Chinas Wirtschaft erlebt einen Abschwung. Victoria Mio, CIO von Robeco China, erwartet, dass die Talsohle im zweiten Quartal erreicht wird. Dank dervon der Regierung ergriffenen Maßnahmen erscheint eine Erholung wahrscheinlich.
Peripheral bonds rallied the past week, outperforming Bunds. Brexit concerns eased as the UK deadline for departing the EU was pushed out to October.
Ein stärker selektives Vorgehen bei Aktien, Unternehmensanleihen und Hochzinspapieren ist angebracht. Die schlechten Nachrichten sind bereits weitgehend in den Kursen berücksichtigt oder sind übertrieben.
Peripheral bonds could not keep up with core markets the past week. Spreads to Germany widened as 10 year German Bunds continued their relentless rally and touched -0.09%.
The periphery rally lost steam the past week, with short-end spreads versus Bunds failing to tighten further. This was despite some constructive news around Brexit.
Europäische Aktien könnten an Attraktivität gewinnen, da sich eine positive Auflösung vermeintlicher Risiken abzeichnet, meint der Chief Economist von Robeco, Léon Cornelissen.
The ECB struck a very dovish tone Thursday. Both growth and inflation forecasts were downgraded significantly. The ECB also extended its forward guidance on policy ratees.
Peripheral bonds traded well last week as chances of a hard Brexit are fading, constructive noise around the US-China trade talks continue and Fitch kept Italy’s rating on hold at BBB negative.
Polls point to further fragmentation in the political landscape of Spain. A rightwing alliance of Partido Popular / Ciudadanos / Vox currently seems most likely, with little risk for economic and European policies but significant risk of new tensions with Catalonia.
Spanish prime minister Sanchez called for snap elections on Friday as his minority government failed to pass the proposed 2019 budget. Elections are now scheduled for April 28th, 2019.