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Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Key points
01
Broader market leadership amid rate cuts
Major stock markets have hit record highs this year. Yet we’ve seen shifts beneath the surface as investors anticipated – and then digested – cuts to interest rates.
02
Positivity amid volatility
Investor worries about global economic growth may produce market swings, but we see a generally positive environment for equities.
03
Infrastructure momentum
Infrastructure companies may benefit from lower rates as well as long-term themes such as digitalisation and decarbonization.
A positive environment for equities
At BlackRock Fundamental Equities we believe central bank rate cuts are likely to create a supportive environment for equities as 2024 draws to a close – but market worries around recession and artificial intelligence investment returns may result in more volatility and further broadening in market leadership as investors seek to diversify portfolios.
We see opportunities in the kinds of companies that may benefit from lower rates. We also believe it’s sensible to stick with "structural winners" – companies that have long-term earnings resilience linked to forces of change – amid potential volatility.
Rate-cut beneficiaries and structural winners
Source: BloombergNEF Energy Outlook, May 2024. Forecasts may not come to pass.
Construction and housing
Some recent earnings calls in this area highlight green shoots of activity in parts of Europe where construction was severely impacted by higher rates.
Stable income payers
Companies that offer stable sources of income may be set for a period of popularity, as this income becomes more attractive relative to declining bond yields.
Healthcare stocks
We see an attractive mix of steady income and rapid innovation in the sector, backed up by the growing demand for healthcare from ageing populations.
Infrastructure opportunities
We believe infrastructure – the physical backbone of any economy – is supported by the Four Ds: Digitalisation, Decarbonisation, Deglobalisation and Demographics.
For Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
Important information
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 –549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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