Mensal: Estratégia de investimento

SUMMARY Market summary: equitier climb higher in low-vol environment Crude market outlook - the new oïl era Asset allocation: long EM versus DM

SUMMARY • Risk assets: under the weather • Upbeat global growth • Asset allocation: back to underweight duration, still bearish on euro versus US dollar

SUMMARY • Inflation continues to disappoint • Are central banks debating a change in their reaction functions? • Bond markets are becoming unsettled

SUMMARY • Inflation disappoints, but central banks carry on • Is growth becoming more domestic? • Now closed: underweight in developed equities • Overweight real estate rotated from Europe to US