Nach einem düsteren Jahr 2018 sind Risikoanlagen stürmisch ins neue Jahr gestartet. Günstige geldpolitische Entwicklungen in den USA und China dürften solide Rahmenbedingungen für die Aktienmärkte schaffen.
We downgrade commodities and remain underweight on equities as fundamentals look weak.
For spreads, the gap between investor sentiment and fundamentals will close, but in which direction?
Das französische Investmenthaus hat weltweit 421 Portfolios untersucht. Ergebnis: 2018 war das schlechtes Jahr für Musterportfolios mit moderater Risikoausrichtung. Multi Asset wird oftmals falsch eingesetzt.
In late 2018, many investors turned highly pessimistic after global equity markets were derailed sharply. This was linked to concerns over global, and more specifically Chinese, growth. But after December’s correction, the bar was low for markets to rebound.
We retain our top-level allocation and project technical support for investment-grade financials in the coming months.
The slowdown in global growth is expected to continue in 2019. Although talk of an imminent recession seems overdone, the world economy looks set to reveal more evidence of cooling.
The ending of QE ends will lead core bond yields to move structurally higher. This will make bonds less useful for portfolio hedging purposes.
Der österreichische Aktienindex ATX hat im Jahr 2018 rund 20 Prozent an Wert verloren. Der iQ-FOXX Austrian Stocks Alpha Index hingegen konnte das Ergebnis umdrehen und schloss das Jahr 2018 mit einem dicken Plus von 20,8 Prozent ab.
Janus Henderson’s US-based Multi-Asset Solutions Team present their latest tail risk report, using option market prices to infer expected tail gains and losses for each asset class.
