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Fidelity International - A rolling selection of articles related to the Coronavirus

We feature a selection of articles produced by Fidelity International. More articles are available on the Fidelity International Perspectives home page.




To access each article simply click on the heading below:


Wirecard - notes on a scandal - 13/07/2020

Payments processor Wirecard looked like the dream business from afar. But for investors focused on sustainability and governance, the warning signs of misreporting were there for some time. Here, Fidelity equity analyst Stefan Kitic reveals the red flags our team identified when others were still viewing Wirecard as an emerging tech champion.


Macro briefing: Taking the elevator down and the stairs back up - 10/07/2020

Global Macro Economist, Anna Stupnytska gives her economic outlook for the second half of the year and outlines the three areas she’ll be monitoring closely as economies begin to transition into the recovery phase. Once the tide of liquidity subsides from central banks, who stands to be the winners - or losers - in the fight against deep recession?


The unstoppable ascent of sustainable investing - 06/07/2020

The assumption that shareholder returns should be maximised at any cost has been challenged by Covid-19, further embedding sustainable investing as a future destination for asset flows. Head of Equities, Asia Ned Salter and Lead Cross-Asset Strategist Wen-Wen Lindroth explore the drivers behind this transformation and their consequences for investors.


The future of consumption - 06/07/2020

Consumption habits and preferences have been fundamentally altered over recent months by the lockdowns we’ve seen imposed across the globe. Portfolio managers Aneta Wynimko and Hyomi Jie discuss some of key patterns that are emerging, with a particular focus on the US and China - the world’s largest consumer markets.


The future of healthcare - 06/07/2020

Our Global Healthcare investment team members Judith Finegold and Alex Gold reveal our latest thinking on the trajectory of Covid-19 and both the near and longer-term implications for investors. They also look ahead to the upcoming US elections and discuss the impact of increasing innovation across the sector.


The new economic order - 03/07/2020

Global lockdowns are continuing to unwind across the world and countries are emerging into what we believe will be a new economic order. Wen-Wen Lindroth, Lead Cross-Asset Strategist, highlights three key themes that our team are focusing on beyond the economic crisis and drills down into the specific ways in which they will impact investing in the future.


Public equity markets are flagging when we need them the most - 01/07/2020

As debt continues to be deployed to plug economic gaps left by the Covid-19 outbreak, Fidelity CEO Anne Richards argues this will not be enough to make a clean getaway from the crisis. She highlights the window of opportunity to recapitalise through public equity investment and calls for policymakers to broaden opportunities for people to own a real stake in the recovery.


European retail recovers, but luxury needs big spenders - 01/07/2020

As Europe tentatively emerges from lockdown, retail is starting to show signs of recovery although the outlook for the luxury sector is more uncertain as Chinese tourists stay home. Against this backdrop, portfolio manager Aneta Wynimko discusses the issues and opportunities facing consumers, brands and investors.


Could Covid-19 business disruption come to an end within 10 months? - 22/06/2020

We recently surveyed our team of analysts across the globe to get the on-the-ground view of what they’re hearing from companies. This month’s findings reveal that activity in most sectors and regions is expected to return to a stable level in under a year - but which regions and sectors show the most promise?


Easing into the new normal - 15/06/2020

We recently surveyed our team of analysts across the globe to get the on-the-ground view of what they’re hearing from companies. This month’s findings reveal that activity in most sectors and regions is expected to return to a stable level in under a year - but which regions and sectors show the most promise?


When Wall Street wakes up to Main Street - 12/06/2020

A critical look at the factors underpinning recent market moves suggests that the current disconnect between the positivity of Wall Street and the sobering economic reality of Main Street will converge. Paras Anand outlines three things investors should consider when positioning for this phase and why this could be good news for active investors.


Analysing Asia’s policy response to Covid-19 - 08/06/2020

Developed market central banks have long been buying bonds in their respective markets and now some emerging markets are beginning to follow suit. Fidelity Emerging Market Debt portfolio manager Eric Wong analyses recent events and outlines how this is impacting the team’s individual country views.


Why US-China tensions represent a new normal for investors - 04/06/2020

Fidelity Asia Fund Manager Teera Chanpongsang explains why US-China tensions will remain a dominant part of the investment landscape for the foreseeable future. He outlines how Chinese companies listed in the US are emerging as a new battleground and how the portfolio is positioned to navigate this new normal.


Macro briefing: EU Commission unveils historic aid package tied to Green Deal - 02/06/2020

The European Commission has unveiled an historic €750bn aid package to help the European Union (EU) recover from the coronavirus pandemic. Natalie Westerbarkey, Head of EU Public Policy discusses the political implications of the Northern states agreeing to prop up the Southern states and why this landmark decision, if agreed, could see ‘competitive sustainability’ become the linchpin of economic growth.


As Groundhog Day ends, the real movie begins - 29/05/2020

If the trend towards sustainability was already in motion, then the Covid-19 crisis has sped it up. Global CIO Andrew McCaffery and our Global Macro Team discuss this dynamic and why companies will increasingly place social purpose above short-term profits as a means of ensuring their long-term sustainability.


Why Covid-19 has sped up the shift to sustainable capitalism - 29/05/2020

If the trend towards sustainability was already in motion, then the Covid-19 crisis has sped it up. Global CIO Andrew McCaffery and our Global Macro Team discuss this dynamic and why companies will increasingly place social purpose above short-term profits as a means of ensuring their long-term sustainability.


Is it too late to allocate to gold? - 28/05/2020

Gold has been a beacon of hope for investors over the last few months delivering nominal returns whilst the broader equities and fixed income markets have been hugely volatile. Tigran Manukyan, alternatives analysts within the Fidelity Multi Asset team takes a look at the case for investing in gold and gold miners, discussing the long-term drivers for investment and why it’s not too late to allocate.


Macro briefing: Everybody needs good neighbours - 22/05/2020

In a significant breakthrough, Germany and France have unveiled a €500bn Covid-19 package to support struggling neighbours, marking a major step forward for a stronger common fiscal policy. With the Eurozone gradually coming out of lockdown and slowly reopening economies, we look at the impact of an increase in demand and highlight where small signs of recovery are starting to show.


Macro briefing: More stimulus expected, but will it be enough? - 18/05/2020

As US policymakers weigh the next stage of stimulus to bolster the faltering economy, Federal Reserve chairman Jerome Powell has warned that the economic path ahead is still highly uncertain with significant downside risks. To avoid a prolonged recession and weak recovery, Powell said “additional policy measures” might be needed. As the unemployment figure rises to 36.5m in the US - will additional stimulus, however big, be enough to pull the economy through?


The new economic order - 15/05/2020

As the economic and social impact of Covid-19 plays out, new long-term trends will set the world on a unique course. Global CIO Andrew McCaffery and our Global Macro Team discuss what this new economic order could look like in terms of state intervention, fiscal activism and Asian leadership.


China’s tourists step out again -12/05/2020

China’s five-day May Day holiday was the first big test of domestic demand - and particularly tourism - since Covid-19 lockdowns started being lifted. We take a close look at China’s journey back towards normality and highlight some of the bright spots that we are seeing on-the-ground.


Macro briefing: Will the ECB be stopped from any further QE? - 8/05/2020

A ruling by Germany’s constitutional court questioning the legality of the European Central Bank’s (ECB) monetary policy poses long-term risks to the central bank’s flexibility. It doesn’t bode well for the Pandemic Emergency Purchase Programme (PEPP) and means the ECB may have to frontload their plans to elevate the impact of the pandemic at their June meeting. Anna Stupnytska, global economist, discusses the broader implications if the bank’s firepower was severely reduced.


Macro briefing: Central banks prepare for further action as economic outlook darkens - 04/05/2020

Are central banks doing enough to bolster their economies to ensure recovery once we know a path out of the pandemic? With news that both the European Central Bank (ECB) and the Fed hold steady for now on their policy movements, Fidelity’s head of global macro and investment strategy, Anna Stupnytska outlines what that means for global economics.


Does gold hold the key? - 29/04/2020

Across the Multi Asset Open range, gold has been an important asset and hedging component for the portfolios over the last few years. Chris Forgan, Portfolio Manager and Charlotte Harington, Assistant Portfolio Manager of the Fidelity Multi Asset Open range explain why that thesis has only strengthened in recent months and why its unique properties make it well positioned to take advantage of the new world order we find ourselves in today.


Oil below zero: bad, but not that bad - 22/04/2020

The plunge into negative prices for US WTI oil produced some shocking headlines, but it is due to a technical effect of the futures market. James Trafford, Analyst & Portfolio Manager explains what the technical drivers are behind the oil price.


Dividend cuts - why China is bucking the trend - 22/04/2020

A spate of dividend cuts or postponements has raised concerns among investors globally. We take a look at the forces driving this, while also highlighting some bright spots in China where a number of companies are maintaining - or even increasing - payments to shareholders.


Not business as usual - 17/04/2020

Global health, monetary and fiscal policy has been rightly focusing on limiting the worst impacts of the coronavirus outbreak over recent weeks. Paras Anand, CIO Asset Management Asia Pacific, takes a step back and assesses the longer-term ramifications for businesses in terms of taxation, regulation and unexpected shifts in the jobs market.


Macro briefing: Fed gets creative to mitigate tsunami of layoffs - 17/04/2020

The Federal Reserve (Fed) is now starting to think outside the box and using all creative tools at its disposal, and inventing new ones, to mitigate the surge of layoffs in the US. Wen-Wen Lindroth, Lead Cross-Asset Strategist examines whether these latest announcements will be enough to support the US employment market and the broader economy and discusses whether we should expect to see a ‘U’ shaped, ‘W’ shaped or any kind of recovery anytime soon.


Macro briefing: Clock ticking on further fiscal support - 13/04/2020

With US unemployment on a continuous upward spiral and Eurogroup finance ministers at a stalemate to move the Eurozone forward, we discuss what the broader implications are for markets. The Fidelity Leading Indicator - our proprietary quantitative tool that anticipates the direction and momentum of global growth - shows it’s half way to the Global Financial Crisis trough, so is it time for some more fiscal support?


The great reset - 09/04/2020

“This time is different” is a well-worn phrase but it may be an apt description for the unprecedented situation we find ourselves in. UK fixed income portfolio managers Sajiv Vaid and Kris Atkinson outline why the current crisis marks a line in the sand and the implications for companies, ratings agencies and ultimately investors.


Inflation - down but not out - 01/04/2020

Economic activity has fallen off a cliff over recent weeks and, with it, inflation expectations. But, aided by monetary and fiscal stimulus, will inflation re-emerge once economies re-open? In this context, Tim Foster discusses the outlook for inflation and the value he sees in break-evens.


China and the path from containment to recovery - 24/03/2020

Fidelity China Special Situations PLC’s Dale Nicholls charts China’s path as it emerges from lockdown towards recovery. He outlines how he has responded to this within the portfolio and discusses some of the areas which now offer a very attractive risk-reward profile given the price action we have seen.


Understanding market volatility - March 2020

Financial history shows that from time to time markets experience bouts of heightened volatility. These setbacks could be the result of any number of factors: economic uncertainty, monetary or fiscal policy changes, financial contagion or geopolitical tension, for example. With this in mind, we provide some interactive tools that take a look at the past and highlight what lessons we can learn for the future. You’ll also find some sales aids that you can share with your clients. Although they may be of most use when the market outlook is uncertain, they highlight some general principles of investment which may be helpful to your clients at any time in the cycle.


The three phases of investing through a global pandemic - 24/03/2020

Fidelity Global Special Situations Fund Manager, Jeremy Podger, reviews what has been one of the most eventful periods in a career spanning over 30 years. He also looks ahead to three distinct phases of the coronavirus pandemic - escalation, recovery and consolidation - and discusses how these map onto both equity market returns and economic activity.






March to June 2020

Please note that these are the views of investment professionals at Fidelity International and should not be interpreted as the views of RL360.


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For more information about Fidelity International visit www.fidelityinternational.com/


Author

Fidelity International

March to June 2020

Please note that these are the views of investment professionals at Fidelity International and should not be interpreted as the views of RL360.

360 fund links

A range of Fidelity funds can be accessed through our guided architecture products Regular Savings Plan, Regular Savings Plan Malaysia, Oracle, Paragon, Quantum, Quantum Malaysia, LifePlan, LifePlan Lebanon, Protected Lifestyle, Preference, Prosper, Kudos, Protected Lifestyle Lebanon, and also through our PIMS portfolio bond.