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Is Anyone Listening to Fauci?

Jul 13, 2020

• As Dr Fauci gives clear warnings of a building problem in the US markets continue to gain. • Rising credit defaults – high yield defaults have doubled and may double again • Fed has provided stability to high yield but not stopped a divergence from investment grade • Be vigilant in the financials sector,…

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Now What?

Jul 7, 2020

• Momentum still with equities • A rotation into value stocks may require a burst of inflation • Emerging stocks showing some good relative gains • Bond investors increasingly turning to manager skill for returns • Germany takes over the EU presidency with hopes of progress on a number of fronts • Eurozone equities look…

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Navigating the Whiplash

Jul 6, 2020

As the first half of 2020 came to a close, it felt like a cliff hanger of a television series season. Escalating covid cases, continuing equity market strength, tense geopolitical equations, no-deal Brexit, brr of the printing presses – the interplay of events and response have been dizzying. Even while we come to terms with…

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Pausing for Breath

Jun 29, 2020

• Markets pause as COVID cases rise • We see risks to the upside balancing the near term downside risks • Economic data has generally been better than market expectations • We do not expect governments to re-impose draconian lockdowns • Policy makers to remain very supportive of their respective economies • Consumer spending is…

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