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Articles by Indrani De
How do you like your OATs?
Indrani De, CFA, PRM Head of Global Investment Research David McNay, CFA Director, Global Investment Research The spread between French OATs and German Bunds has gapped higher, driven by concerns over the French fiscal position; investors are contending with political uncertainty and a large maturity wall, that requires refinancing at higher rates. Currently, this appears more like an idiosyncratic issue than the start of a fresh Eurozone Debt Crisis.
Digital AI to physical AI enablers: Asia benefits
Key takeaways: Digital AI enablers, including foundation models and cloud platforms, led the first phase of the AI boom. As AI adoption scales, investment is increasingly shifting toward the physical systems that enable AI deployment – placing Asia's physical AI ecosystem at the centre of the next phase of AI investing. The Taiwanese market is the leading beneficiary through its dominance in advanced semiconductor manufacturing, packaging and AI server production.
What a carry-on: starting yields as a valuation tool for sovereign bonds
Growth, value or both? Key style shifts in the June 2026 Russell reconstitution Russell 2026 reconstitution reveals key growth vs value shifts, with mega-cap tech and AI leaders redefining US equity style trends.
Private Equity: Characteristics and implications for liquid portfolios
Key takeaways: Private equity investments are attractive for investors due to their expected pattern of having relatively high returns, low volatility, and low correlation to public equities. This pattern is at least partially driven by private equity being illiquid and not being marked to market at a regular frequency.
Oil’s big jump; markets’ small reaction: a risk of mispricing?
Indrani De, CFA, PRM Head of Global Investment Research,FTSE Russell Mark Barnes, PhD, Head of Global Investment Research, Americas, FTSE Russell The conflict in the Middle East is a new challenge to the global economy and financial markets. In this insight we review the market reaction to the crisis and discuss risks that could lead to repricing.
Emerged: The structural re-rating of Emerging Markets
Digital Asset Chartbook – Quarterly index analysis The Digital Asset Chartbook provides a clear, data driven view of Q4 2025 performance across the digital asset landscape—including Bitcoin, Top 10, Digi 50, crypto sectors, staking, and more.
Global equities in 2026: Same, same… but different
Key takeaways: The FTSE All World Index returned 23.1% in 2025. Outperforming the US by the widest margin in 16 years Broadening of the global equity rally – by industry and geography – was a key theme. Meanwhile the US became even more concentrated. The top 10 names in the FTSE USA are now nearly 40% and the top 2 stocks weigh more than the combined weight of the Energy, Utilities, Real Estate, Telecommunications and Basic Materials industries.
Building the FTSE Russell financial conditions indicator
Quantifying the unseen: Building a nature and biodiversity risk-adjusted sovereign index This report illustrates how a sovereign bond index can integrate nature and biodiversity risks based on a 3-pillar framework—impact, dependence, policy.
A dynamic market creates new sectoral diversification opportunities
Henry Morrison-Jones, CFA, This insight outlines several industry and sectoral implications from market developments during the first half of 2025 that argue for greater diversification for multi-asset investors and is supported by lower asset correlations recently. The first half of 2025 posed new challenges for investors as policy uncertainty rose to historic levels leading to market volatility.
Shifting sands in global equities: return drivers point to potentially higher volatility and dispersion
Over the last 22 years, global public equities have seen at least two regimes from a return perspective: 1) during 2003-10, non-US equities outperformed those in the US with earnings growth being the primary driver of global equity returns; and 2) during 2011-24, US equities dominated global equity returns with valuation expansion contributing more to US total returns, on an annualized basis, than in the previous period.
A resilient Indian fixed income market
Robin Marshall, M.A., MPhil In part 2[1] of the India financial market series, we illustrated how Indian fixed income markets have grown sharply in terms of size and investability and how the strong fundamental growth outlook and improved macro stability have attracted foreign investor interest. Moreover, ongoing bond inclusions in global indices, including the FTSE WGBI, are evidence that Indian fixed income markets have matured and become fully investible.
Dollar demise, or a storm in a trade tea-cup?
This insight examines the debate around the US dollar and Treasuries as global safe havens and reserve assets, following recent weakness. Gold ‘s strong performance, evidence of reduced foreign holdings of Treasuries, de-globalisation and some de-dollarisation have sharpened this debate.
Indian Financial Markets - an Inflection point in their global role?
In recent years, Indian financial markets have grown sharply and attracted strong foreign portfolio inflows into both equity and fixed income markets, helped by strong economic growth and relatively stable inflation. This has driven strong performance in both asset classes, relative to EM peers and G7 markets. Indian government bonds join FTSE govt bond indices from September 2025, which may boost global investor interest further.
Tariff tremors: The global impact of US trade policies
Sayad Reteos Baronyan, PhD US trade policies, particularly tariffs, have far-reaching consequences, potentially disrupting trade flows, investor sentiment, and global equity markets. Recent trade policy shifts, alongside ongoing uncertainty, highlight the potential for significant economic and financial market disruption.
Decomposition of US equity returns over time - is it different this time?
US equity return decomposition shows that the large US equity rallies in 2023 and 2024 were driven mainly by valuation expansion, unlike what we have seen during market recoveries in previous business cycles when, after an initial bounce in valuation, earnings growth was the main driver of total return.
Diverging paths in fixed income: The bond market's tale of fiscal strain and corporate calm
Sayad Reteos Baronyan, PhD The bond market is revealing a divergence between sovereign debt challenges and corporate financial stability, presenting a mixed outlook for investors. Government bond yields are rising due to fiscal burdens, uncertainty in inflation outlook and monetary policy. Corporate bond spreads are narrowing, reflecting investor confidence in corporate balance sheets despite economic fluctuations and uncertainty.
Do valuations predict long-term returns? Examining US Equities through various size and style indices
Sayad Reteos Baronyan, PhD Higher forward P/E ratios are linked to lower subsequent long-term returns, especially in large-cap, growth and broad equity indices. Valuations have minimal predictive power for small-cap returns due to their earnings volatility and higher sensitivity to economic cycles. Growth stocks show the strongest valuation-return relationship, while value stocks are less sensitive to valuations.
India: A structural growth story. But have valuations run ahead?
India was one of the top performers in APAC in both equity and fixed income markets in 2024. In this series, we discuss the equity and fixed income market trends and investment opportunity in India. For Part 1 of the India series, we discuss India’s macro growth and the equity market. India equity was one of the top-performing markets in the APAC region, with its equity market advancing 13.3% in 2024, driven by solid domestic fundamentals and rising capex growth.
US Elections - An Important Event for Financial Markets
U.S. presidential elections have exerted a large influence on financial markets. This analysis explores historical market trends around US presidential elections, illustrating how election-induced volatility shaped returns, and uncovers the nuanced patterns seen under different presidential administrations.
Saudi Arabia’s story of change - milestones in its long-run transformation
Saudi Arabian equities have grown in prominence in the investable emerging markets equity universe, backed by fundamental economic reforms. They may offer both an interesting growth opportunity and potential diversification to an EM allocation. Saudi Arabian equities have quickly become the fifth largest country constituent by weight in the FTSE Emerging index since their inclusion in March 2019.
Multi-asset return correlations – a new regime, or an era of instability?
Robin Marshall, M.A., M.
What has led to Japan’s come-back?
Japanese equities have staged a strong come-back since 2023, leading many to query the reasons for the rally and wonder whether it can last. In this article, we highlight some of the key recent changes to the Japanese economy and financial markets, which may provide the answers. 1) By end-April 2024, Japanese equities had outperformed the FTSE All-World index over 12 months and in the year to date. They had also only slightly lagged the top-performing US equity market so far in 2024.
Emerging markets - a changed asset class?
Investors have traditionally considered emerging markets (EMs) a riskier investment opportunity set than developed markets (DMs). But the risk-return characteristics of EMs may be changing, as reflected recently in compressed EM sovereign spreads and realized equity volatility in line with that of DMs. With healthy growth rates and better equity market performance in EMs outside China, the EM equity index is becoming more diversified.
How American is your US equity portfolio?
Globalisation may have peaked, considering recent geopolitical tensions, with a potentially greater impact on the Russell 1000 index than the Russell 2000 index. A more fragmented world economy may leave many companies and consumers worse off than they would otherwise have been, and may affect the performance of large-cap US stocks, which have benefited from globalisation.
Why a no-drama approach helps Russell index users
The Russell indexes are transparent and predictable in their design and changes, which reduces the chances for arbitrage by hedge fund traders. The Russell indexes follow three principles of objectivity, modularity and reliability, which makes them market-leading benchmarks. The Russell indexes have undergone enhancements over the years to meet the demands of professional investors, helping balance market representation with effectiveness. Accuracy and predictability are key in equity index design.
Consistent in a market that isn’t
The Russell US indexes were designed to capture the whole US economy, as reflected in its companies’ share prices, and have been doing so since 1984. The Russell index approach is based on publicly available data and a logical, inclusive methodology, which accounts for the changes in industry weights and stock rankings over time. The Russell index rules are responsive to the demands of professional investors, such as excluding stocks with low voting rights or low share prices.
Impact Investing Decision-making: Insights on Financial Performance
Impact Investing Decision-making: Insights on Financial Performance uncovers insights into financial performance and explores the increasing sophistication with which impact investors are approaching decision-making. Specifically, it finds that impact investors are applying a multi-dimensional approach to decision-making, considering impact objectives and impact risks alongside traditional factors such as financial return, financial risk, resource capacity, and liquidity constraints.
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