Switzerland is well known around the world for its high prices, with a Big Mac or a Starbucks latte costing over USD 6 each. The Swiss National Bank (SNB) itself describes the Swiss franc as “highly valued”, but it is less clear to us that the currency is
China’s monetary and fiscal efforts to manoeuvre a soft landing and cope with pressure from increased trade tensions are beginning to pay off. What are the broader implications?
The year started with global macro data and quantitative valuations moving in opposite directions. Can this trend continue, or will one side give way?
The 2019 rally is underpinned by progress on the fundamental issues that rattled markets at the back end of last year. But given the strength of the rebound, how much longer can it continue?
An already accommodative European Central Bank (ECB) surprised markets with an even more dovish stance at its 7 March meeting—positive news for European credit.
Dovish central banks, strong fundamentals and an improved outlook for China suggest that all stars are aligned for emerging markets. How long can the year-to-date rally continue?
Dovish central banks have the potential to extend the cycle—and therefore the positive environment for credit. Despite the strong performance year to date, we see opportunities for selective investors.
Weakness in the global economy has been almost entirely driven by the manufacturing sector. With recent data showing tentative signs of a recovery, what could be the implications for bond markets?
An improved macroeconomic backdrop continues to support hard currency emerging market (EM) debt, which has outperformed local currency EM debt this year. However, is there now room for EM currencies to take off?
Equities continue to look attractive relative to fixed income, and could very well move higher in the short-term given firmer economic data and a Fed on hold.