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3 Things the European Investment Grade Fixed Income Team Talked About Last Week

1. UK & Article 50 – “It’s the End of the World as We Know It”  Last week, following a bit of back-and-forth between the lower House of Commons and upper House of Lords, legislation was introduced that allows UK Prime Minister Theresa May to trigger Article 50, and thus start the long-awaited process of […]

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Dutch Dam Against Anti-Euro Tide

In the End, No Surprise After the annus horribilis in which several elections resulted in unexpected outcomes (admittedly, without the much feared negative impact on asset prices), we have now had a result that is in line with recent polls and will not lead to a tremendous change in the policy and political approach of […]

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Fed Policy: Still Behind the Curve

Ken Taubes is Chief Investment Officer, US. Even while hiking interest rates today, the Federal Reserve Board (Fed) maintained its dovish sentiment. In recent weeks, Fed members began signaling that rate hikes would come sooner, raising expectations for a more hawkish Fed stance. Despite the rate increase, the Fed maintained its emphasis on the need […]

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3 Things the European Investment Grade Fixed Income Team Talked About Last Week

 1. ECB Meeting 24 hours. That’s the time it took the ECB hawks to break ranks and confirm what most of us suspected – that the ECB Governing Council had discussed a rate hike at the previous day’s meeting. Despite a relatively dovish statement and opening remarks at the post-meeting press conference, the tone turned […]

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Fixed Income: How to Invest in a Higher Inflation World

This is the first of a series of blogs in which we will analyze the main inflation drivers that investors should consider in 2017 and beyond, as well as investment opportunities to deal with higher inflation across fixed income, equity and multi asset. The inflation outlook has rapidly changed in the last few months and headline […]

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5 Key Take-Aways from Today’s ECB Meeting

Dovish Start, Hawkish Finish 1. Slightly More Dovish Opening Statement than Expected The second line of the press release was more dovish than expected – “The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of […]

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Did Someone Say Earnings Growth?

Q4 earnings season in Europe has given investors something to cheer about. 75% of companies have reported to date, and the Q4 Earnings Per Share (EPS) are up 12.1% Y/Y. This is the strongest number since Q4 2013, with 7 out of 10 sectors running ahead of consensus expectations. Outlooks for 2017 seem to be […]

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3 Things the European Investment Grade Fixed Income Team Talked About Last Week

 1. European Inflation – a Black Swan?  Some things can truly be described as rare events – the wrong film being announced as an Oscar winner and the discovery of 7 new planets being two recent examples. Last week we were able to add to that collection, with Euro-area inflation hitting the ECB’s target of […]

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How to Play Economic Acceleration

It has been a benign start to the year for investors. Stock markets have reached new all-time highs in the US and delivered strong positive returns across the board globally. Credit spreads in developed markets have tightened slightly, as the search for yield continues, and emerging markets (EM) asset classes have generally performed well. Moreover, […]

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2 Things the European Investment Grade Fixed Income Team Talked About Last Week

1. The French Connection The major talking point in European Investment Grade Fixed Income markets last week was the sudden and violent widening of non-core markets against Germany. It was most evident in France, but also occurred in Italy, Portugal and Greece (the latter for very idiosyncratic reasons to be fair). The primary cause of […]

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