Bonds are likely to take the upper hand over equities this summer, as liquidity dries up and economic growth slows.
Die Emerging Markets haben mit Wachstumsschwierigleiten zu kämpfen, daher lohnt ein Blick auf neue Wachstumsmärkte.
While political uncertainty remains a source of volatility, there are reasons for optimism. Our allocation stance remains unchanged.
Emerging market assets have been under pressure for several months. Initially, this was triggered by higher US interest rates and a stronger USD. This was exacerbated by concerns about external fragility, notably in Argentina and Turkey, and the resulting outflows from the asset class.
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.