NN IP: Upgrade EM equities, downgrade US
This week we upgraded emerging market (EM) equities and downgraded US equities. EM fundamentals have clearly improved as macro data surprise on the upside and earnings momentum is positive. The US market might have priced in too high US policy expectations.
26.01.2017 | 16:15 Uhr
Asset Allocation
Capturing Complexity
Politics continue to dominate the headlines, but there is always more to look at. In our fixed income allocation, we downgrade government bonds and upgrade spread products. Read more
Economic Outlook
Some macro issues to keep you awake at night (Part III)
This week we complete our list of issues that are likely to play a role in driving markets. The final three items concern policy mixes, animal spirits and EM risks. Read more
Equity Strategy
Emerging markets revisited
Read more
Fixed Income
Global bond yield pick-up has lost some momentum
After a substantial increase since the summer, the rise in global government bond yields has lost momentum. 10-year German bond yields have increased considerably in the past few weeks, however, while German real yields remain extremely low. Read more
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