Industry news and views from Panacea and our partners.
BNY Investments
BNY: Expectation: the retirement spending conundrum
Clients’ spending plans are a pivotal input to retirement planning, but rarely clear. We explore why estimates miss the mark and how advisers turn uncertainty into workable strategies.
BNY: A broader foundation for earnings growth
Although companies benefiting most directly from AI-related capital spending are the main drivers of higher earnings, strength is no longer confined to that group. Earnings across the broader market remain solid and are expected to grow more than 10% this year and next, suggesting the risk of concentrated market leadership may not be founded.
BNY: 3 ways to respond when inflation bites
A surge in energy prices pushed the latest U.S. Consumer Price Index (CPI) reading above forecasts, reinforcing the case that inflation could remain higher for longer. Higher energy prices have also increased market volatility and uncertainty around the path of interest rates.
BNY: Steady hiring, fewer layoffs
May’s jobs report showed a labor market that is improving, with payroll growth exceeding expectations and layoffs down sharply from last year. Steady hiring and fewer layoffs should continue to support consumer spending and U.S. economic growth.
BNY: Is the job market stabilizing?
After sluggish job growth in 2025, investors are looking for signs that the labor market may be stabilizing. With consumer spending driving 70% of economic activity, an improving labor market is essential to sustaining economic growth.
BNY: Building resilience through global short-dated high yield strategies
Insight Investment sees resilience in the global short-dated high yield bond market. Here’s why.
BNY: Lonza and the next wave of healthcare solutions
Walter Scott’s John Rae assesses outsourced drugs manufacturer Lonza’s role in the healthcare ecosystem.
BNY: Global momentum in manufacturing
April PMIs (Purchasing Managers’ Indices) point to a meaningful improvement in global manufacturing momentum, with the U.S., Eurozone and Japan all posting stronger-than-expected and firmly expansionary results.
BNY: The Client Landscape – Navigating Uncertainty, Anxiety and Change
The retirement landscape is evolving rapidly. While today’s retirees may appear much the same as before, their financial resources and confidence are shifting significantly. As reliance on traditional, secure income sources like defined benefit schemes and personal pensions declines, responsibility increasingly falls on individuals to manage their own retirement outcomes. This shift presents new challenges—and opportunities—for financial advisers.
BNY: Tracking the margin uptrend
Rising margin expectations continue to support equities, underscoring the resilience of corporate profitability in the face of last year’s tariffs and this year’s Middle East war. The U.S. remains especially strong compared to peers, though first quarter earnings will be an important test.
BNY: Time to buy tech?
Technology valuations have meaningfully declined over the past year, but the sector continues to stand out for its strong earnings growth and relative resilience. While near-term uncertainty remains, tech still appears well positioned as a key driver of broader market growth.
BNY: 3 equity market observations
Murdo MacLean shares Walter Scott’s perspective on three headwinds facing equity markets.
BNY: 3 Ways to rethink portfolios in today's volatile markets
Volatility has picked up as the conflict in the Middle East enters its second month. Higher oil prices are increasing inflation uncertainty and raising questions about global growth.
BNY: Vantage Point: Pressure Points Q2 2026
Welcome to another edition of Vantage Point, the quarterly economic and markets outlook from the BNY Investment Strategy & Research Group
BNY: Job market hanging in there
Recent jobless claims data point to a resilient U.S. labor market, with both initial and continuing claims remaining low and signaling that unemployment is still contained. Although job growth has softened and remains subdued, March’s job growth of 178,000, the highest since 2024, is encouraging. Our constructive outlook still holds despite continued uncertainty related to the war in the Middle East.
BNY: Markets since Iran conflict
Markets are reacting to the Middle East conflict with sharp moves across asset classes, signaling broad risk repricing and shifting safe?haven behavior. While volatility is elevated, fundamentals like earnings growth continue to support our constructive outlook.
BNY: Transforming Retirement Planning
Retirement planning in the UK has never stood still, but the ground is shifting more quickly and more meaningfully than many clients – and some firms – might expect.
BNY: Signals from spreads
Credit spreads have risen yet remain historically low, reinforcing our view that the oil shock is likely temporary — not a driver of long-term growth concerns.
BNY: Human first, tech second: Rethinking AI in retirement advice
With artificial intelligence evolving at pace, is it finally ready to enhance how advisers plan, test and deliver retirement strategies?
BNY: Building a strong retirement income
Market shifts, rising risks and AI-driven volatility are challenging retirement income stability. BNY Investments Newton multi-asset portfolio manager Paul Byrne discusses why dynamic risk management and active multi-asset strategies are essential for steadying the ship.
BNY: Smart strategies for outperformance in fixed income
Insight Investment outlines seven strategies skilled active managers can use when seeking to generate excess returns relative to benchmarks.
BNY: FutureLegacy: Aligning outcomes with expectations
Paul Byrne, BNY Investments Newton Portfolio Manager and Quantitative Analyst, outlines how BNY’s FutureLegacy risk-targeted multi-asset funds aim to help investors stay aligned with their retirement goals in uncertain markets.
BNY: The 3 aspects of quality
Walter Scott identifies quality companies using three key factors. Client investment manager Murdo MacLean explains why each matters.
BNY: Global Credit: 10 years of stability and consistency
The BNY Mellon Global Credit Fund celebrates 10 years. Adam Whiteley, head of global credit at Insight Investment, reflects on the Fund’s success, key active calls, the case for global credit today and future positioning.
BNY: Returns after oil spikes
The Strait of Hormuz, which moves about 20% of global oil, has seen many ships that normally travel through it curtail their activity. Consequently, WTI oil was up over 36% in the five days after the oil supply shock began.
BNY: Impact of geopolitics over time?
Tensions between the U.S./Israel and Iran have recently boiled over into a military conflict, which has given many investors the jitters. However, our research shows that equity market pullbacks resulting from geopolitical events are often short lived with the S&P 500 typically higher in the months following these events.
BNY: Differentiate to diversify
Tech’s shine is fading, making way for differentiated portfolios to flourish, says BNY Investments Newton global equity income portfolio manager, Jon Bell.
BNY: Iran Conflict: Market Implications
The U.S. and Israeli attack on Iran, resulting in the elimination of Iran’s leadership, is a serious development for regional political and global energy price stability as it could set off moderate to material demand-supply imbalances.
BNY: SCOTUS tariff decision may lift risk assets
The Supreme Court of the United States (SCOTUS) announced in a 6-3 ruling that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) exceeded the powers of the president.
BNY: What's going on with software?
Walter Scott has been taking a close look at software companies. Client investment manager George Dent explains why.