NN IP: Fighting Fear
Yet another shock of horror erupted in the heart of Europe this week. Our thoughts go out to all who have been impacted directly by this devastating event. Indirectly we have all been impacted, as it feeds our fears of a fragmenting and destabilizing world. Fighting these fears has become part of the modus operandi of Western societies and could sadly be seen as part of the "new normal" in a rising number of countries.24.03.2016 | 14:54 Uhr
Economic Outlook: Less US recession risk and a more dovish Fed
The Fed intends to proceed with hiking when external risks abate further and the domestic labour market continues to tighten. We expect this to be at some point in the summer. In June there will be a meeting followed by a press conference, however, this will be one week before the Brexit referendum. We therefore do not rule out a postponement to July. Read more...
Asset Allocation: Another fear factor strikes the markets
The world was again shocked by terror attacks this week. It will probably influence politics and policy setting and therefore some negative macro consequences can be expected. However, history teaches us that such events have hardly ever derailed economies as a whole. Read more...
Fixed Income: Powerful ECB action important boost for European credits
Sentiment and performance of spread products has improved dramatically since mid-February. Better US macroeconomic data, a rebound in the oil price and the latest policy measures of the ECB all contributed to an improved environment for spread products. Read more...
Equity Strategy: Central bank actions and comments have redistributed the regional cards
Following the European Central Bank’s unprecedented easing action two weeks ago, the US Federal Reserve stepped up last week with a strong dovish message of its own. We revised our regional equity preferences accordingly. Read more...