The Bank of England (BoE) held its base rate of interest unchanged at 0.5% at its meeting today.
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The COVID-19 outbreak has pushed the global economy into recession and equities likely have further to fall. We are overweight cash and duration and modestly underweight equity and credit. We expect to stay nimble in our relative value positions.
The Federal Reserve announced new programs on March 23, 2020. Global Liquidity Portfolio Manager, Kyongsoo Noh, discusses these new facilities from the Fed.
While Europe faces some of the macro challenges that have plagued Japan for the last 30 years, investors shouldn’t oversimplify and extrapolate into a dismal outlook for European stocks.
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Brexit uncertainty is not over. But that wasn’t the only thing holding back UK stocks, and investors could be tempted back to the market.
As widely anticipated, Emmanuel Macron’s La Republique en Marche party has won an absolute majority in the French National Assembly after the second round of legislative elections on Sunday 18 June.
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