NN IP: The Mystery of Markets
In the past week currency and bond markets didn’t do much, while risky assets moved higher across the board. This might simply be an expression of the behaviour of markets. They move in mysterious ways and very often have a life of their own.26.11.2015 | 16:21 Uhr
Economic Outlook
Japan’s public debt sustainability is key factor in success of reflation efforts
It has now been almost three years since Shinzo Abe became Japan’s prime minster. From an economic point of view the main question is still to what extent his economic program will succeed in reflating the Japanese economy. The short answer to this question is that Japanese policymakers are about halfway there. Read more
Asset Allocation
We can find some possible explanations for the recent behaviour of markets, but for now we maintain a fairly balanced allocation outlook
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Fixed Income
Spread recovery temporarily stalled by commodity weakness and Fed exit risk
The recovery of spread markets after the summer sell-off stalled after commodity markets got hit again and the Fed took a more hawkish tone after its October meeting. We expect this halt to be temporary, however. Read more
Equity Strategy
Fed and China remain the main problems for emerging markets
For a large part of the EM universe, the continuous weakening of commodity prices remains a major problem. The recent sharp decline in metal prices confirms that Chinese demand is still correcting and that a Chinese growth stabilisation is not yet in sight. Read more