Highlights We have been cautious on asset allocation on a tactical (3-month) horizon for two months. The backdrop has deteriorated enough that we believe that caution is now warranted beyond a tactical horizon. Trim exposure to global…
Highlights One of Europe's major success stories is the structural and broad-based increase in female labour participation rates. The trend is set to continue for the next decade. Stay overweight the Personal Products sector as a…
Highlights The so-called 'Silver Tsunami' of retiring baby boomers will continue to be a drag on aggregate wage growth for some time. We would strongly bet against the two further rate hikes that the Bank of England has…
Highlights The three deflationary anchors of the global economy have abated: The U.S. private sector deleveraging is over, the euro area economy is escaping its post crisis hangover, and the destruction of excess capacity in China is…
Highlights Even isolated North Korean attacks are unlikely to lead to a full-scale war; The USD sell-off will start to reverse once Trump makes Gary Cohn his official pick for Fed chairman; Europe is not a risk for investors ... even…
Highlights The euro area's growth prospects, adjusted for population, are no different to any other major developed economy. If the euro area continues its recovery to just the mid-point of its long-term relative growth cycle…