CHANGE SITE ALLIANCEBERNSTEIN.COM OUR FIRM BLOG CONTACT US SET MY START PAGE AllianceBernstein Defined Benefit Asia-Pacific Home Our Approach Products Research Login Remember Me Haven't registered? Register Now Forgot password? Welcome to AllianceBernstein Institutions - Asia Pacific At AllianceBernstein, we have a long history of working with some of the world’s largest plans, helping them achieve their investment goals. CURRENT PERSPECTIVES Fed Rate Policy: Crafting a Game Plan Capital markets could get a jolt if the US Federal Reserve raises interest rates faster and farther than expected. But we don’t think there would be a major sell-off in risk assets, and there are several ways for investors to play the possibilities. A Nice Problem to Have (and Some Partial Solutions) Many taxable US investors will face higher capital gains tax bills for 2014 than for 2013, although market returns are likely to be more modest. The reason isn’t higher tax rates: US tax rates were up in 2013, too. The reason is large capital gains and limited losses. Growing Older in Emerging Markets The rapidly aging demographic in developing countries is an important market for consumer companies. For investors, it’s imperative to understand why complex socioeconomic changes will affect spending patterns in unfamiliar ways as emerging markets mature. ECONOMIC PERSPECTIVES Bank of Japan and Yen: Game On Japan :: With the yen depreciating through the 110 level against the US dollar, the question of how much further naturally arises. The Bank of Japan’s (BoJ) behavior remains critical in that question. With the central bank’s Policy Board meeting twice this month, it’s “game on.” ECB in No Hurry But Further Easing Still Likely Europe :: With a weaker euro providing some breathing space, the ECB is in no hurry to ease policy further. But we doubt that the current policy setting is aggressive enough to guard against deflation risks in the euro area. Hence, we continue to anticipate more easing early in the new year. Data-Dependent Policy in an Undependable-Data World US :: Policymakers have made it crystal clear that their decision to raise official rates is “data dependent.” Yet, what does “data dependent” mean in a world where real-time data often lack reliability and policymakers’ assessments of economic conditions are sometimes clouded by the inaccuracies inherent in that real-time data? China: More Reasons for CNY Appreciation Asia :: The renewed strength of the US dollar, driven by the US Federal Reserve’s policy normalization, has put renewed downward pressure on most Asian currencies. The Chinese renminbi, however, is likely to continue to buck the trend, supported by favorable fundamentals and policy dynamics. Global Economic Outlook Global :: Global economic growth remains moderate and uneven, which is likely to trigger shifts in monetary policy in a number of economies. Venezuela: Illiquidity or Insolvency? Latin America :: An article suggesting Venezuela should default on its debt and focus on rebuilding its economy has given the market a good scare. In our view, it misses the point. Venezuela’s problem isn’t insolvency; it is fiscal indiscipline and inflation. New policies would help set things right—if the government is willing to act. Australia’s Rebalancing: Too Little, Too Slow Australasia :: The non-mining sector is taking up some of the slack from the investment slowdown in Australian mining—but not fast enough, nor with enough “oomph.” The scene seems set for further disappointment. MARKET PERSPECTIVES China Bonds: August 2011 Against a background of slowing global economic recovery, the policy focus in China, as in many other countries, switched to growth rather than inflation. Not all policy signals were unambiguous, however, and the most noteworthy—a decision by the People’s Bank of China (PBOC) to extend the reserve requirement ratio (RRR) to banks’ margin deposits—caused some confusion. On balance, it appeared likely to act as a not-too-onerous check on liquidity growth that was well calibrated to the growing sense of economic uncertainty. Asia ex-Japan Value: June 2011 The Asian ex-Japan market fell in tandem with global markets in June amid persistent global investor anxiety, finishing down 2.3% in US dollar terms. South and Southeastern Asian markets fared better, with the exception of Thailand, which remained fragile ahead of July’s general election. China A-Share Value: June 2011 Bucking a trend of general weakness in the broader Chinese and Asian equity markets, China A shares rose in June as worries about rampant inflation and economic slowdown eased somewhat. Having sharply lagged global markets in previous months, the A-share market, particularly cyclical companies, benefited from investors’ pent-up demand. The MSCI China A Share Index rose 2.8% in US dollar terms. Pacific ex-Japan Value: June 2011 The developed Pacific markets—as measured by the MSCI Pacific ex Japan Index—declined 1.7% for the month, trimming the gain for the first half of the year to 2.5%. Sector performance was mostly negative during June. IN THE NEWS AllianceBernstein Outlines Multi-Themed Approach AsianInvestor met with chief investment officer Catherine Wood to talk about the launch of the Global Thematic Research Portfolio in Asia in November. YOUR ASSET ALLOCATION Stress Test Your Asset Allocation Compare the change in funded ratios under different market scenarios and asset mixes. OUR APPROACH How we partner with you and the specialist services and holistic solutions that we offer to address your needs. Learn more about our approach OPPORTUNITIES Global Dynamic Duration The 2008–2009 global recession marks the end of the ‘Great Moderation’ and the beginning of a new period of increased volatility, in our opinion. This has profound implications for portfolio returns and investment strategies. Emerging Markets Multi-Asset Portfolio Our research indicates that an actively-managed portfolio combining equities, debt and currencies offers significant advantages over a single-asset-class approach. Opportunities in Thematic Growth Investing Looking at stock markets through a thematic lens points to opportunities we find compelling. Currency Alpha Opportunities We see opportunities for currency alpha as some countries recover faster than others and central bank monetary policies diverge. SOCIAL NETWORKS Facebook LinkedIn Twitter AllianceBernstein Sites (You may be asked to agree to Terms & Conditions.) 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