The goal of the European Long-Term Investment Fund to provide much needed funding for small and mid-cap private companies has not been met yet, but a redesign could change that, write Holly Gardner and Adrian Whelan

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Starting a transformation program can be daunting, but with the right formula organizations can deliver real business value.

As the world watches the U.S. market plan for a T+1 cycle for securities settlement, other countries are assessing similar moves. BBH is working with clients to help them optimize their global operating models and support their readiness for this major industry shift.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Jim Tessmer, BBH’s Head of Digital Product Strategy, sits down with Dave Cowing of NovusNorth to discuss how BBH considers building digital experiences for clients.

Industry specialists share what firms need to do to prepare for the adoption of a new messaging standard, as well as the downstream benefits and impacts.

For asset managers, ensuring that their distribution, the experience they give to their clients, and their product diversification are fit for operating in a new environment is critical. At the inaugural BBH Insights Exchange event, industry experts discussed challenges that firms may face and how they can adapt.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

In 2023’s first FX quarterly, strategists examine the Fed’s pivot and China’s reopening. Here is a synopsis of what is included in this quarter’s outlook.

The two-day FOMC meeting starts today and wraps up tomorrow afternoon. We expect a 25 bp hike and a very hawkish tone from the Fed. We also conduct a survey of past Fed policy cycles and conclude that an H2 easing cycle is very unlikely. With risks to U.S. rates weighted to the upside, the dollar is likely to benefit from any bond market repricing of Fed policy.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

BBH’s global securities lending team shares its demand predictions

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Participants in our latest webinar heard that to retain and attract investors, it is critical that a manager aligns its people, policies and procedures to support its ESG principles.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The future of financial services is a story of two races: a race to automate for scale and resiliency, and a race to attract the best human capital. Winning strategies recognize that success needs both.

What’s needed before a region with 41 trading exchanges and 31 settlement infrastructures can consider a shorter settlement cycle?

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The U.K.’s Long Term Asset Fund initiative could be a strategic solution for pension schemes amid future volatility.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

As an outlier in a world of rising interest rates, and as investment behaviour evolves, Japan offers a growing opportunity to Western asset managers eyeing the ¥2,023 trillion* household savings market. BBH’s Japan team shares how they can best access that opportunity.

As the world watches the U.S. market plan for a T+1 cycle for securities settlement, others are assessing similar moves. BBH sets out the main process areas in the securities trade lifecycle that will be impacted by shorter settlement cycles and what you need to do now to prepare.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

What is now needed to meet the next generation of ESG investors? Adrian Whelan unpicks the title of a session at Sibos, where he will be speaking next month.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The U.S. economy remains on firm footing; U.S. yields continue to rise; strange things are happening to the U.S. curve; August ISM services PMI came in strong; the Fed releases its Beige Book report; BOC is expected to hike rates 75 bp to 3.25%; Chile delivered a hawkish surprise with a 100 bp hike to 10.75% vs. 75 bp expected; reports suggest the U.K. is stepping back from a Brexit confrontation with the EU; BOE officials testify to Parliament’s Treasury Committee; Germany reported July IP; Poland is expected to hike rates 25 bp to 6.75%; Japan officials are getting more concerned about the weak yen but there’s really not much that can be done as long as the BOJ maintains its ultra-dovish stance; Australia reported firm Q2 GDP data; China reported soft August trade data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Our Currency Strategy experts offer their predictions for currency performances for both Major and Emerging Markets.

High food and energy prices continue to squeeze households globally. Aggressive monetary policy responses and shrinking real incomes have increased global recession risks. Indeed, more and more signs of recession are piling up.

Our Currency Strategists set out what the geopolitical and macro-economic landscape means for major and emerging markets in the third quarter

For much of the first half of this year, high interest rates and rising commodity prices helped these currencies outperform their emerging market peers. However, broad-based dollar strength has slowly but surely eaten away at those EM FX gains and this is likely to continue as the Fed remains on its aggressive tightening path.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Banks, asset managers and insurers operating in the EU will be subject to new rules intended to boost the security and resiliency of the financial sector. Adrian Whelan maps out what asset managers need to know.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Fed speakers continue spreading the hawkish message; PPI data also came in on the soft side; preliminary August University of Michigan consumer sentiment will be today’s data highlight; monthly U.K. data dump began; eurozone June IP was reported; Sweden reported July CPI; Taiwan revised Q2 GDP growth slightly lower; India reports July CPI and June IP

Markets are still digesting yesterday’s CPI data; July PPI will be reported today; Fed tightening expectations continue to adjust; Fed speakers continue spreading a very hawkish message; the heavy slate of Treasury issuance this week concludes; Mexico is expected to hike rates 75 bp to 8.50%; Peru is expected to hike rates 50 bp to 6.50%; German Chancellor Scholz promised more relief for its citizens; PBOC has pivoted and further easing now seems unlikely

Fed speakers will continue spreading the hawkish message; July CPI will be the highlight; the heavy slate of Treasury issuance this week continues; U.K. energy outlook continues to deteriorate; despite the gloomy macro outlook, the BOE is set to continue tightening as inflation spirals ever higher; Norway reported July CPI; Japan reported July PPI; China reported July CPI and PPI; Thailand hiked rates 25 bp to 0.75%, as expected

The lack of follow-through for the dollar is disappointing; the next big Fed event will be its Jackson Hole Economic Symposium; Fed tightening expectations still need to adjust; Mexico reports July CPI; Brazil central bank minutes will be released; BOE Deputy Governor Ramsden said interest rates will have to rise further to help limit inflation; Hungary reported July CPI; Japan reported July machine tool orders

Markets are still digesting last week’s blockbuster jobs report; Fed tightening expectations continue to adjust; higher U.S. yields continue to support the dollar; U.K. households are facing even greater energy bills; despite the gloomy outlook, the BOE is set to continue tightening as inflation spirals ever higher; Czech central bank Governor Michl signaled the end of the tightening cycle, at least for now; Japan reported June current account data; China reported July trade and foreign reserves data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Fed officials continued their communication push; Fed tightening expectations should move higher; the July jobs report is the main event; Canada also reports July jobs data; several eurozone countries reported June IP; BOE hiked rates 50 bp to 1.75%, as expected; updated forecasts were grim; Czech Republic delivered a dovish surprise and kept rates steady at 7.0%; Japan reported firm June labor cash earnings and household spending; RBA released its Statement on Monetary Policy; India hiked rates 50 bp to 5.40% vs. 35 bp expected

Fed officials continue to push back against the perceived pivot; U.S. yields have surged as a result; ISM reported firm services PMI readings for July; Brazil hiked rates 50 bp to 13.75%, as expected; Germany reported weak June factory orders; ECB tightening expectations remain depressed; BOE is expected to hike rates 50 bp to 1.75%; Czech Republic is expected to hike rates 25 bp to 7.25%; Australia reported firm June trade data

As the investment landscape in Japan continues to evolve, BBH Relationship Manager Tomoko Kenny asks SMTAM's David Semaya how his firm is addressing three global themes and how Western asset managers can enter this market with the help of industry partners.

As we expected, Fed officials are pushing back hard against the pivot theme; ISM July services PMI reading is the main event; Brazil is expected to hike rates 50 bp to 13.75%; data suggest the ECB has already activated its first line of defense against fragmentation; final eurozone and U.K. services and composite PMIs were reported; Turkey reported July CPI; Japan reported weak final July services and composite PMIs; New Zealand reported mixed Q2 jobs data; Caixin reported final China July services and composite PMI

Fed speakers will be closely scrutinized this week; inflation expectations have risen after the perceived Fed pivot; July ISM manufacturing PMI was solid; German electricity prices are setting new record highs; ECB tightening expectations remain depressed; regional tensions remain high as U.S. House Speaker Pelosi visits Taiwan; reports suggest Japan will propose a record hike in the minimum wage; RBA hiked rates 50 bp to 1.85%, as expected; tightening expectations are adjusting accordingly after the pivot

We think Fed officials will push back against the market’s dovish take on its decision; the U.S. rates market continues to price in gloom and doom; ISM reports July manufacturing PMI; eurozone final July manufacturing PMI readings were reported; Germany continues to weaken; Caixin reported soft China July manufacturing PMI; Hong Kong reported weak Q2 GDP data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

We got our first look at Q2 GDP and it wasn’t pretty; the GDP data means absolutely nothing with regards to Fed policy; June core PCE data will be important; July Chicago PMI will also be closely watched; July eurozone CPI readings came in very hot; Q2 eurozone GDP data came in stronger than expected; July Tokyo CPI was reported; BOJ board members remain worried about downside risks; given the long-standing monetary policy divergence, we can only explain the recent yen strength as a positioning washout; China reports official July PMI readings Saturday local time

The two-day FOMC ended with a 75 bp hike to 2.50%; market expectations for Fed tightening are diverging; Powell was suitably hawkish during his press conference; and reiterated the Fed’s laser focus on inflation; we get our first look at Q2 GDP; it looks like some fiscal stimulus is coming in the U.S. after all; eurozone confidence continues to plunge in July; ECB officials are starting to acknowledge recession risks; July eurozone CPI readings will start to roll out; BOJ Deputy Governor Amamiya sees wage gains picking up next year; Australia reported soft June retail sales

The Fed is widely expected to hike rates 75 bp to 2.50%; the press conference will be key; we think markets are setting themselves up for disappointment; the U.S. rates market continues to price in doom and gloom ahead of the FOMC decision; reports suggest Russia is likely to continue limiting natural gas shipments to Europe; markets are still repricing ECB tightening; German GfK consumer confidence was reported for August; the U.K. race for Tory leadership is sharpening up; Australia reported mixed Q2 CPI data

In September 2022, the final phase of the regulation on posting and collecting collateral as initial margin for OTC derivatives takes effect and will mainly impact the pension fund and traditional asset manager community. Derek Coyle discusses the scope of the sixth and final phase of the Uncleared Margin Rules (UMR).

The two-day FOMC starts today and the Fed is widely expected to hike rates 75 bp to 2.50%; June Chicago Fed NAI is concerning; Brazil reports mid-July IPCA inflation; Russia announced plans to cut gas flow through the Nord Stream pipeline; the eurozone was already weakening and now the threat of gas shortages has risen dramatically; Hungary is expected to hike the base rate 100 bp to 10.75%; Japan’s Cabinet Office raised its monthly economic assessment in for the first time in three months; the RBNZ is reviewing its monetary policy response to the pandemic

U.S. rates are inching higher but continue to price in doom and gloom ahead of the FOMC meeting that begins tomorrow; June Chicago Fed NAI will be watched closely for further signs of recession; regional Fed manufacturing surveys for July will continue rolling out; ECB officials continue to send mixed messages; Germany remains the weak link in the eurozone; U.K. CBI released the results of its July industrial trends survey; new BOJ board member Takata said the economy still needs policy support; Singapore reported June CPI

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The U.S. rates market continues to price in doom and gloom; regional Fed manufacturing surveys for July have been mixed; Mexico reports mid-July CPI; the ECB delivered a hawkish surprise; it also announced the creation of the so-called Transmission Protection Instrument (TPI); market sentiment waned as Madame Lagarde conducted her press conference; Italian political uncertainty has risen; preliminary eurozone July PMI readings came in weak; U.K. data came in slightly firmer than expected; Russia delivered a dovish surprise; South Africa delivered a hawkish surprise; Japan reported June national CPI data; Japan and Australia reported weak preliminary July PMI readings

Capital and macro markets continue to present market participants and policymakers with a complex and dynamic environment that requires their flexibility to adapt. BBH’s securities lending team provides a mid-year assessment and outlook for H2 2022.

It’s all about the ECB today; regional Fed manufacturing surveys for July will continuing rolling out; the ECB is widely expected to hike rates 25 bp; Italian politics have entered a dangerous new phase; the U.K. political outlook has gotten some clarity but the next Tory leader will inherit a terrible situation; South Africa is expected to hike rates 50 bp to 5.25%; Turkey kept rates steady at 14.0%, as expected; the two-day BOJ meeting ended with a dovish hold; Indonesia kept rates steady at 3.5%, as expected

Managers and distributors are increasingly obligated to engage investors on their ESG appetite. Adrian Whelan sets out the MiFID II Sustainability Preferences and other factors that firms should consider.

The slope of the U.S. yield curve is getting more concerning; Canada highlight will be June CPI data; reports suggest the ECB may consider a 50 bp hike tomorrow; other reports suggest the ECB is struggling to reach a compromise on its new anti-crisis tool; we see four possible outcomes tomorrow; Italian politics remain in flux ahead of a planned confidence vote today; the U.K. political outlook continues to solidify; the two-day BOJ meeting began today

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.