Beyond Bulls & Bears

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Equity

Shedding Light on the Utilities Sector

“We see many reasons to be optimistic about utilities today as we look out over the next 10, 20 or 30 years. In our view, most companies have established constructive regulatory relationships and should be able to adjust to the higher cost of capital assumptions that would develop due to rising interest rates.” – John Kohli, Franklin Equity Group

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Equity

Winded Markets May Face a More Difficult Climb in 2018

“We believe this rosier global outlook is largely priced into equities. The US market is looking the most expensive to us at a time when US corporate earnings are already well past their prior peaks.” – Coleen Barbeau, Franklin Equity Group

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Perspectives

US Tax Reform: This May Not Be the End

“As we have seen during prior tax reform efforts throughout US history, there are likely to be some impacts of this tax plan that legislators could not predict. And, there are likely to be some unintended consequences or even errors in the legislation that require correction. So, it would not surprise us to see a 'technical corrections' bill next year or beyond to clarify and fix certain issues.” - Pierre Caramazza and Michael Doshier

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Perspectives

Global Investment Outlook 2018: Reflections on Growing Economies and Fading Stimulus

As markets shift away from the recovery era of monetary accommodation amid synchronized global growth, some investors may be wondering where potential opportunities can be found. We present a summary outlook for the year ahead from Franklin Templeton’s global macro, fixed income, equity and multi-asset investment teams.

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Multi-Asset

The Market Implications of US Tax Reform a Bit Unclear

"Some market observers have expressed optimism that US tax reform will prove bullish for stocks—and the economy overall—but the reality is that there will be some winners and losers and we don’t ultimately know what the magnitude of the impact will be.” -Ed Perks, CIO, Franklin Templeton Multi-Asset Solutions

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Fixed Income

Global Economic Perspective: December

“The pattern of a strong cyclical upturn in the global economy combined with subdued inflation looks set to continue for some time, in our view. Nevertheless, we believe increasing demand and a diminishing pool of labor are likely to create meaningful pricing pressures at some point.” - Franklin Templeton Fixed Income Group

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Perspectives

Self-Driving Vehicles: The Race to Get Them on the Road

Technological advancements over the past two decades have moved the idea of self-driving cars from the realm of science fiction to fact. Recently, Franklin Templeton Investments assembled a panel of professionals to discuss the competition between traditional vehicle manufacturers and technology companies in the race to develop a truly autonomous car.

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Fixed Income

Fed Delivers Another December Rate Hike

“It’s important to note that the United States is still historically in a very low interest-rate environment, and frankly, keeping rates close to zero for a prolonged period really isn’t healthy. In our view, this tightening cycle actually represents a normalizing of rates.” - Christopher Molumphy, Franklin Templeton Fixed Income Group

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Education

US Tax Reform: What Investors Need to Know

Wondering how the latest tax reform bills may impact you? Our Pierre Caramazza and Michael Doshier break down some key aspects of bills from an investment standpoint and highlight some substantial differences between the House and Senate versions.

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Equity

Why Macron’s Reform Agenda Is Boosting Business Optimism

“We see signs that France’s economy is starting to improve under President Emmanuel Macron. France is enjoying its best streak of economic growth in more than six years. And, French companies are hiring at the fastest pace in almost 17 years." – Katrina Dudley, portfolio manager, Franklin Mutual Series