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グローバル市場見通し
底力が試される年
新型コロナウイルスのパンデミック（世界的流行）により、世界中の経済と市場は2020年に厳しい試練にさらされたが、空前の規模の金融・財政刺激策に支えられ、市場は驚くほどの底力を見せた。2021年が近づく今、市場は別の大きな試練に立たされることになろう。
Multi-Asset Positioning
A Balanced Exposure to Risk Assets in the Evolving Recovery
Our current asset allocation reflects our baseline expectations for economic recovery. We continue to favor global equities, credit, and gold.
債券市場見通し
2020年には量的緩和（QE）やクレジット市場の流動性支援を目的とする購入プログラムなど、中央銀行による積極的な政策措置が債券市場の安定化と回復に大な役割を果たし、2021年の投資適格債に対する良好な見通しにつながっている。現地通貨建て新興国債券、特に中国債券に魅力的な投資機会がある。
株式市場見通し
成長力と質の高い銘柄が最も期待に沿った利益を上げる可能性が高い。
株式は引き続き相対的に魅力的な超過リターンを提供していることから、当社は他の資産クラスよりも株式を総じて選好している。当社は成長力と質の高い銘柄を選好しており、期待に沿った利益を上げる可能性が特に高いと考える2つの市場、すなわち、北米と中国の株式エクスポージャーを検討するよう投資家に推奨する。
Investment Theme: ESG
Momentum Will Carry ESG Investing Far Beyond the Pandemic
We believe 2021 could be the transition year for concerted global action to tackle climate change and other environmental and social challenges.
Archive
Since our Global Market Outlook update in April, shock waves from the COVID-19 crisis have continued to flow through global markets, economies, and societies.
State Street Global Advisors investment experts provide an update to the 2020 Global Market Outlook amid the COVID-19 crisis.
About the Global Market Outlook
As investment challenges grow more complex, State Street’s Global Market Outlook was created to alert investors to portfolio risks and opportunities in the coming year, based on the research of our investment teams. Research on near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome-oriented portfolios we create for clients, drawing on the full range of our indexed and active solutions, as well as our asset allocation expertise.
The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor’s or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.
The views expressed in this material are the views of State Street Global Advisors through December 7, 2020 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
Investing involves risk including the risk of loss of principal.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.
All the index performance results referred to are provided exclusively for comparison purposes only. It should not be assumed that they represent the performance of any
particular investment.
Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates raise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
Investing in high yield fixed income securities, otherwise known as “junk bonds”, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.
There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries.
Investing in foreign domiciled securities may involve risk of capital loss from unfavourable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries.
© 2020 State Street Corporation.
All Rights Reserved.
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Exp. Date: 12/31/2021