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Policymakers still needed

Aug 3, 2020

• Policymakers are likely to remain heavily engaged in support of their economies • Stuttering global growth encourages additional support • US Congress will have to provide, with the Fed as a backstop • Strong markets in July led by precious metals • We believe that both equities and credit remain biased higher • Hold…

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Is it Really that Good, or that Bad?

Jul 27, 2020

• A call on the market outlook is more complex than just buy or sell • The rolling over of good economic data was inevitable, it doesn’t mean bad news • Too much focus on the US equity market, other assets are still down a long way • The EU delivers a positive surprise –…

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Emerging Markets in Search of a Fresh Impetus

Jul 20, 2020

• EM equities and bonds have stalled in recent days • Recovery prospects for some EMs have been dimmed by poor virus response • Sharp trade reversals have been in evidence, but a slow recovery is now underway • Debt accumulation is inevitable; further creditor support may be necessary • Europe is still trying to…

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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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