A summary of the factors driving global markets over the last month.
We raised the probability of Recession to 55% after virus-induced shocks, oil prices’ collapse and violent market volatility. We are de-risking, adding very high quality duration, while expecting credit markets to cheapen and reserve currencies to do well
What investors should consider
Potential investment implications of IFRS 9 on bond and equity investment strategies like hedge accounting and derivatives.
Measuring book yield correctly