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China's Growth Evolution: Opportunities and Challenges for the Global Economy
by Adam Bowe, Stephen Chang of PIMCO, 8/30/24

China's economic transformation presents both challenges and opportunities for global markets.

Valuing Diverse Perspectives
by Gloria Ezeakor, Heather Wallace, Adam Bowe of PIMCO, 3/5/21

As International Women’s Day approaches, three PIMCO executives share their perspectives on diversity in the workplace.

Challenges Remain for Asia's Economies
by Luke Spajic, Tadashi Kakuchi, Adam Bowe of PIMCO, 4/8/16
Complicated growth and policy environments in China and Japan create challenges for the region.

Policy Support Amid Sluggish Growth: Asia’s Economies in Transition
by Adam Bowe, Luke Spajic, Tadashi Kakuchi of PIMCO, 1/12/16
Policy will be critical over the coming year but options are constrained by excessive debt, domestic politics and potential asset bubbles.

A Fragile Transition Supported by (Further) Policy Accommodation
by Adam Bowe, Isaac Meng, Tadashi Kakuchi of PIMCO, 10/1/15
n the following interview, Portfolio Managers Adam Bowe, Isaac Meng and Tadashi Kakuchi discuss conclusions from PIMCO’s quarterly Cyclical Forum, in which the company’s investment professionals debated the outlook for global economies and markets. They share our views on economies and investment implications across the Asia-Pacific region over the next 12 months.

Pregnant Pause
by Adam Bowe and Robert Mead of PIMCO, 4/21/15
After re-engaging policy support in February following an 18-month hiatus, the Reserve Bank of Australia (RBA) wrong-footed many in the market by keeping policy on hold in the two subsequent board meetings. So was February's decision a "one-and-done" policy event or the start of a more aggressive easing cycle?

In a Challenging Environment, Policy Easing Sweeps Through Asia
by Adam Bowe, Tomoya Masanao, Isaac Meng of PIMCO, 3/27/15
The key change to our cyclical outlook for Asia: We have further downgraded our growth forecast for China to the low-6% range as real borrowing rates remain elevated. In Japan, we expect growth to recover from last year's technical recession, following the delay in the next value-added tax (VAT) hike and the increase in the Bank of Japan's easing program.

Growth Headwinds Continue to Blow Through Asia in 2015
by Adam Bowe, Tomoya Masanao, Robert Mead of PIMCO, 12/23/14
This commentary discusses the conclusions from PIMCOs quarterly Cyclical Forum in December 2014 and how they influence our Asian outlook and investment strategy.

Slower Growth in China and Japan Pressures the Region
by Scott Mather, Tomoya Masanao, Adam Bowe of PIMCO, 9/29/14
Our forecast for the global economy is below consensus mainly because of our views for regions outside of the U.S., including Asia, the emerging markets and Europe, although higher growth in the U.S. should offset some of the slowdown we see coming from China. Japan made a kick start under so-called Abenomics with massive monetary and fiscal reflation policies, but the recent data suggest to us that the effectiveness of those cyclical policies are already challenged by secular and structural headwinds.

Signs of Life??
by Adam Bowe, Robert Mead of PIMCO, 4/1/14
As mining investment in Australia tapers, improvements in other sectors of the economy recently have allayed some concerns of a collapse in domestic demand. We share the cautious optimism but stop well short of expecting higher policy rates this year. Australian bond yields remain highly correlated to global developed market bond yields, and without a near-term domestic catalyst to cause that correlation to break, Australia?s yields are more likely to gradually rise, particularly in the longer end of the yield curve, which isn?t supported by anchored policy rates. ?

Australia Inc.
by Adam Bowe, Robert Mead of PIMCO, 12/18/13
In 2013, real growth in business investment in Australia outside the mining sector slowed to almost zero, in part due to the high exchange rate. While some sectors of the economy such as housing appear to be improving, we continue to expect sub-trend growth in 2014 due to the subdued outlook for business investment. The RBA will most likely have to keep interest rates low for an extended period to ease the transition away from mining-assisted growth and encourage a weaker exchange rate.

Taper Time - Mining, That Is
by Adam Bowe, Robert Mead of PIMCO, 10/9/13
Recent data suggest that mining investment is tapering, with the sector detracting from real growth in the first half of 2013. We see three possible growth scenarios: a handoff to the corporate sector; no handoff, with demand continuing to slow; or a handoff to the highly levered household sector, which would create long-term risks. Until we see meaningful signs of a growth handoff from the mining sector to a new balance sheet that has the capacity to expand, our base case calls for sub-trend growth and low interest rates, supporting bond prices over the cyclical horizon.

Filling the Hole We Have Dug
by Adam Bowe, Robert Mead of PIMCO, 5/29/13
Mining investment contributed more than 60% of the growth in Australias GDP in 2012. The expected decline in mining investment will likely leave a significant economic hole in the short term that needs to be filled. PIMCO expects easier monetary policy will be needed to support other sources of domestic growth, such as non-mining business investment, household consumption and housing construction.

Australias Second-largest Export It Isnt Coal
by Adam Bowe of PIMCO, 9/14/12
With growth in China now moderating, and the price of commodities and Australias terms of trade now declining, many investors are questioning how the Australian dollar has managed to remain well-supported. The explanation lies mainly in the changing structure of the funding of the current account deficit. Going forward this will likely have important implications for monetary policy in Australia if the decline in national income growth is not offset by a similar decline in the Australian dollar.
14 results found.