Beyond Bulls & Bears

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Putting Europe’s Growing Bond Market into Perspective

We share the widespread expectation the volatility that we’ve seen in recent months will continue for some time to come and that is why we expect the ECB to provide more easing, probably by extending its QE programme yet further.

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This Is Not 2008

The risk aversion across emerging markets appears to have reached a maximum state of unwarranted pessimism, in our view, and we see a vast set of valuation opportunities amid the volatility.

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Global Economic Perspective: February

The impact of China’s rebalancing is likely to remain a headwind, particularly for countries that have relied on its appetite for raw materials. But this is likely to be counterbalanced by the continuation of the various accommodative monetary policies that are in place around the world.

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Inflation: Dead, or Just Forgotten?

We believe that widespread underestimation of future inflation, together with the prospective normalization in the relationship between long-term interest rates and nominal GDP growth, sets the stage for a significant correction in Treasury yields.

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MENA Markets: More Than Just About Oil

We believe emotion may have gripped the markets and driven prices lower…a recovery should be in the cards, and likely sooner rather than later.

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Want to Create Value? Dig Deep and Adjust Your Expectations

In this current environment with elevated valuations (by historical standards), a trade-off exists between earnings risk and valuation risk. These are the decisions that some investors will want to consider as they strive to produce acceptable returns.