NN IP: US profit margins widen; policy hopes support spread products
Hopefully we will see a core EMU version of the feedback loop targeted by the BoJ in Japan, where falling real interest rates, a rising growth momentum and an increase in underlying inflation pressures reinforce each other.
02.02.2017 | 13:57 Uhr
Asset Allocation: An Alternative World
Despite our worries about the direction of US policy, our risk-on stance remains in place. Economic and earnings data remain solid, while investor sentiment and positioning indicators still hint at pent-up demand for risky assets. Read more...
Economic Outlook: ECB remains on auto-pilot
The ECB will remain on auto-pilot this year and start tapering very gradually sometime in 2018, but sometime this year the ECB will start thinking about what guidance to give beyond December 2017. We expected state-based guidance to prevail then, i.e., guidance linked to the convergence of inflation towards the target. Read more...
Equity Strategy: Margins are rising again
The US results season is ahead of expectations, and we notice renewed strength in corporate margins as well as positive earnings surprises. We keep our preference for non-US markets and cyclical sectors. Read more...
Fixed Income: Pro-business theme supports spread products
So far this year, spread products have seen a continuation of the spread tightening trend that started in February last year. Investors have taken the view that the pro-business theme will ultimately dominate the new US policy agenda. Read more...
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