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Thursday 16 May 2019
Since the beginning of the year, financial markets have been characterised on the one hand by a sharp rebound in risky assets. Equity indices jumped, with double-digit growth in the first quarter.
On the other hand, we saw a decline in Core sovereign bond yields. Investors have revised on the downside their expectations regarding inflation and central banks’ interest rates.German 10-year bond yields have dropped below zero for the first time since 2016. US 10-year bond yields are now around 2.5%
Revisiting fixed income opportunities after the European institution appointments
Financial markets have been enjoying a record-breaking run of late.
The journey from market complacency to awareness of fragilities is in full swing, and the market correction in May is part of that, as is the recent recovery fuelled by dovish Central Banks (CB). Aware investors should recognise that the late cycle phase and mature market trends require improving fundamentals and positive political events to deliver sustainable uptrends in risk assets. But, it is difficult to see such improvements happening in the short term.