Beyond Bulls & Bears

A Hard Brexit Would Remove Uncertainty for Markets
Fixed Income

A Hard Brexit Would Remove Uncertainty for Markets

"Two and a half years ago, with all the options for a negotiated Brexit on the table, a Hard Brexit seemed to be the worst-case scenario. Now, markets may feel that it’s preferable to bring an end to the uncertainty and accept the short-term pain." David Zahn, Head of European Fixed Income

Back from the Road Again: Five Things We Learnt from Our European Roadshow
Fixed Income

Back from the Road Again: Five Things We Learnt from Our European Roadshow

On a recent European roadshow, David Zahn, Franklin Templeton’s head of European Fixed Income, had the chance to meet investors from Germany, France, Italy and Spain. In this article, he sets out some of his takeaway messages from the trip, including a couple of surprises.

What’s Next for Europe as Merkel Is Re-elected
Perspectives

What’s Next for Europe as Merkel Is Re-elected

"We think the level of support for AfD does reflect a protest vote from people who have been unhappy with the direction things have been going in Germany. That could have an influence on Merkel’s approach as she looks past her election victory.” - David Zahn, Franklin Templeton Fixed Income Group

Global Economic Perspective: May
Fixed Income

Global Economic Perspective: May

In this month’s Global Economic Perspective, Franklin Templeton Fixed Income Group examines the aftermath of the French election in Europe, signs of a pickup in global growth and whether Japan’s “Abenomics” experiment is working.

European QE: Has It Been Worth the Effort?

European QE: Has It Been Worth the Effort?

Now, we feel the time is right for a further shot in the arm. In our view, it’s not a question of whether the ECB will extend QE, it’s a question of when: Will the announcement come in October or December?

I Know What You Missed This Summer

I Know What You Missed This Summer

Volatility doesn’t necessarily mean bad news for active investors; on the contrary, we believe it opens up doors for those brave enough to take positions on in a longer term view.

Europe: Back to Business

Europe: Back to Business

The main, very positive consequence of the Greek rescue agreement—even if nobody in Greece or in the eurozone at large seems to like it—is that Greece appears to be staying in the eurozone and the construct has been safeguarded.

Brexit Signs: Envisioning an EU Without the UK

Brexit Signs: Envisioning an EU Without the UK

In my view, the big risk for the United Kingdom of exiting the EU would be marginalisation, not just economically, not just financially but also politically … I would even go so far as to suggest that the status of the United Kingdom as a large world financial centre could be at risk if it were to leave the EU.

In the Know: Europe’s Capital Markets Union

In the Know: Europe’s Capital Markets Union

We are generally supportive of any ‘pro-European’ measures that help improve systemic integration across the monetary union.

The Eurozone Plots Its Long Road to Recovery

The Eurozone Plots Its Long Road to Recovery

So far, the prescriptive actions taken by the European Central Bank (ECB) have been helpful, in my view, even if their execution was a bit underwhelming.

Value Emerges Outside Glare of US Markets

Value Emerges Outside Glare of US Markets

Today, we see much more undervaluation outside of the United States, including two emerging markets—South Korea and China—that have been out of favor in recent years.

A Revolutionary Idea: Investing in Europe (even Russia)

A Revolutionary Idea: Investing in Europe (even Russia)

Investing in Russia has generally been risky, and its current clash with Ukraine provides yet another example of why. There are times, however, when we think investing in Russia makes sense.