interview with our Global Head of Responsible Investment), resilient Asia, low inflation and workforce flexibility.

These long-run developments impact all asset classes and together with the market reaction to the crisis, have given rise to a range of investment opportunities. The key is to be selective and specific, understanding how the risk and reward differs by company, sector and geography. And in this mid-year outlook, our investment heads describe what covid-19 means for the major asset classes and give their outlook for the rest of 2020 and beyond.

Joanna Munro
Global Chief Investment Officer, HSBC Global Asset Management

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