The Barclays Wealth research team includes four groups of specialists focusing on macroeconomics, equity, fixed income and asset allocation.
We keep you informed about global macroeconomic analysis and forecasts; government bonds and corporate credit; top-down economic strategy; bottom-up stock picking and sector analysis; foreign exchange research and forecasts; property, commodities and hedge funds.
We publish research regularly as part of our flagship Signpost suite:
Quarterly Investment Strategy gives you ‘big picture’ insight into the state of the markets, from top-level strategic views to bottom-up stock picks.
Monthly Update covers the past month in the markets, individual sectors, topics in the spotlight, and the performance of our model portfolios.
We also publish stand-alone Signpost reports focusing on equities and commodities.
Please see below the most recent example of each of our Signpost reports.
As we approach the end of the year, we seem to be through the initial shock of the crisis and have hit what we refer to as the “Eye of the storm”. Markets are still digesting the government rescue packages and subsequent recapitalisations of the banks and assessing the impact on the wider economy. As companies report the effect of falling economic growth on their businesses we will see some further turbulence, with earnings estimates likely to fall further in the short term. That said, equity markets do look cheap on a medium-term view, even on falling estimates, and for this time horizon we continue with our advice to invest in defensive stocks.
Barclays Wealth, 31 October 2008
We have updated some work on the impact of recessions on equity markets and judge that our large-cap, value bias is appropriate for the short term, although growth stocks should gradually move into favour as the downturn progresses. Income is likely to be a key driver of equity returns in the short term and we identify companies with strong balance sheets, well-covered dividends and attractive valuations. We also provide details of our stock screening process and an update on the banking sector in the wake of the government-led recapitalisations. We also provide an in-depth analysis of the insurance sector and its bespoke accounting standard, Embedded Value. Full sector reviews are included and we highlight our Buy recommendations and the level of upside to our fair value targets.
Signpost Equities November 2008: Eye of the storm [PDF, 1.03 MB]
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