Catalan pro-independence parties moderate their stance and Portuguese Finance Minister aims to reduce debt load. There are still political risks in Italy, but for now the ongoing ECB buying and the improving economic backdrop support all peripheral bonds.
While Spain takes control after Catalonia declares independence the ECB prolongs the quantitative easing programme. In the US the low-volatility market environment was jolted by speculation over the next Fed chair and tax reforms. The weekly strategy update from BNP Paribas.
Euroland coincident indicators remain strong but monetary trends suggest that economic growth will moderate in 2018.
While the Spanish government decides to suspend the Catalan government, in italy the new electoral law has passed the senate and prepared the general elections, probably early March. - The Robeco Europe Update.
Economic activity is cruising. Confidence indicators continue to surprise positively, pointing to a solid cyclical growth momentum in the months ahead. Unemployment is coming down, yet stronger labour market conditions have failed to generate meaningful upward price pressures so far.
The index yield (JPMorgan Government Bond Index Emerging Markets) is at its lowest since the ‘taper tantrum’. There have been flows into EM fixed income and, according to JPMorgan, cumulative inflows into the asset class totaled USD.
Die guten Sentimentindikatoren schlagen sich zunehmend in den realwirtschaftlichen Daten nieder: In Deutschland stiegen die Auftragseingänge stark und auch der Wert für die Industrieproduktion verzeichnet einen Wachstum. Zudem markierte die deutsche Handelsbilanz im August ein neues Allzeithoch.
Welchen Einfluss hat Wahl in Österreich auf Deutschland und wie werden die Märkte reagieren? Wolfgang Bauer, Fondsmanager im Retail Fixed Interest Team bei M&G Investments, beantwortet vier Fragen zu den Auswirkungen der Wahlen in Österreich.
Der US-Arbeitsmarkt zeigte sich in bester Verfassung und der Ölpreis fiel seit Wochen erstmals wieder. Unter diesen Voraussetzungen entwickelte sich der amerikanische Aktienmarkt am besten. Im Rentenbereich präsentierten sich Hochzinsanleihen stark – der Marktüberblick mit Michael Jensen.
In this Q&A, China portfolio managers Charlie Awdry and May Ling Wee, discuss China’s unexpectedly strong economic growth this year, which has been driven by a robust pick up in industrials. They explain why sector reform and rising producer prices could turn this into a more sustainable trend.
