cherdchai chawienghong/iStock via Getty Images Manager perspective and outlook Global macroeconomic conditions during the quarter were characterized by monetary easing, though inflationary pressures persisted across major economies. The US Federal Reserve cut the federal funds rate in October in response to labor market weakness, though inflation remained above target. In Europe, the European Cent...
cherdchai chawienghong/iStock via Getty Images Manager perspective and outlook Global macroeconomic conditions during the quarter were characterized by monetary easing, though inflationary pressures persisted across major economies. The US Federal Reserve cut the federal funds rate in October in response to labor market weakness, though inflation remained above target. In Europe, the European Central Bank approached the end of its rate cutting cycle, while the outlook for UK interest rates remained uncertain amid ongoing policy adjustments. Japan's economy grew above trend, with continued expectations for additional monetary tightening, in contrast to generally accommodative stances elsewhere. Against this backdrop, global listed real estate securities declined. Global listed real estate equities ended the quarter trading even with their average underlying net asset value. However, this statistic hid wide dispersions in the valuations of countries and property types. Our outlook for global listed real estate remains cautiously constructive as monetary policy has remained accommodative in major economies. Conditions should be most supportive for markets and sectors that have already experienced valuation declines and where tenant demand can provide a structural tailwind. This is especially true for landlords supplying high quality assets into supply-constrained or higher demand markets and thus commanding pricing power. Top issuers - (% of total market value) Fund Index Welltower Inc 6.18 6.85 Prologis Inc 5.64 6.36 Digital Realty Trust Inc 4.22 2.86 Equinix Inc ( EQIX ) 3.69 4.02 Simon Property Group Inc ( SPG ) 2.91 3.22 Goodman Group ( GMGSF ) 2.88 2.20 First Industrial Realty Trust Inc 2.63 0.39 Mitsui Fudosan Co Ltd ( MTSFF ) 2.50 1.59 Extra Space Storage Inc ( EXR ) 2.45 1.47 Iron Mountain Inc 2.31 1.31 Click to enlarge As of 12/31/25. Holdings are subject to change and are not buy/sell recommendations. Portfolio positioning The fund has remained broadly divers...
European defense tech startups are ramping up commercial discussions with Middle East governments since the Iran war, company execs told CNBC. Another CEO said interest from Gulf states was "skyrocketing" as they race to bolster measures to counter drone and missile attacks. Iran has targeted its neighbors since a joint U.S.-Israeli military operation began at the end of February, with more than 3...
European defense tech startups are ramping up commercial discussions with Middle East governments since the Iran war, company execs told CNBC. Another CEO said interest from Gulf states was "skyrocketing" as they race to bolster measures to counter drone and missile attacks. Iran has targeted its neighbors since a joint U.S.-Israeli military operation began at the end of February, with more than 3,000 drones and missiles having been fired on the United Arab Emirates, Saudi Arabia, Bahrain and Kuwait, according to data compiled by think tank the Center for Strategic and International Studies. European startups that develop defense technology, in particular drone and missile interceptors, told CNBC they were increasingly talking with and receiving approaches from Gulf states to supply their militaries. Others are ramping up hiring in the region as they look to meet the demand for their systems. Commercial conversations Earlier this month, the UK government convened a meeting of defense companies to meet ambassadors and defense attaches from Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE, Iraq and Jordan. The discussion focused on "potential new defensive equipment and technology that British-based companies could supply at rapid pace to allies to counter Iranian drone and missile attacks," the government said in a statement. The meeting included Frankenburg Technologies, an Estonia-headquartered startup developing missiles to intercept drones, UK-based drone and missile interceptor company Cambridge Aerospace and Ukrainian-UK startup Uforce, which is developing autonomous systems. Frankenburg has seen commercial conversations with Gulf states speed up since the onset of the Iran war, CEO Kusti Salm told CNBC. The startup is currently in discussions with a number of governments in the Middle East about procuring its tech, Salm said, though declined to share which. The potential order volume from Gulf states is in the thousands of missiles, Salm told CNBC, adding that Fr...
South Africa will reduce a tax imposed on fuel to offset the impact of surging oil prices on domestic gasoline, Finance Minister Enoch Godongwana said. The levy will be reduced by 3 rand ($0.18) per liter for both gasoline and diesel in April, Godongwana said in an interview at the South Africa Investment Conference in Johannesburg on Tuesday. The measure will be announced at a briefing later in t...
South Africa will reduce a tax imposed on fuel to offset the impact of surging oil prices on domestic gasoline, Finance Minister Enoch Godongwana said. The levy will be reduced by 3 rand ($0.18) per liter for both gasoline and diesel in April, Godongwana said in an interview at the South Africa Investment Conference in Johannesburg on Tuesday. The measure will be announced at a briefing later in the day, he said. “I will temporarily be lowering the fuel levy for this month of April by three rand and then I am still discussing what we can do for the next two months,” Godongwana said. The measure, which comes as other oil-importing nations including South Korea and the Philippines take steps to soften the impact on their economies of the Iran war, signals concern about the potential implications for inflation and consumer demand. South Africa’s central bank is targeting inflation of 3% and the government was projecting economic growth this year of 1.6% before the conflict began. Oil prices have surged almost 50% since the US and Israel attacked Iran on Feb. 28. Data from South Africa’s Central Energy Fund suggested that as a result of the surge in oil and the weakening of rand against the dollar, the retail price for 95-octane gasoline may jump almost 30% on Wednesday, with the wholesale cost of diesel expected to rise by more than half. South Africa previously reduced its general fuel levy temporarily in 2022 to help offset a rise in prices after Russia’s invasion of Ukraine. The fuel levy raised an estimated 97 billion rand in the financial year that ends on Tuesday, according to the National Treasury.
French cheeses displayed in a store in Paris. Bertrand Guay | Afp | Getty Images Inflation in the euro zone jumped to 2.5% in March, according to the latest preliminary figures from Eurostat on Tuesday. Euro zone inflation was up from 1.9% in February and jumped well ahead of the European Central Bank's 2% target. The increase largely reflects a sharp jump in energy prices since the U.S. and Israe...
French cheeses displayed in a store in Paris. Bertrand Guay | Afp | Getty Images Inflation in the euro zone jumped to 2.5% in March, according to the latest preliminary figures from Eurostat on Tuesday. Euro zone inflation was up from 1.9% in February and jumped well ahead of the European Central Bank's 2% target. The increase largely reflects a sharp jump in energy prices since the U.S. and Israel launched their military operation against Iran at the end of February. Economists polled by Reuters had expected a reading of 2.6%. This is a breaking news story, please check for further updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.