Robeco weist Anteilsinhaber und Anleger auf Änderungen in der Anlagepolitik und andere Umstellungen bei verschiedenen Fonds hin, die zum 4. Juni 2018 in Kraft treten.
The Eurogroup last week agreed that Greece will exit the bailout program on August 21 with no additional “precautionary credit line”. This option was strongly opposed by the Greek government.
While Moody’s upgrades Spain’s credit rating the political deadlock in Italy continues. But the lack of a government may need not be bad for bond markets as long as the economy is growing and government finances are improving consequently.
ECB fears risks coming with the tariff impositions announced by the Trump andministration. Italys government still needs time to form a solid political base while inflation rises in Spain bringing a positive outlook.
Bei der Mittelbeschaffung von Unternehmen ist eine Verschiebung weg von Bankkrediten hin zu den Kapitalmärkten zu beobachten. Mit Blick auf die zunehmend instabilen technischen Faktoren dürften die Notenbanken eine Lücke entstehen lassen, die private Anleger unmöglich schließen können.
Die finanzpolitischen Stimulierungsmaßnahmen unter Präsident Trump – u. a. in Form von Steuersenkungen – hätten in Verbindung mit Zinserhöhungen und kräftigem Wachstum den US-Dollar stärker machen sollen. Stattdessen hat er gegenüber anderen Leitwährungen wie dem Euro abgewertet, und bislang gibt es keine Anzeichen für eine Erholung, sagt Lukas Daalder von Robeco.
As expected, Spain was upgraded from BBB+ to A- by S&P. “Strong economic performance, a solid current account and ongoing budgetary consolidation”, were the main arguments for the upgrade. Also Spain will pay back more ESM debt.
Finding a coalition government may well take several months. New elections in October or at the latest in March next year are likely. House speakers will play an important role as they will be able to design the new electoral law, which is likely to give an advantage to Five Star and Northern League.
The positive argument of improved economic conditions in italy is counterbalanced by ongoing political uncertainty and continued lack of fiscal discipline. Meanwhile Salvani and Di Maio also discussed common objectives in case of a coalition between Lega – Five Star - the two may find a compromise.
One of the winners of the Sunday elections is the partie Five Star. Negotiation may last for a protracted period as no party has a real interest to form a coalition with Five Star and at the current juncture we may not exclude repeat elections. Against this background, the European Commission has reacted.