NN IP: Turning Tide
The world looks strange and markets are pricing accordingly, so assessing the balance between uncertainty and opportunity is a formidable task indeed. However, uncertainty is always around and not necessarily at a higher level today than at any time in the last decade.08.09.2016 | 13:24 Uhr
Economic Outlook
The Fed goes back to school
There is a big debate within the FOMC between “old school” thinking, which believes the pre-crisis framework still applies, and “new school” adherents, who believe the environment has undergone some big structural changes. The weight of opinion has clearly been shifting towards the latter. Read more
Asset Allocation
Turning Tide
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Fixed Income
Central banks trump uncertainty in credit markets
Spread products continue their remarkably strong performance, as if no clouds are on the horizon and clear skies can be expected as far as one can see. Central banks’ direct presence via purchases in selected credit markets seems to have trumped all other considerations. Read more
Equity Strategy
Financials: insurance against higher bond yields
In the past two months or so, cyclical sectors have started to outperform defensive sectors. Financials so far have lagged, but we think they may soon start to catch up. We have upgraded the sector to an overweight position. Read more