NN IP: The consequences of Trump
As far as the effect of the Trump victory on the outlook for the next few months is concerned we have to ask ourselves whether or not anything will change the fundamental drivers of the moderately positive feedback loop between global growth momentum and global financial conditions.17.11.2016 | 13:49 Uhr
Asset Allocation: The T-factor
Donald Trump’s victory has fuelled the reflation trade during the first week since the US election. The lasting impact on markets will be largely determined by whether his policies tend towards populism or towards pragmatism. We downgrade real estate to neutral and upgrade treasuries to a medium underweight. Read more...
Economic Outlook: The consequences of Trump
The initial market reaction to the election of Donald Trump as US president suggests that risk appetite remains intact and has even improved somewhat in DM space. While our base case is that these market trends will continue in the coming months, the risks are bigger than usual and skewed to the downside. Read more...
Equity Strategy: Trump victory strengthens the reflation trade
The market moves after the US elections outcome might have surprised many, but when we take a closer look it all becomes pretty clear. The market started focusing on the expected policy shifts under a Trump administration, which has strengthened our belief that the rotation from defensive to cyclical sectors has further to run. Read more...
Fixed Income: Improving macro data could see flows return to spread products
Spread products’ sensitivity to macroeconomic indicators has been higher this year than in the past. The improvement in global macro should have supported spread products but appeared to have been overwhelmed by other considerations. Read more...