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Learn about investing in the world's fastest growing markets with FSSA Investment Managers. We invest in high quality equities that outperform over the long term.
First Sentier Investors is the new name for First State Investments. We’ve always been renowned for our research-led active management approach. Curious to know more?
Investing in Asian Fixed Income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
The 10-year U.S. Treasury yield ended at 4.23% in June, just 2 basis points higher than the previous quarter.
Global/US US economic data prints from the last couple of months have affirmed our bearish view of the US economy. In the days leading up to the Fed’s recent policy action, markets grew increasingly divided in views of how aggressive the Fed would be in its policy trajectory, and sentiments seemed a bit more skewed towards a more bearish outcome in the real economy.
A monthly review and outlook of the Asian Quality Bond market.
With stubborn inflation in the United States, uncertainty in the Fed’s rate cut trajectory, as well as heightened geopolitical risks, the global economy is poised for a volatile year. As an investor, how can one navigate a difficult investment landscape?
The 10-year U.S. Treasury yield closed December at 4.17%, only 2 basis points higher than the prior quarter.
Global/US As we move into 2025, US growth and Trump’s policies upon his inauguration will be the key drivers of credit markets. We believe US growth will likely moderate as Biden’s government spending along with job creation will soon cease. In fact, our team has strong conviction that Trump would immediately undo many of Biden’s policies, sharply reduce spending in the government related sectors, before shifting the attention to boost the private sector. With other regions also slowing, especially in Europe, we could move into a period of slower global growth as Trump’s pro-business policies will take time to impact the real economy.
The 10-year U.S. Treasury yield ended at 4.15% in September, some 7 basis points lower than the previous quarter.
The global political economy is rapidly evolving. The rules, norms and institutions that govern interactions between nation states are being upended, and the nature of capitalism is changing again. Having evolved in the past from laissez‑faire to Keynesianism to free market neoliberalism, it is now turning to nationalism with more state intervention.
Building on Part 1: How Do Convertible Bonds Work?, where we explored the fundamental mechanics of convertible bonds, we now share how convertible bonds can be strategically deployed across different market cycles.
Building on these foundations, our final instalment explores how we trade convertible bonds during bullish market conditions, and how our Total Return strategy—the First Sentier Asia Strategic Bond Fund—has utilised convertibles within its broader portfolio allocation.
With Trump starting his second-term, concerns are resurfacing about the trajectory of inflation. Trump’s key campaign promises—deregulation, tariffs, and tax reforms—all signal a potentially more inflationary future.
Market volatility intensified in March as the escalation of the Iran conflict and disruptions to Middle Eastern oil supply reignited inflation concerns. The sharp selloff in rates eclipsed the growth slowdown narrative that had dominated the early part of 2026.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
The war involving Iran has raised concerns that Asia will be among the hardest‑hit regions, due to its dependence on imported energy. Consumers are already feeling the impact through higher fuel and electricity prices. Looking ahead, however, the economic fallout will vary sharply across countries, reflecting differences in energy security, policy tools, and underlying economic strength.
