A brief press release recently from Europe’s largest and possibly oldest industrial manufacturer, announcing a short-dated, small-sized bond, seems hardly significant. In time however it may come to be seen as heralding a transformation of bond markets.

Near-term tailwinds could favor international markets

Real estate downturns (defined as two consecutive quarters of falling prices) have been triggered in a number of economies including Canada, Australia, New Zealand and the Nordics. One area where this trend is playing out most rapidly is Sweden, where house prices are falling at one of the fastest rates in the world.

Uncertainty persists, but yield is back and fundamentals matter

Yields are appealing in select markets and buying opportunities exist, but investors will need to be mindful about volatility.

"The world is heading into winter in more ways than one. As economic considerations increasingly take a backseat to social and political priorities in China, the flow of goods, capital, and ideas will likely become more and more constrained – perhaps ending a long summer of freer and more globalized trade and markets."

Four key factors set to shape the outlook for digital advertising.

Headwinds diminishing and valuations now more attractive