Explore our thinking about today's financial markets


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Oil markets pin hope on vaccine and OPEC+

November 24, 2020  |  Fixed income

Oil prices are likely to trend slightly higher as OPEC+ mulls maintaining lower output in 2021 and demand recovers in key markets such as China.

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Oil markets pin hope on vaccine and OPEC+

Capital Markets Outlook

Recovery math: Square root of K = 0

Recovery math: Square root of K = 0

October 7, 2020  |  Capital Markets Outlook

The recovery has continued, but it could flatten out in the absence of more policy support.

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Fixed Income Outlook

Bond investors face Catch-22

Bond investors face Catch-22

October 22, 2020  |  Fixed Income Outlook

Bond yields will likely stay near record lows amid an uneven economic rebound.

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Equity Outlook

What would the end of the pandemic mean for the bull market?

What would the end of the pandemic mean for the bull market?

October 2, 2020  |  Equity Outlook

We explore what makes this recession unique, why vaccine progress could be disruptive to markets, and the potential impact of the U.S. presidential election on various industries.

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All posts
Oil markets pin hope on vaccine and OPEC+

Oil markets pin hope on vaccine and OPEC+

Oil prices are likely to trend slightly higher as OPEC+ mulls maintaining lower output in 2021 and demand recovers in key markets such as China.

More

Calls for new stimulus as recovery fizzles

Calls for new stimulus as recovery fizzles

Governments are trying to calibrate their policies to support growth as “fiscal cliffs” loom amid a resurgence in the virus.

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Post-election option markets show uncertainty for new reasons

Post-election option markets show uncertainty for new reasons

Two weeks after Election Day, we believe the markets have a lot more clarity, but options markets reveal uncertainty.

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U.S. politics amid virus surge

U.S. politics amid virus surge

U.S. election politics are playing out against a backdrop of an easing recovery, rising COVID-19 cases, and a potential new vaccine.

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Munis outpace Treasuries, taxable bonds

Munis outpace Treasuries, taxable bonds

The recovery in the municipal bond market continued in the third quarter as munis outpaced U.S. Treasuries and the broader taxable bond market.

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China leads, other emerging markets lag

China leads, other emerging markets lag

China is leading the economic recovery among emerging-market countries, buoyed by stimulus and stringent COVID-19 measures.

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Pandemic persists in policy patchwork

Pandemic persists in policy patchwork

Fiscal and monetary policies will be central to the economic recovery between now and the availability of a COVID-19 vaccine.

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U.S. economy remains a centerpiece in 2020 vote

U.S. economy remains a centerpiece in 2020 vote

Fiscal policy will be a key focus for investors after the November election.

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VIX futures hint at post-election uncertainty

VIX futures hint at post-election uncertainty

When there is election uncertainty the VIX can experience a “kink” to price indicating idiosyncratic risk.

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The global economy and the race for a vaccine

The global economy and the race for a vaccine

The development of a vaccine will play a role in shaping the global economic comeback in 2021.

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If taxes move higher, demand for munis may surge

If taxes move higher, demand for munis may surge

The likelihood of higher taxes in the future could boost demand for tax-advantaged investments including munis.

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Keeping Japan's economy afloat after Abe

Keeping Japan's economy afloat after Abe

Prime Minister Shinzo Abe's resignation raises questions about the future of Abenomics and reform in Japan.

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Investors returning to municipal bond funds

Investors returning to municipal bond funds

Municipal bond funds rebounded in the second quarter as investors returned to asset classes they abandoned early in the pandemic.

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Muni-bond market slowly reviving from COVID-19 setback

Muni-bond market slowly reviving from COVID-19 setback

The Fed helped the muni-bond market revive the muni-debt market as states and local governments grappled with revenue disruptions.

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The Fed’s flexible new policy

The Fed’s flexible new policy

The Fed announced a shift in its approach to monetary policy and the new strategy can be viewed as a flexible form of average inflation targeting.

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The future is happening faster now

The future is happening faster now

We rarely see as much disruption as we have seen in 2020, and we believe this offers investment opportunities.

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Perspective on keeping perspective

Perspective on keeping perspective

Five months into our pandemic environment, financial professionals are looking for ways to keep their work in perspective.

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Deglobalization creates new winners in China

Deglobalization creates new winners in China

The trade war, pandemic, and the Made in China 2025 initiative are resulting in a deglobalization trend and opportunities in China.

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Staying at home increases spending on homes

Staying at home increases spending on homes

As the economy continues to be challenged by the COVID-19 pandemic, we are seeing two notable trends in the U.S. housing industry.

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V-shaped recovery proving elusive

V-shaped recovery proving elusive

The U.S. and global economic recoveries are unlikely to be “V-shaped” as businesses and consumers remain wary of returning to pre-pandemic behavior.

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Vaccine is a wild card for the economy

Vaccine is a wild card for the economy

A vaccine for the coronavirus will be supportive of risky assets even if the economic benefits take longer to materialize.

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Risk sentiment swings with Fed tapering

Risk sentiment swings with Fed tapering

Without a proactive Fed, the rally in risk assets would be in trouble.

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Europe displays rare unity over relief fund

Europe displays rare unity over relief fund

In a step toward closer ties, European Union leaders plan to discuss a recovery fund for countries hardest hit by the pandemic.

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Company diversity and social justice

Company diversity and social justice

Company diversity is a step toward equity and equity is a step toward inclusion, which is important to company success.

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U.S.–China war of words playbook

U.S.–China war of words playbook

The politics of the U.S.–China relationship have clearly become more complicated recently. The war of words over China’s handling of the coronavirus outbreak and the proposed new Hong Kong security law has the potential to create headwinds for the global economy and financial markets.

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Disruptive change: A growth driver for small companies

Disruptive change: A growth driver for small companies

Disruptive change is often the force that enables small companies to compete against their larger peers.

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Navigating market turmoil: Our intrinsic value compass

Navigating market turmoil: Our intrinsic value compass

Our investments in the communications sector help illustrate our intrinsic value approach to finding opportunities.

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U.S. economic fog lifts slightly

U.S. economic fog lifts slightly

It is encouraging that some stabilization has started in the United States and the economic data fog is lifting just a little; but we forecast a low probability of a "V-shaped" recovery.

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Sustainability research: A week in the life of our team

Sustainability research: A week in the life of our team

Our research includes discussions with company managements, other researchers and investors, industry and subject experts, and non-profit organizations.

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Behavioral shifts bring investment opportunities

Behavioral shifts bring investment opportunities

Many businesses that have been resilient and strong during the COVID-19 crisis are likely to become even stronger in the aftermath.

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Coronavirus tests limits of U.S. stimulus plans

Coronavirus tests limits of U.S. stimulus plans

The coronavirus pandemic is testing the limits of fiscal and monetary policy responses from Congress and the Federal Reserve to boost the economy and calm financial markets.

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Sustainable value: Gender diversity on corporate boards

Sustainable value: Gender diversity on corporate boards

Diversity in companies — including gender diversity — can have a positive impact on company performance and strategic ability.

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Stumbling toward a fiscal equilibrium in the eurozone

Stumbling toward a fiscal equilibrium in the eurozone

The economic impact of the coronavirus pandemic in Europe will be severe amid stimulus efforts by policymakers, including the European Central Bank, to cushion the blow.

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Bracing for a slow U.S. recovery

Bracing for a slow U.S. recovery

U.S. economic recovery will likely be slow and halting as coronavirus health risks cast a shadow on demand.

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ESG issues alive in healthcare

ESG issues alive in healthcare

Our team analyzes medical costs and access as ESG issues affecting human well-being and sustainable economic development.

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What’s next for the hard-hit financials sector?

What’s next for the hard-hit financials sector?

The financials sector has been among the hardest hit from the COVID-19-induced equity market selloff, but there are reasons for optimism.

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Perspectives on COVID-19

Perspectives on COVID-19

Putnam’s health-care analysts and portfolio managers offer their outlooks and perspectives on key aspects of the COVID-19 pandemic.

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Oil’s wild ride and what lies ahead

Oil’s wild ride and what lies ahead

Demand for oil has collapsed as the coronavirus pandemic devastates the global economy and curbs much of the need for fuel from companies and consumers.

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Navigating bond yields

Navigating bond yields

The trajectory of bonds yields will depend on the Federal Reserve's policies and fiscal stimulus amid a sharp global economic downturn.

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Investing for growth in volatile markets

Investing for growth in volatile markets

Putnam portfolio managers discuss managing risk and finding investment opportunities in challenging markets.

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Social distancing generates recession

Social distancing generates recession

A recession is looming in the United States as COVID-19 and social distancing take a toll on economic activity.

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Manager insights: Bulls, bears, and bond markets

Manager insights: Bulls, bears, and bond markets

With the extreme swings in the market over the last few weeks, several of Putnam’s senior fixed-income managers shared their insights on the bond markets.

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Equity opportunities in challenging markets

Equity opportunities in challenging markets

Putnam’s equity investment professionals recently discussed market conditions, their strategies, and their outlooks.

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