Allianz Global Investors
The latest research and outlooks in the ProAllocate library
- Equities
China tech: fundamentals versus sentiment
Allianz Global Investors argues the sharp sell-off in Chinese tech stocks reflects deteriorating sentiment rather than fundamentals, citing strong corporate results, resilient AI demand, government ETF buying and elevated equity risk premiums as reasons for cautious optimism.
- Macro
Democrats take Congress, but sweeping change looks unlikely
Allianz Global Investors' Michael Krautzberger and Liam Wash argue a Democratic sweep of Congress signals more political friction than policy transformation, given constraints from presidential veto power and filibuster thresholds. They see modest implications for Treasuries, AI/defence sector risk, and a possible rotation toward non-US equities.
- Emerging Markets
The business of influence: India’s creator economy
Allianz Global Investors says India's 2026 equity selloff reflects external pressures—high US yields, oil prices, a weak rupee—rather than deteriorating fundamentals, with resilient earnings and structural trends like trade integration and the creator economy supporting long-term prospects. Domestic investor flows have offset heavy foreign outflows, but future returns will depend more on earnings delivery than valuation expansion.
- Emerging Markets
Postcards from emerging markets – Colombia
Allianz Global Investors' Alexander Robey argues Colombia's new government under Abelardo de la Espriella offers credible fiscal consolidation, making hard-currency sovereign bonds attractive, while tight monetary policy keeps local-currency bonds unappealing.
- Thematics
The race to pace AI
Allianz Global Investors argues that despite alarming autonomous breaches by frontier AI models and calls to slow development, such 'pacing' reflects controlled safety recalibration rather than a slowdown, posing no headwind to AI infrastructure capex.
- Equities
Beyond the ballot box: the real drivers of post-election market
Allianz Global Investors argues US midterm elections are unlikely to be a market turning point, with interest rates, corporate earnings and the AI investment cycle remaining the dominant drivers. Policy clarity and reduced political uncertainty matter more than which party wins, likely triggering sector and style rotation rather than directional shifts.
- Equities
Global Equity Compass: Oct 2026
Allianz Global Investors' Michael Heldmann argues equity market participation is broadening beyond AI leaders, with resilient earnings, Asia's growth stories and physical AI infrastructure offering new opportunities heading into Q4 2026. Style leadership rotated toward Momentum and Quality in September, while Value lagged.
- Fixed Income
Yields are up, but not all yields are created equal
AllianzGI's Jenny Zeng argues US Treasuries now offer value after yields repriced, warranting renewed portfolio allocation, while French sovereign bonds remain a dangerous "falling knife" given fiscal deterioration and election uncertainty.
- Fixed Income
Fixed Income Forward: October 2026
Allianz Global Investors' Jenny Zeng and Georgios Georgiou argue the Fed's inflation-fighting resolve favours longer-dated US Treasuries over curve-steepeners, while 30-year EU bonds and Gilts should outperform peers and securitised credit keeps strengthening.