2022 Midyear Global Outlook | BlackRock Investment Institute
- Manage communications
- Mutual Fund & 529 accounts
I invest on behalf of my clients.
InstitutionsI consult or invest on behalf of a financial institution.
General PublicI want to learn more about BlackRock.
Americas Offshore Australia Austria Belgium Brazil Canada Chile China Offshore - 中国境外 China Onshore - 中国境内 Colombia Czech Republic Denmark Dubai (IFC) Finland France Germany Hong Kong - 香港 Hungary Israel Italy Japan - 日本 Korea - 한국 Luxembourg México Netherlands Norway Poland Portugal Saudi Arabia Singapore Slovakia South Africa Spain Sweden Switzerland Taiwan - 台灣 United Kingdom United States Location not listed Welcome to the BlackRock site for individualsTo reach a different BlackRock site directly, please update your user type.
Funds Investment strategies Insights & education About us - All funds All funds
- 529 College Savings Plan 529 College Savings Plan
- All active investment strategies All active investment strategies
- All insights All insights
- The Bid podcast The Bid podcast
- Funds
- Investment strategies
- Insights & education
- About us
- Funds
- All funds 529 College Savings Plan
- FUND TYPE
- Mutual funds
- iShares ETFs
- Closed-end funds
- ASSET CLASS
- Cash alternatives
- Commodity funds
- Stock funds
- Bond funds
- Multi-asset funds
- Real estate funds
- FUNDS IN FOCUS
- Science and Technology Trust
- Resources & Commodities Strategy Trust
- Global Allocation Fund
- LifePath Index Retirement Fund
- Technology Opportunities Fund
- iShares Core S&P 500 ETF
- Investment strategies
- All active investment strategies
- ACTIVE STRATEGIES
- BlackRock Impact Opportunities
- Fixed Income
- Fundamental Equities
- Multi-Asset Strategies & Solutions
- Systematic Investing
- OTHER STRATEGIES
- Cash management
- Factor-based investing
- Investing for retirement
- LifePath® target date funds
- Insights & education
- All insights The Bid podcast
- INSIGHTS
- Weekly commentary
- Global investment outlook
- BlackRock Investment Institute
- Investment stewardship
- Our approach to sustainability
- Portfolio management views
- EDUCATION
- Education center
- Retirement volatility strategies
- Planning for retirement
- What is a 401(K)?
- Closed-end funds
- Mutual funds
- Document library
- DOCUMENTS & FORMS
- Factsheets
- Shareholder reports
- Regulatory documents
- Share classes and loads
- Tax information
- Forms & Applications
- 529 Forms & Applications
- TOOLS
- LifePath spending tool
- LifePath selector tool
- iShares core builder
- College saving estimator
- About us
- OUR COMPANY
- About BlackRock
- BlackRock retirement
- Careers
- Connect with us
- Customer service
- Digital service
Q4 2024 Investment Outlook Waves of transformation Oct. 2, 2024 | The world could be undergoing a transformation akin to past technological revolutions. But the speed, size and impact of that investment is highly uncertain. We think leaning into the transformation and adapting as the outlook changes will be key. Read our Q4 update Read our Q4 update Investment themes
01Getting real
We see a new wave of investment into the real economy transforming economies and markets. Spotting winners will require deep insights on the technology being developed – and the potential disruption it entails.
02Leaning into risk
We look for investments that can do well across scenarios and lean into the current most likely one. For us, that’s a concentrated artificial intelligence scenario where AI winners and other beneficiaries can keep driving stocks.
03Spotting the next wave
Investors should look for where the next wave of investment opportunity may come. We stay dynamic and ready to overhaul asset allocations when outcomes can be starkly different.
Read details of our outlook:
Read our midyear outlook (PDF) Read our midyear outlook (PDF) Global investment outlook Asset class views Transformation Paragraph-2,Free Form Html-1,Paragraph-3,Free Form Html-2,Story Card-1,Paragraph-4 Paragraph-5,Paragraph-6,Advance Static Table-1,Paragraph-7,Advance Static Table-2,Paragraph-8,Advance Static Table-3 Free Form Html-3,Free Form Html-4,Free Form Html-5,Free Form Html-6,Paragraph-9
Embracing transformation
The regime of greater macro and market volatility has taken hold, shaped by supply constraints like shrinking working-age populations. The result? Higher inflation and interest rates and weaker growth relative to pre-pandemic – and elevated public debt.
But now investment opportunities transcend the macro backdrop. We see waves of transformation on the horizon, driven by five mega forces – or structural shifts. We see three of them spurring major capital spending: the race to build out AI, the low-carbon transition and the rewiring of supply chains. The size, speed and impact of that investment is highly uncertain, but we think it could transform economies and markets on a scale rarely seen in history. We lean into the concentrated AI scenario where a handful of AI winners can keep driving stocks, see details below.
In this new regime, the real economy matters more. Our first theme is Getting real. We see the biggest opportunities in the real economy as investment flows into infrastructure, energy systems and technology – and the people driving them. Nvidia’s recent surge reflects the big investment expectations and uncertainty from the rise of AI. See the chart below.
Volatile AI stock valuations reflect the uncertainty ahead
A potential investment boom
Mega forces are driving this transformation and are starting to unleash massive investment into the real economy: infrastructure, energy systems, advanced technology – and people.
Our second theme is Leaning into risk. We think investors should take risk more deliberately now, across multiple dimensions. First, consider the time horizon. Second, be deliberate in choosing the type of risk exposure. Some U.S. company stocks are now larger in value than the entire benchmark index of some nations, showing how they can dominate broad index exposures. This emphasizes why investors must be deliberate with their risk-taking. See the chart below. Third, be deliberate about blending different sources of return across public and private markets.
Companies larger than country stock markets
Weighing five near-term scenarios
We worked with BlackRock portfolio managers to develop five, distinct scenarios for the near-term outlook of six- to 12-months. They help put parameters around varying states of the world – albeit they do not capture the many potential outcomes beyond that horizon.These scenarios span a wide range of outcomes.
- 01. Concentrated AI
- 02. High rates, hard landing
- 03. Subdued growth, stubborn
- 04. Broad productivity gains
- 05. Rescued hard landing
Concentrated AI Concentrated AI
AI-driven growth boost not enough to offset other structural drags. Inflation pressure is ongoing and policy rates stay high for longer.
High rates, hard landing High rates, hard landing
Sticky inflation rules out rate cuts, and strong demand could trigger further hikes. Growth slows sharply. AI valuations hit hard.
Subdued growth, stubborn Subdued growth, stubborn inflation
Growth slows to a lower trend pace, inflation is sticky above target and policy rates stay higher.
Broad productivity gains Broad productivity gains (AI and capex boom)
AI-driven growth is broad based, lifting potential output. Inflation is muted and policy rates are cut sharply.
Rescued hard landing Rescued hard landing
Rate hikes overwhelm a broad-based AI-driven growth boost. Inflation falls below target. Central banks deliver deep rate cuts.
Ready to adapt
We think companies may need to revamp business models and invest to stay competitive. For investors, it means company fundamentals will matter even more. The gap between winners and losers could be wider than ever, in our view.
We look for investments that can do well across scenarios and lean into the current most likely one. For us, that’s a concentrated AI scenario where a handful of AI winners can keep driving stocks.
We stand ready to adapt as and when another scenario – potentially suddenly – becomes more likely as the transformation unfolds. So our third theme is Spotting the next wave. This is about being dynamic and ready to overhaul asset allocations when outcomes – and investment opportunities - can be vastly different.
Key market views
- U.S. stocks: We stay overweight U.S. stocks and the AI theme on a six- to 12- month view.
- Japanese stocks: We stay overweight Japanese stocks on an improving outlook of higher inflation, wage growth and corporate pricing power. Yet risks from yen strength and policy missteps from the Bank of Japan remain
- Private markets: We see private markets as an avenue to tap into the early winners and the infrastructure needed for the investment boom ahead. The real economy will be a focal point, with infrastructure, energy systems, and technology investments playing a critical role in shaping the future. Still, private markets are complex and not suitable for all investors.
Ready to adapt
Our scenarios framework helps ground our views on a tactical horizon. Yet we could change our stance quickly if a different scenario were to look more likely. This is one reason why we may need to think about strategic asset allocation differently in the future – building on our long-held view that strategic views should be dynamic in this new environment. It is no longer possible to base strategic views on just one central view of the future state of the world with some deviation around it, in our view.
Big calls
Our highest conviction views on tactical (6-12 month) and strategic (long-term) horizons, October 2024
| Reasons | ||
|---|---|---|
| Tactical | ||
| AI and U.S. equities | We see the AI buildout and adoption creating opportunities across sectors. We get selective, moving toward beneficiaries outside the tech sector. Broad-based earnings growth and a quality tilt make us overweight U.S. stocks overall. | |
| Japanese equities | A brighter outlook for Japan’s economy and corporate reforms are driving improved earnings and shareholder returns. Yet the drag on earnings from a stronger yen and some mixed policy signals from the Bank of Japan are risks. | |
| Income in fixed income | The income cushion bonds provide has increased across the board in a higher rate environment. We like quality income in short-term credit. We’re neutral long-term U.S. Treasuries. | |
| Strategic | ||
| Private markets | We see opportunities in infrastructure equity due to attractive relative valuations and mega forces. For income, we prefer direct lending given more attractive yields than in public credit. | |
| Fixed income granularity | We prefer intermediate credit, which offers similar yields with less interest rate risk than long-dated credit. We also like short-term government bonds, and UK long-term bonds. | |
| Equity granularity | We favor emerging over developed markets yet get selective in both. EMs at the cross current of mega forces – like India and Saudi Arabia – offer opportunities. In DM, we like Japan as the return of inflation and corporate reforms brighten our outlook. | |
Note: Views are from a U.S. dollar perspective, November 2024. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any particular funds, strategy or security.
Tactical granular views
Six- to 12-month tactical views on selected assets vs. broad global asset classes by level of conviction, October 2024
Our approach is to first determine asset allocations based on our macro outlook – and what’s in the price. The table below reflects this and, importantly, leaves aside the opportunity for alpha, or the potential to generate above-benchmark returns. We don’t think this environment is conducive to static exposures to broad asset classes but creates more space for alpha.
Search views| Asset | Tactical view | Commentary | |
|---|---|---|---|
| Equities | |||
| United States |  | We are overweight given our positive view on the AI theme. Valuations for AI beneficiaries are supported as tech companies keep beating high earnings expectations. We think upbeat sentiment can broaden out. Falling inflation is easing pressure on corporate profit margins. | |
| Europe |  | We are underweight relative to the U.S., Japan and the UK – our preferred markets. Valuations are fair. A growth pickup and European Central Bank rate cuts support a modest earnings recovery. Yet political uncertainty could keep investors cautious. | |
| U.K. | | We are overweight. Political stability and a growth pickup could improve investor sentiment, lifting the UK's low valuation relative to other DM stock markets. | |
| Japan | | We are overweight. A brighter outlook for Japan’s economy and corporate reforms are driving improved earnings and shareholder returns. Yet the drag on earnings from a stronger yen and some mixed policy signals from the Bank of Japan are risks. | |
| Emerging markets |  | We are neutral. The growth and earnings outlook is mixed. We see valuations for India and Taiwan looking high. | |
| China |  | We are modestly overweight. China’s fiscal stimulus is not yet enough to address the drags on economic growth, but we think stocks are at attractive valuations to DM shares. We stand ready to pivot. We are cautious long term given China’s structural challenges. | |
| Fixed income | |||
| Short U.S. Treasuries | | We are underweight. We don’t think the Fed will cut rates as sharply as markets expect. An aging workforce, persistent budget deficits and the impact of structural shifts like geopolitical fragmentation should keep inflation and policy rates higher over the medium term. | |
| Long U.S. Treasuries | | We are neutral. Markets are pricing in sharp Fed rate cuts and term premium is close to zero. We think yields will keep swinging in both directions on incoming data. We prefer intermediate maturities less vulnerable to investors demanding greater term premium. | |
| Global inflation-linked bonds | | We are neutral. We see higher medium-term inflation, but cooling inflation and growth may matter more near term. | |
| Euro area government bonds | | We are neutral. Market pricing reflects policy rates in line with our expectations and 10-year yields are off their highs. Political uncertainty remains a risk to fiscal sustainability. | |
| UK Gilts | | We are overweight. Gilt yields offer attractive income, and we think the Bank of England will cut rates more than the market is pricing given a soft economy. | |
| Japan government bonds |  | We are underweight. Stock returns look more attractive to us. We see some of the least attractive returns in JGBs. | |
| China government bonds | | We are neutral. Bonds are supported by looser policy. Yet we find yields more attractive in short-term DM paper. | |
| U.S. agency MBS | | We are neutral. We see agency MBS as a high-quality exposure in a diversified bond allocation and prefer it to IG. | |
| Short-term IG credit | | We are overweight. Short-term bonds better compensate for interest rate risk. We prefer Europe over the U.S. | |
| Long-term IG credit | | We are underweight. Spreads are tight, so we prefer taking risk in equities from a whole portfolio perspective. We prefer Europe over the U.S. | |
| Global high yield | | We are neutral. Spreads are tight, but the total income makes it more attractive than IG. We prefer Europe. | |
| Asia credit | | We are neutral. We don’t find valuations compelling enough to turn more positive. | |
| Emerging market - hard currency | | We are neutral. The asset class has performed well due to its quality, attractive yields and EM central bank rate cuts. We think those rate cuts may soon be paused. | |
| Emerging market - local currency | | We are neutral. Yields have fallen closer to U.S. Treasury yields, and EM central banks look to be turning more cautious after cutting policy rates sharply. | |
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. The statements on alpha do not consider fees. Note: Views are from a U.S. dollar perspective. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security.
Euro-denominated tactical granular views
Six to 12-month tactical views on selected assets vs. broad global asset classes by level of conviction, October 2024
| Asset | Tactical view | Commentary | ||
|---|---|---|---|---|
| Equities | ||||
| Europe ex UK | | We are underweight relative to the U.S., Japan and the UK – our preferred markets. Valuations are fair. A growth pickup and European Central Bank rate cuts support a modest earnings recovery. Yet political uncertainty could keep investors cautious. | ||
| Germany | | We are neutral. Valuations and earnings momentum are supportive relative to peers, especially as global manufacturing activity bottoms out and ECB rate cuts ease financing conditions. | ||
| France | | We are underweight given modestly supportive valuations. The result of France’s parliamentary election could impact business conditions for French companies. Yet only a small portion of the revenues and operations of major French companies are tied to domestic activity. | ||
| Italy | | We are underweight. Valuations dynamics are supportive relative to peers, but recent growth and earnings outperformance seems largely due to significant fiscal stimulus in 2022-2023 that cannot be sustained over the next few years. | ||
| Spain | | We are neutral. Valuations and earnings momentum are supportive relative to other euro area stocks. The utilities sector looks set to benefit from an improving economic backdrop and advances in AI. | ||
| Netherlands | | We are underweight. The Dutch stock markets' tilt to technology and semiconductors, a key beneficiary of higher demand for AI, is offset by relatively less favorable valuations and a weaker earnings outlook than their European peers. | ||
| Switzerland | | We are underweight, in line with our broad European view. The earnings outlook has brightened, but valuations remain high versus other European markets. The index’s defensive tilt will likely be less supported as long as global risk appetite holds up, we think. | ||
| UK | | We are overweight. Political stability and a growth pickup could improve investor sentiment, lifting the UK's low valuation relative to other DM stock markets. | ||
| Fixed income | ||||
| Euro area government bonds | | We are neutral. Market pricing reflects policy rates in line with our expectations, and 10-year yields are off their highs. Political uncertainty remains a risk to fiscal sustainability. | ||
| German bunds | | We are neutral. Market pricing reflects policy rates broadly in line with our expectations, and 10-year yields are off their highs. | ||
| French OATs | | We are neutral. The EU has already warned France for breaching fiscal rules and had its sovereign credit rating downgraded earlier this year. Elevated political uncertainty, persistent budget deficits and a slower pace of structural reforms remain challenges. | ||
| Italian BTPs | | We are neutral. The spread over German bunds looks tight given its budget deficits and debt profile, also prompting a warning from the EU. Other domestic factors remain supportive, with growth holding up relative to the rest of the euro area and Italian households showing solid demand to hold BTPs at higher yields. | ||
| UK gilts | | We are overweight. Gilt yields offer attractive income, and we think the Bank of England will cut rates more than the market is pricing given a soft economy. | ||
| Swiss government bonds | | We are neutral. The Swiss National Bank has been cutting policy rates this year amid reduced inflationary pressure. But it is unlikely to cut rates much further from here. | ||
| European inflation-linked bonds | | We are neutral. We see higher medium-term inflation, but cooling inflation may matter more near term. Short-term breakeven inflation rates fell further after recent inflation data, making euro area inflation-linked bonds less attractive. | ||
| European investment grade credit | | We are neutral European investment grade credit, with a preference for short- to medium-term paper for quality income. We maintain our regional preference for European investment grade over the U.S. given spreads are not as tight. | ||
| European high yield | | We are overweight. We find the income potential attractive. We still prefer European high yield given its more appealing valuations, higher quality and lower duration than in the U.S. Spreads compensate for risks of a potential pick-up in defaults, in our view. | ||
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Note: Views are from a euro perspective, November 2024. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security.
Authors
Philipp Hildebrand Vice Chairman, BlackRock 
Jean Boivin Head of BlackRock Investment Institute 
Wei Li Global Chief Investment Strategist, BlackRock Investment Institute 
Christopher Kaminker Head of Sustainable Investment Research and Analytics, BlackRock Investment Institute 
Vivek Paul Head of Portfolio Research, BlackRock Investment Institute Explore more insights
Click here Click hereExplore more
Funds- FUND TYPE
- Mutual funds
- iShares ETFs
- Closed-end funds
- ASSET CLASS
- Cash alternatives
- Commodity funds
- Stock funds
- Bond funds
- Multi-asset funds
- Real estate funds
- FUNDS IN FOCUS
- Science and Technology Trust
- Resources & Commodities Strategy Trust
- Global Allocation Fund
- LifePath Index Retirement Fund
- Technology Opportunities Fund
- iShares Core S&P 500 ETF
- All funds All funds
- 529 College Savings Plan 529 College Savings Plan
- ACTIVE STRATEGIES
- BlackRock Impact Opportunities
- Fixed Income
- Fundamental Equities
- Multi-Asset Strategies & Solutions
- Systematic Investing
- OTHER STRATEGIES
- Cash management
- Factor-based investing
- Investing for retirement
- LifePath® target date funds
- All active investment strategies All active investment strategies
- INSIGHTS
- Weekly commentary
- Global investment outlook
- BlackRock Investment Institute
- Investment stewardship
- Our approach to sustainability
- Portfolio management views
- EDUCATION
- Education center
- Retirement volatility strategies
- Planning for retirement
- What is a 401(K)?
- Closed-end funds
- Mutual funds
- Document library
- DOCUMENTS & FORMS
- Factsheets
- Shareholder reports
- Regulatory documents
- Share classes and loads
- Tax information
- Forms & Applications
- 529 Forms & Applications
- TOOLS
- LifePath spending tool
- LifePath selector tool
- iShares core builder
- College saving estimator
- All insights All insights
- The Bid podcast The Bid podcast
- OUR COMPANY
- About BlackRock
- BlackRock retirement
- Careers
- Connect with us
- Customer service
- Digital service
As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.
Corporate
- Fraud protection tips Fraud protection tips
- Careers Careers
- Newsroom Newsroom
- Investor relations Investor relations
- Contact us Contact us
- Accessibility Accessibility
- Responsible Disclosure Responsible Disclosure
Legal
- Terms & conditions Terms & conditions
- Privacy policy Privacy policy
- Business continuity Business continuity
- FINRA BrokerCheck FINRA BrokerCheck
- Rule 606 Disclosure Rule 606 Disclosure
General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of October 2024, and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance.
In the U.S. and Canada, this material is intended for public distribution. In EMEA, in the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. In Italy, for information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian. In Switzerland, for qualified investors in Switzerland: This document is marketing material. Until 31 December 2021, this document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”), as amended. From 1 January 2022, this document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa For investors in Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder. In South Africa, please be advised that BlackRock Investment Management (UK) Limited is an authorized financial services provider with the South African Financial Services Board, FSP No. 43288. In the DIFCthis material can be distributed in and from the Dubai International Financial Centre (DIFC) by BlackRock Advisors (UK) Limited — Dubai Branch which is regulated by the Dubai Financial Services Authority (DFSA). This material is only directed at 'Professional Clients’ and no other person should rely upon the information contained within it. Blackrock Advisors (UK) Limited - Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit 06/07, Level 1, Al Fattan Currency House, DIFC, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738). In the Kingdom of Saudi Arabia, issued in the Kingdom of Saudi Arabia (KSA) by BlackRock Saudi Arabia (BSA), authorised and regulated by the Capital Market Authority (CMA), License No. 18-192-30. Registered under the laws of KSA. Registered office: 7976 Salim Ibn Abi Bakr Shaikan St, 2223 West Umm Al Hamam District Riyadh, 12329 Riyadh, Kingdom of Saudi Arabia, Tel: +966 11 838 3600. CR No, 1010479419. The information contained within is intended strictly for Sophisticated Investors as defined in the CMA Implementing Regulations. Neither the CMA or any other authority or regulator located in KSA has approved this information. In the United Arab Emirates this material is only intended for -natural Qualified Investor as defined by the Securities and Commodities Authority (SCA) Chairman Decision No. 3/R.M. of 2017 concerning Promoting and Introducing Regulations. Neither the DFSA or any other authority or regulator located in the GCC or MENA region has approved this information. In the State of Kuwait,those who meet the description of a Professional Client as defined under the Kuwait Capital Markets Law and its Executive Bylaws. In the Sultanate of Oman,to sophisticated institutions who have experience in investing in local and international securities, are financially solvent and have knowledge of the risks associated with investing in securities. In Qatar, for distribution with pre-selected institutional investors or high net worth investors. In the Kingdom of Bahrain, to Central Bank of Bahrain (CBB) Category 1 or Category 2 licensed investment firms, CBB licensed banks or those who would meet the description of an Expert Investor or Accredited Investors as defined in the CBB Rulebook. The information contained in this document, does not constitute and should not be construed as an offer of, invitation, inducement or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In South Korea, this material is for distribution to the Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations). In Taiwan, independently operated by BlackRock Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600. In Japan, this is issued by BlackRock Japan. Co., Ltd. (Financial Instruments Business Operator: The Kanto Regional Financial Bureau. License No375, Association Memberships: Japan Investment Advisers Association, the Investment Trusts Association, Japan, Japan Securities Dealers Association, Type II Financial Instruments Firms Association.) For Professional Investors only (Professional Investor is defined in Financial Instruments and Exchange Act). In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 AFSL 230 523 (BIMAL). The material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances.In New Zealand, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL) for the exclusive use of the recipient, who warrants by receipt of this material that they are a wholesale client as defined under the New Zealand Financial Advisers Act 2008. In China, this material may not be distributed to individuals resident in the People’s Republic of China (“PRC”, for such purposes, not applicable to Hong Kong, Macau and Taiwan) or entities registered in the PRC unless such parties have received all the required PRC government approvals to participate in any investment or receive any investment advisory or investment management services. For Other APAC Countries, this material is issued for Institutional Investors only (or professional/sophisticated /qualified investors, as such term may apply in local jurisdictions). In Latin America, no securities regulator within Latin America has confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx
© 2024 BlackRock, Inc. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
BIIH1024E/M-3880424
Từ khóa » H2 Vs Q2
-
What Is The Meaning Of Q1, Q2, Q3, Q4, H1, And H2 In Business Terms?
-
What Does H1 And H2 Stand For With Respect To Financial Reporting ...
-
Fiscal Quarters (Q1, Q2, Q3, Q4) - Investopedia
-
Audi Q2 Vs Haval H2 - CarsGuide
-
Audi Q2 Vs Hummer H2 - CarWale
-
Notes For "Financial And Economic Statistics Monthly" - 日本銀行
-
报告里的Q1\Q2\Q3\Q4\H1\H2以及2020E是什么意思？_艾媒 - 搜狐
-
Q1, Q2, Q3, Q4, H1, H2 | English To Spanish | Finance (general)
-
H2 - Wiktionary
-
NIO Stock Could Fail In Q2 2022, Expect Improvements In H2 2022
-
[PDF] HY RESULTS 2019 FLAT Q2 - STRONGER H2 EXPECTED
-
Results And Announcements | HSBC Holdings Plc