London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — Investor Presentation (December 2024)
11 slides from London Stock Exchange's investor presentation, December 2024
Slide 1: Macro Microscope: New World-New Playbook?
Macro Microscope New World-New Playbook? Indrani De John Dioufas Head of Global Investment Director, Datastream and Research Macroeconomics FTSE Russell, LSEG LSEG December 2024
Slide 2: FTSE Russell is not an investment firm and this presentation is not advice
FTSE Russell is not an investment firm and this presentation is not advice about any investment activity. None of the information in this presentation or reference to a FTSE Russell index constitutes an offer to buy or sell, or a promotion of a security. This presentation is solely for informational
Slide 3: Europe: Peripherals vs North
Europe: Peripherals vs North Spanish economic growth is stronger than Germany In contrast to Germany, Spain’s economy has been thriving, with growth expected to surpass other EU countries in 2025-26; the country is benefiting from EU stimulus to help transition towards cleaner energy. Remember the E
Slide 4: Spain and Italy sovereigns and corporate bonds lead 10-year outperformance
Spain and Italy sovereigns and corporate bonds lead 10-year outperformance Spanish and Italian government and corporate bonds have outperformed over 10yrs, especially since 2022. Selected Eurozone govt bond returns (TR, EUR) Selected EuroBIG corporate bond returns (TR, EUR) 135 120 130 125 115 120 1
Slide 5: …As do Italian equities and high yield credit
…As do Italian equities and high yield credit Italian equities and high yield credit also outperformed the market, with decoupling evidenced since 2022. Selected European equity returns (TR, Rebased, EUR) Selected Eurozone high yield credit performance (TR, EUR) 300 FTSE Developed Europe ex UK Ann.
Slide 6: Asia: China vs Japan
Asia: China vs Japan Crossover of Chinese & JGB yields – blip, or a decade of deflation in China? Deflation risks intensify in China, as consumers increase savings, despite lower rates, with no social security system. Longer dated China bonds have now fallen to JGB yield levels, as JGB yields rise.
Slide 7: Chinese yield curve pricing in deflation in China?
Chinese yield curve pricing in deflation in China? The latest yield curve shows the Chinese yield curve has shifted down since the end of Q3-2024, implying the market is pricing in lower future Chinese interest rates given lower inflation expectations. Source: LSEG and Datastream.. All data as of De
Slide 8: US yield curve pricing in inflation for the United States?
US yield curve pricing in inflation for the United States? In contrast, the latest yield curve movements shows the US yield curve has shifted up since the end of Q3-2024, implying the market is pricing in higher future interest rates given higher inflation expectations. Source: LSEG and Datastream..
Slide 9: Central Bank Interest Rate Probabilities
Central Bank Interest Rate Probabilities Complete divergence in central bank interest rate probabilities, as domestic markets evolve in different directions Source: LSEG and Datastream.. All data as of December 09, 2024. Past performance is no guarantee of future results. For professional investors
Slide 10: Currency Pressures – Changing interest rate differentials
Currency Pressures – Changing interest rate differentials Divergence in central bank interest rates mean changes in interest rate differentials between economies Source: LSEG and Datastream.. All data as of December 09, 2024. Past performance is no guarantee of future results. For professional inves
Slide 11: Disclaimer
Disclaimer © 2024 London Stock Exchange Group plc and its applicable group undertakings (LSEG). LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada
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