NN IP: Uncertainty and Opportunity
The world looks strange and markets are pricing accordingly, so assessing the balance between uncertainty and opportunity is a formidable task indeed. At the same time, it should be noted that uncertainty is always around and not necessarily at a higher level today than at any time in the last decade or even the last century.
01.09.2016 | 15:47 Uhr
Economic Outlook
An update on the global outlook
Our big-picture thinking on the outlook for the global economy revolves around the feedback loops between the real economy, the financial system and the political arena. When considering the implications for financial markets, we should always bear in mind that it is the marginal change that drives markets. Read more
Asset Allocation
Uncertainty and Opportunity
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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. Expectations of central banks remaining dovish and their direct presence via purchases in selected credit markets seem to have trumped all other considerations. Read more
Equity Strategy
A more convincing EM growth picture
For the first time since 2009, the growth difference between EM and DM is widening again. Our own EM economic growth momentum indicator has been improving so much in recent months that we feel sufficiently confident to make the call that 2016 will be the turning point for the EM-DM growth gap. Read more
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