NN IP: All in the same boat - from deflation to reflation
Going forward the story is very much a balance between animal spirits and political risks. We have discussed the latter extensively over the past two months. As for the animal spirits, we repeat the notion that these are difficult to capture in real time.13.04.2017 | 15:29 Uhr
Asset Allocation: Mind over markets
Lessons from the past help to guide towards the future. With that in mind, we look to the insights of John Maynard Keynes and how they apply almost 100 years later. Read more...
Economic Outlook: Global growth recovery is on track
This week Senior Economist Willem Verhagen explains how a deflationary shock to the global economy has turned into a reflationary shock. He observes that the global growth recovery is on track, and will likely be supported by a moderately positive credit pulse. Read more...
Equity Strategy: We strengthen our Eurozone overweight relative to the US
The US equity risk premium looks too low relative to the one in the Eurozone, when we take into account the earnings growth potential of the Eurozone, the increased risk of US policy disappointment and potential investor inflows into the Eurozone once the French elections have passed. Read more...
Fixed Income: Walking the line between reflation and the search for yield
Spread products are balancing between reflation and a search for yield. Unattractive valuations may be a recipe for volatility. We upgraded emerging market debt, where sentiment and momentum have improved. Read more...