March 2016 Slings and arrows
At the end of January, the Bank of Japan surprised markets by joining the European Central Bank in implementing a negative interest-rate policy, ostensibly to spur bank lending, and thus boost investment, create jobs and drive consumption in what has become a flagging domestic economy.
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Catch up on recent developments in the world’s financial markets, with news, views and the outlook for bonds, equities and the foreign exchanges, as well as the latest asset allocation recommendations from our Investment Department. -
ASSET ALLOCATION: underweight equities, neutral bonds.
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FX: overweight US dollar; funding recommendation (for euro-based investors) 100% in euro.
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BONDS: underweight government bonds, overweight mortgage bonds and investment-grade corporate bonds; within the speculative area, overweight China; duration neutral relative to benchmark.
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EQUITIES: underweight emerging markets, broadly neutral elsewhere; most favoured sectors – industrials and IT; least favoured sectors – materials, healthcare and financials.
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