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Welcome to Fidelity

Select a location so we can provide you with the appropriate information

Willkommen bei Fidelity

Wählen Sie Ihren Standort aus, damit wir Ihnen die für Sie passenden Informationen anzeigen können.

Important information

I confirm that I am accessing this website for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investor acting for their own account).

By accessing the restricted area I confirm my agreement with‚ and understanding of‚ the following terms of use and the legal provisions. If I do not agree to the terms and legal conditions‚ I must not access this website or any pages thereof. I acknowledge that access to the information contained on this website is available to "Qualified Investors" only as defined below. A private individual or legal representative or any other party without this qualification should not enter this website.

By accessing this website or any of its pages‚ I confirm that I am a qualified investor in accordance with Art 10.3 CISA.

The following are considered to be qualified investors:

  • supervised financial intermediaries such as banks, securities dealers‚ management companies and asset managers of collective investment schemes‚ as well as central banks;
  • supervised insurance companies;
  • public-law bodies and occupational pension institutions with professional treasury;
  • companies with professional treasury.

I understand the information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted. I also understand that the information contained in this site is not directed to any party that may be defined as a ‘retail investor’ by the home regulator of the country in which the website is being accessed. I understand that the information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Fidelity has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.

I understand the information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted. I also understand that the information contained in this site is not directed to any party that may be defined as a ‘retail investor’ by the home regulator of the country in which the website is being accessed. I understand that the information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Fidelity has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.

This website has been issued by FIL Fund Management Limited, a Bermuda company licensed to conduct investment business by the Bermuda Monetary Authority. Neither FIL Fund Management Limited, its parent company FIL Limited, nor any of their group companies or affiliates makes or gives any warranty or representation that any information contained on this website is accurate, complete, or fit for any particular purpose.

I acknowledge that neither FIL Fund Management Limited, FIL Limited, nor any of their group companies or affiliates will have any liability for any losses arising directly or indirectly from any information accessed from this website. By accepting this representation I also confirm my agreement to the website Terms and Conditions, which I have read and understood.

Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited, a company existing under the laws of Bermuda.

If the above representation is correct, please click 'I agree' below to continue to the site.

Information importante

Je confirme accéder à ce site Internet afin d’obtenir des informations en qualité d’investisseur institutionnel.

Je comprends que les informations contenues sur ce site Internet sont destinées exclusivement aux investisseurs résidant en France et ne doivent pas être diffusées à quiconque pouvant être considéré comme un investisseur particulier. Je comprends que les informations ou opinions présentées sur ce site ne constituent pas des recommandations d’achat ou de vente. Fidelity a exprimé ses propres vues et opinions sur ce site Internet, et celles-ci peuvent évoluer sans que Fidelity n’assume aucune obligation de les actualiser. Aucun élément de ce site Internet ne doit être interprété comme un avis d’investissement, fiscal ou juridique ou autre. Les informations que comporte ce site peuvent changer sans notification.

Ce site Internet est présenté par FIL Gestion, SGP agréée par l'AMF sous le n°GP03-004, 29 rue de Berri, 75008 Paris. Ni FIL Gestion, ni sa société mère FIL Limited, ni aucune des sociétés ou affiliées du groupe ne garantit ni ne fait aucune déclaration sur l’exactitude, l’exhaustivité ou l’adaptation à une finalité donnée des informations présentées sur ce site Internet.

Je reconnais que ni FIL Gestion, ni FIL Limited, ni aucune des sociétés ou affiliées du groupe n’assume une quelconque responsabilité au titre de toute perte découlant directement ou indirectement de toute information obtenue à partir de ce site Internet.

Ce site présentant des informations en langues française et anglaise, j’accepte de recevoir des informations non exclusivement rédigées en français.

Je confirme également, par l’acceptation de cette déclaration, mon accord sur les conditions et modalités du site Internet que j’ai lues et comprises.

Fidelity, Fidelity International, le logo Fidelity International ainsi que le symbole F sont des marques déposées de FIL Limited.

Si vous accepter les termes de la déclaration ci-dessus, veuillez cliquer sur « j’accepte » ci-dessous pour poursuivre votre navigation sur ce site.

Wichtige Informationen

Hiermit bestätige ich, dass ich diese Website zur Informationsbeschaffung als institutioneller Anleger (ein auf eigene Rechnung handelndes Unternehmen oder ein anderer nicht als Privatanleger geltender Investor) bzw. für einen institutionellen Anleger besuche.

Mit dem Zugriff auf den zugangsbeschränkten Bereich bestätige ich, dass ich die folgenden Nutzungsbedingungen und rechtlichen Klauseln verstanden habe und mit ihnen einverstanden bin. Andernfalls darf ich auf diese Website oder Teile davon nicht zugreifen. Mir ist bewusst, dass der Zugang zu den Informationen auf dieser Website nur für „qualifizierte Anleger“ gemäss untenstehender Definition vorgesehen ist. Eine Privatperson, ein rechtlicher Vertreter oder irgendeine andere Partei ohne diese Qualifikation sollte nicht auf diese Webseite zugreifen.

Mit dem Zugriff auf diese Website oder Teile davon bestätige ich, dass ich ein qualifizierter Investor gemäß Art 10 Absatz 3 des schweizerischen Bundesgesetzes über die kollektiven Kapitalanlagen bin.

Als qualifizierte Anlegerinnen und Anleger im Sinne dieses Gesetzes gelten:

  • beaufsichtigte Finanzintermediäre wie Banken, Effektenhändler, Fondsleitungen und Vermögensverwalter kollektiver Kapitalanlagen sowie Zentralbanken;
  • beaufsichtigte Versicherungseinrichtungen;
  • öffentlich-rechtliche Körperschaften und Vorsorgeeinrichtungen mit professioneller Tresorerie;
  • Unternehmen mit professioneller Tresorerie.

Mir ist bewusst, dass sich die Informationen auf dieser Website nicht an Personen richten bzw. für sie bestimmt sind, in deren Land die Verbreitung solcher anlagebezogenen Informationen nicht erlaubt ist. Mir ist bewusst, dass die hier zu findenden Informationen oder Meinungen nicht als Aufforderung zum Kauf oder Verkauf eines Anlageprodukts zu verstehen sind. Es sollen auch keine solchen Anlageprodukte oder Dienstleistungen Personen angeboten oder verkauft werden, in deren Land ein entsprechendes Angebot, eine Aufforderung, ein Erwerb oder Verkauf ungesetzlich wäre. Fidelity äußert auf dieser Website seine eigenen Ansichten und Meinungen, die sich jederzeit ändern können, ohne dass eine Verpflichtung zur Aktualisierung besteht. Kein Inhalt dieser Website ist als Beratung in Bezug auf Geldanlagen, Steuern, rechtliche oder sonstige Aspekte zu verstehen. Die hierin enthaltenen Informationen können sich ohne entsprechende Mitteilung jederzeit ändern.

Mir ist bewusst, dass sich die Informationen auf dieser Website nicht an Personen richten bzw. für sie bestimmt sind, in deren Land die Verbreitung solcher anlagebezogenen Informationen nicht erlaubt ist. Mir ist ebenfalls bewusst, dass sich die Informationen auf dieser Website nicht an Adressaten richtet, die von der Aufsichtsbehörde in dem Land, von dem aus die Website besucht wird, möglicherweise als „Privatanleger“ klassifiziert werden. Des Weiteren ist mir bewusst, dass die hier zu findenden Informationen oder Meinungen nicht als Aufforderung zum Kauf oder Verkauf eines Anlageprodukts zu verstehen sind. Es sollen auch keine solchen Anlageprodukte oder Dienstleistungen Personen angeboten oder verkauft werden, in deren Land ein entsprechendes Angebot, eine Aufforderung, ein Erwerb oder Verkauf ungesetzlich wäre. Fidelity äußert auf dieser Website seine eigenen Ansichten und Meinungen, die sich jederzeit ändern können, ohne dass eine Verpflichtung zur Aktualisierung besteht. Kein Inhalt dieser Website ist als Beratung in Bezug auf Geldanlagen, Steuern, rechtliche oder sonstige Aspekte zu verstehen. Die hierin enthaltenen Informationen können sich ohne entsprechende Mitteilung jederzeit ändern.

Diese Website wurde von FIL Fund Management Limited eingerichtet, einem Unternehmen mit Sitz auf bzw. nach dem Recht der Bermuda-Inseln, das über eine Genehmigung der Bermuda Monetary Authority zur Ausübung von Investmenttätigkeiten verfügt. Weder FIL Fund Management Limited noch sein Mutterunternehmen FIL Limited oder irgendein anderes Konzernunternehmen oder verbundenes Unternehmen übernimmt die Gewähr dafür oder erklärt, dass die Informationen auf dieser Website zutreffend, vollständig oder für jedwede Zwecke geeignet sind.

Ich erkenne an, dass weder FIL Fund Management Limited noch FIL Limited oder ein anderes Konzernunternehmen bzw. verbundenes Unternehmen für etwaige Verluste haftet, die direkt oder indirekt aus einer auf dieser Website beschafften Information resultieren. Durch Annahme dieser Erklärung bestätige ich auch mein Einverständnis mit den Nutzungs- und Geschäftsbedingungen dieser Website, die ich gelesen und verstanden habe.

Fidelity International, das Fidelity International Logo und das F-Symbol sind Markenzeichen von FIL Limited, einem nach dem Recht der Bermuda-Inseln eingetragenen Unternehmen.

Diese Website präsentiert Informationen in englischer und deutscher Sprache. Als professioneller Anleger akzeptiere ich hiermit, Informationen in mehr als einer Sprache zu erhalten.

Wenn die obige Erklärung zutrifft, klicken Sie bitte auf „Ich stimme zu“, um auf die Website zu gelangen.

Informazioni importanti

Confermo di voler accedere a questo sito web per acquisire informazioni in veste o per conto di un Investitore istituzionale (una società o altro investitore non retail che agisce per proprio conto).

Riconosco che le informazioni contenute in questo sito web non sono dirette né sono destinate alla distribuzione o all’uso da parte di soggetti in qualsiasi giurisdizione in cui la diffusione di tali informazioni relative allinvestimento non è consentita. Riconosco inoltre che le informazioni contenute in questo sito web non sono dirette a soggetti che potrebbero essere definiti "investitori retail" dall'autorità di vigilanza nazionale del paese dal quale si accede al sito stesso. Riconosco che le informazioni o le opinioni contenute in questo sito web non devono essere interpretate come un'offerta di vendita o come la sollecitazione di un'offerta di acquisto di un prodotto o un servizio di investimento, né tali prodotti o servizi di investimento possono essere offerti o venduti a soggetti di giurisdizioni nelle quali tale offerta, sollecitazione, acquisto o vendita sarebbero illegali. Questo sito web contiene giudizi e opinioni espressi da Fidelity, che sono soggetti a modifica e rispetto ai quali non sussiste alcun obbligo di aggiornamento. Nulla di quanto contenuto in questo sito web va considerato come una consulenza di investimento, fiscale, legale o di altra natura. Le informazioni qui riportate sono soggette a modifica senza preavviso.

Questo sito web è pubblicato da FIL Fund Management Limited (una società delle Bermuda autorizzata a svolgere attività d'investimento dalla Bermuda Monetary Authority). Né FIL Fund Management Limited, né la sua società madre FIL Limited, né alcuna delle loro società del gruppo o affiliate fornisce o rilascia alcuna garanzia o dichiarazione che le informazioni contenute in questo sito web siano accurate, complete o adatte a uno scopo particolare.

Riconosco che né FIL Fund Management Limited, né FIL Limited né alcuna delle loro società del gruppo o affiliate si assumono alcuna responsabilità per eventuali perdite derivanti direttamente o indirettamente da informazioni ottenute da questo sito web. Accettando questa dichiarazione confermo anche di aver letto, compreso e accettato i Termini e le condizioni d'uso del sito web.

Fidelity International, il logo Fidelity International e il simbolo F sono marchi di proprietà di FIL Limited, una società costituita nelle Bermuda.

Se la dichiarazione di cui sopra è corretta, cliccare "Accetto" qui sotto per continuare a visitare il sito.

重要な情報

私は、機関投資家(自己勘定取引を行う個人投資家以外の法人その他の投資家)として、あるいはかかる機関投資家のために、当ウェブサイトにアクセスし、情報を取得するものです。

私は、当ウェブサイトに掲載される情報は、かかる投資関連情報の流布が違反となる法域の人物に提供するものではなく、そういった人物によって拡散されたり利用されたりすることを意図したものでもないことを理解しています。また、当サイトに掲載される情報が、ウェブサイトにアクセスする場所の国の規制当局によって「個人投資家」と定義され得る人物に向けたものではなく、当サイトにある情報または意見は、何らかの投資商品の勧誘や募集と解釈すべきではなく、かかる投資商品またはサービスの募集、勧誘、売買が違法となる法域にいる人物に対して募集ないし販売されるものでもないことも理解しています。フィデリティは、当ウェブサイト上に自社の見解や意見を掲載していますが、これらは変わる可能性があり、そういった変更があった場合に当ウェブサイトを更新しなければならないという義務は負っていません。当ウェブサイトの内容はいずれも投資、税務、法務、その他の助言と解釈すべきではなく、ウェブサイト上の情報は通知なく変更される可能性があります。

当ウェブサイトはバミューダ籍の法人でバミューダ金融庁から投資事業免許を取得しているFILファンド・マネジメント・リミテッドが作成しています。FILファンド・マネジメント・リミテッド、その親会社であるFILリミテッド、またはそれらのグループ会社か関連会社のいずれも、当ウェブサイトに掲載される情報が正確であるとか、完全であるとか、特定の目的に適合したものである等の保証や表明は行っておらず、そういった保証や表明を提供することもありません。

FILファンド・マネジメント・リミテッド、FILリミテッド、またはそれらのグループ会社か関連会社のいずれもが、当ウェブサイトから入手した情報によって直接または間接的に発生した損失の責を負うものではないことに了承します。

フィデリティ・インターナショナル、フィデリティ・インターナショナルのロゴおよびFのシンボルはバミューダ法の下で設立された法人であるFILリミテッドの商標です。

以上をご確認いただける場合には、以下の「同意します」ボタンをクリックしてください。

Important information

I confirm that I am accessing this website for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investor acting for their own account).

I understand the information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted. I also understand that the information contained in this site is not directed to any party that may be defined as a ‘retail investor’ by the home regulator of the country in which the website is being accessed. I understand that the information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Fidelity has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.

This website has been issued by FIL Fund Management Limited, a Bermuda company licensed to conduct investment business by the Bermuda Monetary Authority. Neither FIL Fund Management Limited, its parent company FIL Limited, nor any of their group companies or affiliates makes or gives any warranty or representation that any information contained on this website is accurate, complete, or fit for any particular purpose.

I acknowledge that neither FIL Fund Management Limited, FIL Limited, nor any of their group companies or affiliates will have any liability for any losses arising directly or indirectly from any information accessed from this website. By accepting this representation I also confirm my agreement to the website Terms and Conditions, which I have read and understood.

Please note that FIL Fund Management Limited is not licensed by the Liechtenstein Financial Market Authority (“FMA”) and is not subject to the supervision of the FMA.

Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited, a company existing under the laws of Bermuda.

If the above representation is correct, please click 'I agree' below to continue to the site.

Wichtige Informationen

Hiermit bestätige ich, dass ich diese Website zur Informationsbeschaffung als institutioneller Anleger (ein auf eigene Rechnung handelndes Unternehmen oder ein anderer nicht als Privatanleger geltender Investor) bzw. für einen institutionellen Anleger besuche.

Mir ist bewusst, dass sich die Informationen auf dieser Website nicht an Personen richten bzw. für sie bestimmt sind, in deren Land die Verbreitung solcher anlagebezogenen Informationen nicht erlaubt ist. Mir ist ebenfalls bewusst, dass sich die Informationen auf dieser Website nicht an Adressaten richtet, die von der Aufsichtsbehörde in dem Land, von dem aus die Website besucht wird, möglicherweise als „Privatanleger“ klassifiziert werden. Des Weiteren ist mir bewusst, dass die hier zu findenden Informationen oder Meinungen nicht als Aufforderung zum Kauf oder Verkauf eines Anlageprodukts zu verstehen sind. Es sollen auch keine solchen Anlageprodukte oder Dienstleistungen Personen angeboten oder verkauft werden, in deren Land ein entsprechendes Angebot, eine Aufforderung, ein Erwerb oder Verkauf ungesetzlich wäre. Fidelity äußert auf dieser Website seine eigenen Ansichten und Meinungen, die sich jederzeit ändern können, ohne dass eine Verpflichtung zur Aktualisierung besteht. Kein Inhalt dieser Website ist als Beratung in Bezug auf Geldanlagen, Steuern, rechtliche oder sonstige Aspekte zu verstehen. Die hierin enthaltenen Informationen können sich ohne entsprechende Mitteilung jederzeit ändern.

Diese Website wurde von FIL Fund Management Limited eingerichtet, einem Unternehmen mit Sitz auf bzw. nach dem Recht der Bermuda-Inseln, das über eine Genehmigung der Bermuda Monetary Authority zur Ausübung von Investmenttätigkeiten verfügt. Weder FIL Fund Management Limited noch sein Mutterunternehmen FIL Limited oder irgendein anderes Konzernunternehmen oder verbundenes Unternehmen übernimmt die Gewähr dafür oder erklärt, dass die Informationen auf dieser Website zutreffend, vollständig oder für jedwede Zwecke geeignet sind.

Ich erkenne an, dass weder FIL Fund Management Limited noch FIL Limited oder ein anderes Konzernunternehmen bzw. verbundenes Unternehmen für etwaige Verluste haftet, die direkt oder indirekt aus einer auf dieser Website beschafften Information resultieren. Durch Annahme dieser Erklärung bestätige ich auch mein Einverständnis mit den Nutzungs- und Geschäftsbedingungen dieser Website, die ich gelesen und verstanden habe.

Fidelity International, das Fidelity International Logo und das F-Symbol sind Markenzeichen von FIL Limited, einem nach dem Recht der Bermuda-Inseln eingetragenen Unternehmen.

Bitte beachten Sie, dass die FIL Fund Management Limited von der Finanzmarktaufsicht Liechtenstein weder zugelassen noch beaufsichtigt ist.

Diese Website präsentiert Informationen in englischer und deutscher Sprache. Als professioneller Anleger akzeptiere ich hiermit, Informationen in mehr als einer Sprache zu erhalten.

Wenn die obige Erklärung zutrifft, klicken Sie bitte auf „Ich stimme zu“, um auf die Website zu gelangen.

Please scroll down to read through all of the terms.
Merci de bien vouloir faire defiler ce message jusqu’à son terme.
Bitte scrollen Sie nach unten, um alle wichtigen Informationen durchzulesen.
Per favore scorri verso il basso per leggere tutte le condizioni.
スクロールダウンし、全ての注意事項をよくお読み下さい。
Please scroll down to read through all of the terms.
Bitte scrollen Sie nach unten, um alle wichtigen Informationen durchzulesen.

Blog

Global GEARs suggest stable and subdued activity, now near levels of recent troughs

Our Global GEAR, an unweighted average across all countries, nudged higher and is now dead flat year-to-date.
BOE holds steady but case for rate cut is compelling

BOE holds steady but case for rate cut is compelling

The Bank of England (BoE) left rates unchanged but the case for an 'insurance cut' is compelling in the face of weak growth and Brexit uncertainty.
Bank of Japan holds fire ahead of sales tax increase, but strikes a more dovish tone

Bank of Japan holds fire ahead of sales tax increase, but strikes a more dovish tone

The BOJ held steady and said it would pay “closer attention” to economic momentum and review economic and price trends at the next monetary policy meeting.
ECB’s QE: Not enough to boost Eurozone bond markets

ECB’s QE: Not enough to boost Eurozone bond markets

Modest size of ECB's new QE programme will be too inadequate to support the broader Eurozone government and corporate bond markets.
Risk premium rises after attack on Saudi oil hobbles global supply

Risk premium rises after attack on Saudi oil hobbles global supply

US sanctions on Iran could be more severe.
ECB fires an 'open-ended' salvo

ECB fires an 'open-ended' salvo

The ECB announced a wide-ranging 'easing' package, including a rate cut and a restart of its QE programme.
Volatility could create opportunities to buy high-quality cyclicals

Volatility could create opportunities to buy high-quality cyclicals

Investors should consider rotating away from overbought defensive assets into largely-ignored cyclical growth stocks.

FLI: Another solid month indicates that global recession fears are overblown

Our Fidelity Leading Indicator boosts hopes that the worst is firmly behind us, and that the next move in global growth will be to the upside.
Despite macro challenges, pockets of resilience in Chinese corporate earnings

Despite macro challenges, pockets of resilience in Chinese corporate earnings

Some bright spots in recent earnings reports suggest interesting opportunities

Room for upside for next Argentinian government

The next government could surprise to the upside as many tough political decisions have already been taken.
Sterling could weaken further, but main risks may lie beyond Westminster

Sterling could weaken further, but main risks may lie beyond Westminster

UK unlikely to be immune to external macro risks.
A fork in the road for US corporates

A fork in the road for US corporates

Capital allocation priorities need to evolve to match new corporate purpose.
Fed Chair Powell strikes the right balance at Jackson Hole

Fed Chair Powell strikes the right balance at Jackson Hole

Probability of December rate cut has increased.

Grit in the GEARs, but global economy not grinding to a halt

Some grit in the GEARs persists, especially in Europe and some emerging markets, but the global economy has yet to grind to a halt.
Fed’s broken policy dial could benefit Asia investors

Fed’s broken policy dial could benefit Asia investors

Political pressure on the Fed to cut rates is only likely to increase.
US yield curve inverts for first time since 2008, but recession not imminent

US yield curve inverts for first time since 2008, but recession not imminent

While our fixed income team does not expect an imminent recession, the case for further rate cuts in the US is getting stronger and weighing on US yields.
Primary election result in Argentina may reverse business-friendly policies

Primary election result in Argentina may reverse business-friendly policies

Macri's shock defeat could trigger contagion to other Latin American economies

FLI: An 'uneasy' economic stabilisation ahead

The FLI suggests that even with the impending tariff escalation, we are far from a global recession
Gold glitters amid equity market sell-off, and still has room to run

Gold glitters amid equity market sell-off, and still has room to run

We expect gold's status as a traditional safe haven will continue to support the price or even drive it higher.
ESG Ratings: Who’s driving?

ESG Ratings: Who’s driving?

By creating our own ESG ratings we can do analysis to confirm findings, fill in blanks and correct misconceptions, uncovering opportunities in the process.
ESG Ratings: Who’s driving?

ESG Ratings: Who’s driving?

By creating our own ESG ratings we can do analysis to confirm findings, fill in blanks and correct misconceptions, uncovering opportunities in the process.
Trade war tit-for-tat escalates: Views from the investment desk

Trade war tit-for-tat escalates: Views from the investment desk

Volatility has returned to global financial markets following the latest developments in the ongoing trade spat between the US and China.
Is seven an unlucky number for China’s currency?

Is seven an unlucky number for China’s currency?

China’s renminbi weakened past the seven per US dollar mark for the first time in more than ten years.
Trump ratchets up US-China trade war with new tariffs

Trump ratchets up US-China trade war with new tariffs

Donald Trump announced on Twitter this week that he plans to add new import tariffs on $300 billion of Chinese-made products
BoE: Holds rates steady amid Brexit uncertainty

BoE: Holds rates steady amid Brexit uncertainty

We expect the Bank of England to cut rates by 25 bps by year-end
Fed opens the door to a further reduction as it makes 25 bps 'insurance' cut

Fed opens the door to a further reduction as it makes 25 bps 'insurance' cut

After hiking nine times in the past four years, the Fed has reversed course
If ESG regulations can’t keep up, we must make the rules

If ESG regulations can’t keep up, we must make the rules

Political polarisation is increasing and this is blocking the development of ESG guidelines. As a result, companies and investors should step in.
ECB signals further cuts and a new round of QE in September

ECB signals further cuts and a new round of QE in September

The dovish outlook, coupled with prospects of a further stimulus, is expected to fuel the demand for yield that we have seen so far this year.
Seeing red: How long can the iron ore rally last?

Seeing red: How long can the iron ore rally last?

Seeing red: How long can the iron ore rally last?
New British PM: Where next for Brexit?

New British PM: Where next for Brexit?

This period may go down as one of the all-time best opportunities to invest in UK equities.
A shooting star over Shanghai

A shooting star over Shanghai

Shanghai’s new sci-tech Star Market got off to a sparkling debut, but the real lustre for long term investors will be in the deeper market-based reforms
Solving the plastics problem by engaging with chemical companies

Solving the plastics problem by engaging with chemical companies

Sustainability engagements with chemical companies should focus on how acting in the best interests of the environment can also drive value creation.

ESG: Focus on the ‘G’ and the rest will follow

Most companies with good ‘E’ and ‘S’ practices have strong governance but it's rare to see firms with poor governance uphold high ‘E’ and ‘S’ standards.
Gold still has space to shine on

Gold still has space to shine on

We see more upside for gold, thanks to a potent cocktail of falling interest rates, rising long term inflation expectations and heightening recession concerns.

China data improves but nascent recovery could halt further stimulus

Although the latest GDP figures show the worst may be behind us, there is no room for policy complacency.

Fidelity Leading Indicator: Clinging to optimism

Our FLI cycle tracker indicates the global economy is past the worst

Outlook bullish for short-term oil prices after surprise OPEC supply cuts

Brent crude oil to trade in the upper half of the $60-80 range for the rest of the year

With US-China trade talks back on track, investors’ focus turns to China economy

With US-China trade talks back on track, investors’ focus turns to China economy

ECB’s QE 2.0: Too much euphoria, too soon?

The current market euphoria around QE 2.0 and its expected impact on spreads might be misplaced.

Should investors hedge against big market moves now?

With all the uncertainty about the global economic outlook, investors ask whether it's time to add protection against volatility to their portfolios.

Central banks keep the show on the road, for now

Equity and bond markets don’t agree on what we should expect for the second half of the year. How should investors position in light of these mixed signals?
Active engagement can help passive investors: A new model in Japan

Active engagement can help passive investors: A new model in Japan

Passive investors can benefit from the expertise of an active manager. Fidelity targets companies that are index components to create value.
US-China trade wars: What to expect from the G20

US-China trade wars: What to expect from the G20

US President Donald Trump and China’s President Xi Jinping are expected to hold an informal meeting at the G20 Summit in Osaka, Japan on June 28-29.

Fed flashes easing signals

The Federal Reserve kept rates on hold as expected and also signaled that cuts - not hikes - are around the corner, amid signs of weakening economic activity.

Draghi’s dovish speech signals further central bank easing

The case for immediate easing by the Fed is however weak.

Central bank fears, calmer GEARs?

Our proprietary Gauges of Economic Activity in Real-Time (GEARs) show the latest Global GEAR looks stable and decently above its recent lows.
Tech and Trump’s China tariffs: Counting the costs to global supply chains and consumer demand

Tech and Trump’s China tariffs: Counting the costs to global supply chains and consumer demand

Tech and Trump’s China tariffs: Counting the costs to global supply chains and consumer demand

How to spot red flags when selecting managers

On the multi-asset team, we adhere to some key rules that help mitigate the risks of investing in actively managed funds.
Pick your poison

Pick your poison

Some investors in environmental projects think that simply investing in securities with a ‘green’ label is enough to fulfil climate mandates. That’s not true.

Fidelity Leading Indicator: Stronger data indicate a recovery

Improvement in global growth has been reassuringly broad-based

ECB takes a slightly more hawkish tone

The central bank however pushed back raising rates until at least mid-2020.
In Baoshang Bank takeover, China takes aim at moral hazard

In Baoshang Bank takeover, China takes aim at moral hazard

The recent move by regulators in China to take over Baoshang Bank marks a significant event in the development and liberalisation of China’s capital markets.
China property: Houses are for living in, not for speculation

China property: Houses are for living in, not for speculation

A cross-asset analysis shows China’s property sector faces demographic headwinds, but opportunities exist thanks to improved liquidity and diverging policy.

Renewed trade tensions buck the rally

Policy action is now driving market sentiment
After European elections, finding consensus amid fragmentation

After European elections, finding consensus amid fragmentation

European elections: the populist wave that was supposed to have swept the more centrist parties failed to materialise

US treasuries still attractive despite risk rally

In an uncertain world, US treasuries offer the dual benefits of defensiveness and diversification.

India election: Modi for longer

Fresh mandate to help Modi push for further reforms.

Downshifting GEARs as global rebound softens

Downshifting GEARs as global rebound softens

China’s April data disappoints market expectations of resilience

Data on industrial production, retail sales and investment all surprised to the downside.

An outside view of the US-China trade war

Why investors should not expect a swift resolution to the US-China trade war

US hikes tariffs on Chinese goods: Views from the Asia investment desk

US hikes tariffs on Chinese goods: Views from the Asia investment desk

US hikes tariffs on Chinese goods: Views from the Asia investment desk

US hikes tariffs on Chinese goods: Views from the Asia investment desk

Fidelity Leading Indicator: Green shoots versus trade war shots

Fidelity Leading Indicator: Green shoots versus trade war shots

The Fed remains firmly on hold

The overall message at the US Federal Reserve’s May meeting was clear and simple - it is firmly on hold for now.

EM outlook: For China and the Fed, old habits die hard

China and the US Federal Reserve are falling back on old habits, which should provide some desperately-needed comfort to emerging markets.

Indonesia election brings short-term relief but long-term uncertainty

The victory of Indonesian incumbent Jokowi is a good outcome for markets in the short term but the longer-term implications are less clear.
China’s stimulus is working, but credit markets hold longer-term risks

China’s stimulus is working, but credit markets hold longer-term risks

The credit stimulus measures that China began last summer are starting to reach a critical mass, but transmission to the real economy remains patchy.

Amid China’s grab bag of economic data, surging credit growth will do the real work

A closer look at China’s first quarter GDP data reveals some mixed messages about the country’s economic performance.

Saudi Aramco’s mega bond turns a fixed income maxim on its head

Saudi Aramco’s mega bond turns a fixed income maxim on its head
Finally, data is helping to identify the diversity strategies that work

Finally, data is helping to identify the diversity strategies that work

The approach to diversity is starting to shift away from random, box-ticking initiatives to a systematic, increasingly sophisticated, evidence-based journey.

Veröffentlicht in: What difference can active managers make in Sustainable Investing?

Why we're calling it Sustainable Investing, not ESG

Why we're calling it Sustainable Investing, not ESG

The term ‘ESG’ struggles to capture the full scope of stakeholders and the off-spreadsheet areas that an organisation needs to manage.

Veröffentlicht in: What difference can active managers make in Sustainable Investing?

Fidelity Leading Indicator: A sign of life?

Our leading indicator is at a crossroads

EM outlook: Easier conditions, tougher growth

After a challenging end to last year, the start of 2019 has brought some tentative stability to emerging markets. But it is too early to issue the all-clear.

Investors to pressure Turkey on economic reforms amid lira volatility

Markets will be seeking a more conventional approach from Turkey on its economic reforms.

Women and investing in Japan: Many steps behind men, but making progress

Women and investing in Japan: Many steps behind men, but making progress

For things to get better, they may have to get worse

The market rally continues. But after a decade of QE, is there a limit to how long markets will respond positively to the same old policies?

Uncertainty is now at an attractive discount in the UK and elsewhere

Predictability has been at a premium in recent years, but we feel the discount now offered to take on uncertainty offers a long-run opportunity.

Fidelity survey of Japan’s elderly highlights the perils of financial overconfidence

Fidelity survey of Japan’s elderly highlights the perils of financial overconfidence

Emerging market GEARs outperform sluggish Europe and Japan

Global GEARs suggest stability over the past two months, after a volatile end to 2018.

A Goldilocks moment for China’s monetary policy, but watch for more easing and bond index inclusion

Two events are driving the outlook for China fixed income- easing monetary conditions and the expected inclusion of Chinese bonds in benchmark indexes.

Fidelity Leading Indicator: Red lights, not green shoots

Signs of more dovish central banks may have got markets more excited, but our FLI has not moved.

Barriers to women investing: An Australian perspective

A state-of-the-nation report commissioned by Fidelity International (Australia) which reveals the barriers women face when it comes to investing.

ECB startles with dovish move

The central bank kept rates on hold and unveiled new cheap funding measures to boost the faltering Eurozone economy.

What China’s new stimulus measures mean for investors

The Chinese government has announced tax cuts worth 2 trillion yuan and higher spending. But will this boost the slowing economy?

What does the US-China trade-talk extension mean for investors?

While headlines suggest that the US and China are inching closer to a deal, it’s clear that there are still a range of questions that need to be addressed.

The $118 billion investment opportunity hidden in the sea

Regulation and globalisation are creating new investment opportunities in the global ballast water treatment systems market.

Macro slowdown clashes with market optimism

The disconnect between economic fundamentals and markets is unlikely to be sustainable in the short term.

GEAR update: US and Japan join the slowdown

GEAR update: US and Japan join the slowdown

ESG: A Change of View

Portfolio Manager Jeremy Podger revisits the arguments around ESG investing principles and explains his distinct shift in view.

The Analyst Survey: 16,000 company meetings into one big picture

Why the Fidelity Analyst Survey offers a unique perspective from the bottom up.

Veröffentlicht in: Fidelity Analyst Survey 2019

European corporate earnings fall without boost from utilities, energy firms

The half-way mark for the European earnings season provides a good opportunity for an update on what we have seen so far and what conclusions can be drawn.

The Spanish imposition: Santander’s non-call sets precedent in AT1 bond market

Santander's decision to not repay its AT1 bond will make the market focus much more on call economics and post-call valuations.

Fidelity Leading Indicator: deeper drop, with no sector spared

The FLI Cycle Tracker plunged deeper into the bottom-left quadrant indicating growth below-trend and decelerating

Coalition government could be on the cards in India

India’s ruling Bharatiya Janata Party (BJP) will return to the polls between April and May. But this time a coalition government might be on the cards.

Will the change in message come back to haunt the Fed?

The Fed's dovish message was a remarkable shift, and likely unnecessary as not much has changed over the past few weeks in terms of the economic outlook.

Stuck in low GEAR

Absolute GEAR levels do not make for particularly pleasant reading. The DM average is hovering around its lowest since mid-2016.

Are we in a new volatility regime?

The return of volatility means broad market exposure earning attractive returns is unlikely to continue, and we need to be selective with the risks we take.

Income and yield are not the same thing

Although higher rates imply higher income generation as yields rise, we have not seen income from coupons keep up with the rise in rates.

Brexit vote: Next steps

What next for Brexit after Prime Minister Theresa May's historic defeat?

A troubled marriage to tech

Investors are married to the tech story whether they like it or not

Emerging Markets' glass might become ‘half-full’ - or China might smash it

Emerging Markets glass might become ‘half-full’ - or China might smash it
2019 China Outlook- Time to enter the tiger’s den?

2019 China Outlook- Time to enter the tiger’s den?

We explore the opportunities in China equities and fixed income in 2019.

Fidelity Leading Indicator: FLIrting with disaster?

Perhaps ‘disaster’ is too strong a word to describe January’s Fidelity Leading Indicator (FLI) reading, but it is the worst result since 2012.

There’s a new sector in town - and it will change tech stock trading

The GICS rejig has shifted the likes of Facebook from IT, telecom and consumer discretionary into a newly formed communication services sector.

Challenging consensus: market fears of a US recession may be overdone

Markets may be overly pessimistic over an imminent US recession given the recent uptick in real wages.

Bonds are back as a diversifier as US treasuries end 2018 on a positive note

Santa’s rally did not come for stocks this year, but government bonds have had a better run up to Christmas and the year is not over yet.

Bitter end to 2018 will not stop US bull market run

Despite recent stock market corrections, the secular run in the US market is set to continue.

BOJ holds steady, with limited scope for any policy moves

BOJ holds steady, with limited scope for any policy moves
US trade tariffs and China: assessing the real impact

US trade tariffs and China: assessing the real impact

Tariffs aren’t the most important factor in the trade dispute between the United States and China. Instead, watch China’s balance of payments position

Fed delivers a hawkish surprise, with dovish elements

Fed delivers a hawkish surprise, with dovish elements

‘Yellow vest’ reforms to give a strong boost to French consumers

Purchasing power will record the strongest growth in 2019 since the financial crisis, probably at levels above 2 per cent year on year.

Price moderation is an encouraging sign in the global housing market

Price moderation in some overvalued housing markets is an encouraging sign, as it is due mostly to supply-side policy measures rather than weakness in demand.

State election results and RBI governor’s exit do not change India’s long-term investment thesis

State election results and RBI governor’s exit do not change India’s long-term investment thesis

Fidelity Leading Indicator: Deceleration after frontloading on US tariff worries

Our proprietary Fidelity Leading Indicator (FLI) now shows a deceleration trend, in contrast with the tentative stabilisation we had seen previously.

Perfect storm lifts US treasuries

The confluence of global risks have rallied US treasuries but this may not be enough to shift Fed policy from its course of a December rate hike.

US-China trade truce makes a real deal more likely

The temporary truce in the US-China trade talks makes a real deal more likely, which would ultimately benefit both countries.

All eyes on Buenos Aires for make-or-break G20 summit

The odds of a truce or no deal at the G20 are balanced.

Bumpy road ahead for US tech stocks

Volatility is set to continue into 2019, but this is not the beginning of the end for the FAANGs.

EM Outlook: It’s been a long time coming, but a change is going to come

Risks remain to the downside for emerging markets due to China’s slowing growth and toughening global conditions.

The opportunities in China's mixed-bag economy

Despite dismal headlines, China's real economy is more of a mixed bag. Corporates are focusing on shareholder returns, and valuations have retreated from peaks.

Beware of the BuBBBle in investment grade

With the huge growth in the issuance of BBB-rated bonds, there are fears that downgrades could negatively impact the high-yield and credit market in 2019.

Oil prices: What's the story?

Oil has plummeted since early October. Political manoeuvring and technical selling are exacerbating the decline, and the sell-off is likely to be overdone.

Don’t wait for good news to buy UK equities

Despite all the Brexit volatility, this is an exciting time to be contrarian and buy UK equities.
China's easing has not been easy

China's easing has not been easy

China’s deleveraging drive has softened, but credit to private companies remains weak. Bigger banks could be pushed to step in.

Eurozone, China GEARs show deterioration in November

US GEAR continues its strong run, even as China is at its weakest since April 2015 while the UK is at its lowest level since the referendum result.

Fidelity Leading Indicator - hit by 'front-loading'?

Our FLI is still in the growth below trend and decelerating quadrant. We still have to assess the impact of 'front-loading' on any nascent positivity.

Midterms could be good for the US economy

Midterms could be good for the US economy

The rise of active ETFs

The market for actively managed exchange traded funds (ETFs) is growing rapidly globally, and especially in Australia where pension contributions are rising.
What to expect from the US midterm elections: Macroeconomic and market implications

What to expect from the US midterm elections: Macroeconomic and market implications

Fidelity's cross-asset scenario analysis on potential outcomes from the US midterm elections assesses the macroeconomic and market implications.
As the BOJ stealthily normalises, the yen will follow

As the BOJ stealthily normalises, the yen will follow

The BOJ appears to be stealthily normalising while keeping rates extremely low. But small steps for Japan’s central bank could be big steps for its currency.

Merkel’s decision to step down as CDU leader could be positive for Germany

Market impact should be small and positive. For investors, there's no reason to be nervous. Recent volatility will bring opportunities.

Falling Markets - the view from Asia

Negative investor sentiment and high volatility are setting the tone but can also provide opportunities to find value in Asia equity and fixed income markets.

Emerging market GEARs weaken further in September

Our macro indicator shows emerging markets are under pressure

Trade wars revisited: US politics and impact on China

The US-China trade war relates to the US electoral cycle and to Trump’s image as ‘deal maker’, and also has a longer-term impact on China.

Risk-off for the US but not for everywhere else

The right response for investors to signs of the US market losing momentum is to hunt for value in areas which have already been aggressively sold down.

As market sells off, stay vigilant but calm

In light of the recent sell-off, it is important to watch the current apparent risks closely while focusing on stock selection rather than macro forecasting.

Fidelity Leading Indicator: Qualified optimism or qualified pessimism

Our proprietary Fidelity Leading Indicator (FLI) is edging up towards the ‘top-left’ quadrant, which suggests that a trough could be approaching.

Tech stocks sell off, but fundamentals remain intact

Tech stocks fared badly in the recent sell off, but fundamentals remain intact.

Market friendly Bolsonaro’s first round win in Brazilian election should calm investor nerves

Far-right candidate's first-round win could boost markets

Japan’s companies are evolving against a solid economic backdrop

Japan is changing, meaning better profits and returns for companies. Combined with attractive valuations, this can mean sustainable investor returns.

The Italian government surprises markets with plan to increase budget deficit

The Italian government threw down a gauntlet to the European Commission by announcing a spending-prone budget that defied expectations.

The Fed offers anniversary gift 10 years after global financial crisis

Fed offers anniversary gift 10 years after global financial crisis

Further Fed tightening could prove too much for the rest of the world

The Fed will have to strike a more cautious tone, slowing the pace of tightening next year - but we are not there yet.

GEAR levels show exuberant US economy

Recent economic data show an exuberant US economy, stabilisation in emerging markets and only a slight tick-down in Europe.

India’s fundamentals remain strong despite falling rupee stoking EM fears

Volatile emerging markets have raised concerns that India could be the next casualty in the EM rout

Fidelity Leading Indicator: the trough isn’t here, but could be getting near

Our proprietary Fidelity Leading Indicator has now registered six straight months in the ‘growth negative and decelerating’ quadrant of its Cycle Tracker.

ESG awareness is an enduring legacy of the global financial crisis

The global financial crisis pushed ESG principles to the forefront, which would not have occurred as rapidly without the catalyst of the crisis.

South African land expropriation will exacerbate economic woes and increase volatility

South African land expropriation will exacerbate economic woes and increase volatility

South Africa's proposed land expropriation is likely to add to souring of emerging market sentiment and trigger further sell off in the country's assets

Ten years since the crisis: the risks have changed

Ten years since the crisis: the risks have changed

Investors and policy makers have learned their lessons, but we may be looking in the wrong direction for the next dislocations.

As global liquidity tightens, Argentina’s troubles will continue

As global liquidity tightens, Argentina’s troubles will continue

Argentina markets will remain vulnerable because of specific challenges, but all emerging markets are suffering from tightening global liquidity.

No exit: Japanese banks continue to feel pain from BOJ’s easy policy

Japan’s banks need to innovate to thrive in the low interest environment rather than wait for the eventual end of the Bank of Japan’s easy monetary policies.

Building a portfolio: why picking good stocks isn't enough

The discipline of ‘stock picking’ is the bread and butter of most active portfolio managers. However, it’s only one part of the investment process.

Tencent as bellwether

Tencent’s apparent setbacks look to be short term and not structural. A closer look reveals a wide moat in online gaming and social messaging.

US-China trade tensions: Why investors should mind the fundamentals

US-China trade tensions: Why investors should mind the fundamentals

US-China trade tensions: Why investors should mind the fundamentals

Turkey's policy response falls short

Turkey’s escalating financial crisis has raised concerns over contagion as selling has spread more broadly across emerging markets in recent days.

Turkey crosses the Rubicon

Turkey crosses the Rubicon

Turkish markets spiral downwards with the lira now in a full blown crisis. The solutions are simple, but is there the political will to implement them.

US sanction pressure against Russia will keep rising

The last few years have seen a continued worsening of diplomatic relations between Russia and the US - and this trend will probably persist.

Grit in the machine: Assessing the US-China trade war impact for investors

Grit in the machine: Assessing the US-China trade war impact for investors

There are two ways the US-China trade war situation could play out for investors, depending on US policymakers’ motives for the current action.

Policy tweaks open new opportunities in China and Japan

Recent easing measures in China should support Asian high yield bonds, while we also see value in Japan financials bolstered by the BOJ's ETF purchases.

No surprises as the Fed sticks to the plan, for now

There were no surprises as the Fed stuck to the plan, and for good reason: data is strong and inflation on track.

The Bank of Japan fine-tunes monetary policy but sticks to aggressive easing

The Bank of Japan fine-tunes monetary policy but sticks to aggressive easing

The Bank of Japan kept its easy monetary policy while tweaking its framework to give itself more flexibility, emphasising that normalisation is nowhere near.

GEAR levels show US economic exuberance could continue into H2

Our Gauges of Economic Activity in Real-Time (GEAR) show that US GEAR levels of 4 per cent almost exactly matched the second quarter GDP print.

A BoE rate hike is an unnecessary risk

This August, we expect the Bank of England (BoE) to stand and deliver only their second interest rate rise in the past ten years.

The ECB’s monetary policy is needlessly loose

The European Central Bank’s (ECB) unnecessarily loose monetary policy may leave it out of options when the next downturn comes.

Credit markets react to China's new easing measures

Credit markets react to China's new easing measures

China’s emphasis on deleveraging has softened in recent months, but credit flow to the economy has remained weak.

Revisiting the 'Fragile Five' at five

Revisiting the 'Fragile Five' at five

Five years since they were dubbed the 'Fragile Five', the emerging market economies of Brazil, India, Indonesia, South Africa and Turkey look more robust.

Turkey’s interest rate hold is a policy mistake

Turkey’s interest rate hold is a policy mistake

Turkey’s inaction on the benchmark interest rate is a major policy mistake, undoing much of the good of the rate rises in Q2.

Emerging Markets outlook: Not out of the woods

Despite better data in June, the Fidelity Leading Indicator remains negative, especially in key EM-sensitive areas like global trade and commodities.

Japan’s millennials are turning more positive on investing

Japan’s millennials are turning more positive on investing

Younger Japanese people are turning more positive toward investing and are doing more of it, Fidelity’s latest annual survey of Japanese workers showed.

After a trip to Italy, market pricing looks too bearish

A recent road-trip to Italy has led me to believe that investors’ perception of the current situation is too bearish, especially around the budget.

China’s upgrades to Bond Connect should broaden foreign participation

China’s upgrades to Bond Connect should broaden foreign participation

China's Bond Connect allows foreign investors to access the interbank bond market more easily. New upgrades should remove remaining barriers to adoption.

Fidelity Leading Indicator: growth down, risks rising

Fidelity Leading Indicator: growth down, risks rising

Our proprietary Fidelity Leading Indicator (FLI) remains in the ‘growth negative and decelerating’ quadrant of its Cycle Tracker for the fourth straight month.

US-China trade tensions ratchet up

The US has launched another round of tariffs on exports from China, sparking market jitters. But there are reasons to be positive on Chinese equities.