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Economic Outlook

What lies behind the slowdown in productivity growth
Productivity growth is slowing around the world, probably driven by both structural and cyclical factors. We believe there is still ample reason to expect a rebound in cyclical labour productivity growth. Still, there is no guarantee that the current period will be followed by a future acceleration.  Read more

Asset Allocation

Back to the Future
Appreciating the uncertainty that the future brings is indispensable for being able to manage that uncertainty in an investment portfolio. Only when you know your own limitations and rigorously study the environment around you, you are able to survive as an investor. Read more

Fixed Income

Implied inflation expectations show signs of normalization
European inflation expectations, which started declining in mid-June, mainly as a result of declining commodity prices, have recently risen a bit, thanks in part to some recovery in commodities.  Read more

Equity Strategy 

Earnings in focus
The third-quarter earnings season so far has been uninspiring. Companies are beating expectations on earnings but overall earnings growth is negative and revenues are falling short of estimates. Read more