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Tactical Positioning Across many regions, bond yields have fallen during the past two weeks; the US 10-year Treasury yield, for example, has fallen from 2.37% to 2.12%. This was caused, in part, by investors switching out of risk assets into bonds, but it also comes as a reaction to falling inflation expectations. For equity investors, […]
Tactical Positioning When equity markets go down, it is worth looking at how ‘risk-off’ or perceived ‘safety’ assets such as gold, US Treasury bonds, the Japanese yen and the Swiss franc are moving to determine the severity of the situation, as these are normally rise when investors are selling out of equities. Over the last […]
Tactical Positioning As 2018 ended, markets looked bleak as fears the world economy was falling back into recession snowballed into a market rout. Four months on and the story is very different, the Federal Reserve has paused its policy of raising rates, a trade deal between the US and China may be imminent and the […]
Tactical Positioning In terms of tactical moves over the last few weeks, we have been reflecting on Eurozone economic policy which we discuss below. Our sense is that it may be difficult for European equity markets to recover further against a background of stagnant growth regionally, even though valuations remain reasonable. As a result, we […]
Tactical Positioning At the end of last year, investors were worried that monetary policy was tightening at a time when the outlook for growth was deteriorating. Importantly, the environment in the US appears to have improved with expectations of a more supportive monetary policy being met by an improvement in first quarter growth, as estimated […]