Trade tensions are still a dominant theme for the risky-asset markets. We maintain a small risk-on stance.
The Corporate Credit Team at Janus Henderson Investors looks at some of the factors that are encouraging them to be cautious towards companies operating in the debt collection sector.
“It’s been a tough few weeks with plenty to worry investors such as Italy and US trade tensions. But there’s no need to panic as yet,” says Luca Paolini, chief strategist at Pictet Asset Management.
Markets were hit by shocks coming from three sources in May: an escalation of political risk related to Italy, weakening growth (notably in Europe); and a stronger USD, which led to stress in emerging markets.
The political crisis in Italy has worsened and some markets moved into panic mode. Uncertainty related to Italy may linger for longer, but as moves have been extreme NN IP decided not to change their allocation stance yet.
Frontier Markets spielen in den Portfolios der meisten Anleger noch eine untergeordnete Rolle. Politische und finanzielle Risiken sind oft groß – doch manche dieser Länder entwickeln ihre ganz eigene Erfolgsstory.
The US earnings cycle may be near its peak but could hold steady at current levels for some time. We have more confidence in the Eurozone earnings cycle.
We look at why the latest US sanctions are unlikely to be as harmful for Russia as the 2014 ones, reinforcing the investment case for Russia.
The past week was a strong week for risky assets. The question now is how much upside exists for equity and spread products.
Der Preis für ein Barrel Öl der Sorte Brent stieg um rund drei US-Dollar und schloss auf einem Niveau von 77,12 US-Dollar je Barrel. Die Aktienmärkte ließen sich davon kaum beeinflussen: Aus Sicht des Euro-Anlegers schnitt der US-amerikanische Aktienmarkt am besten ab.
