Spain
Are negative yields on $10 trillion of global bonds a sure sign of a bubble? The answer is no... and yes.
The euro area's NPL problem is unlikely to be solved quickly, constraining bank profitability and the capacity to lend. There are three important repercussions for investors.
In successful investment analysis "less is more, and usually much more effective."
Given that the seemingly unthinkable can actually happen, we reassess how financial markets price uncertainty, and whether the current pricing is correct.
A benchmark overall duration stance is still warranted, as central banks will maintain exceptionally accommodative monetary policies to offset potential Brexit-related shocks to confidence.
For the month of June, the model performed in line with both global equities and the S&P 500. For the month of July, the model is increasing its risk exposure.
Government bond yields will remain at depressed levels as investors stay in safe haven assets given the lack of clarity on the next steps in the Brexit saga.
A Spanish bull, a euro bull, and an equity bear.
The latest conclusions from the sector-based (right) way to pick stock markets. Plus some important conclusions for credit markets.