Actionable Investment Ideas
August 17, 2015
We expect global growth to pick up in 2015 and 2016, led by developed countries. Underlying drivers are easy financial conditions, improved labor markets, low oil price. The investment implications of the outlined macro view include a positive outlook for USD vs EUR, vs GBP and vs JPY. Risk assets should remain favored by the persistent abundance of Central Bank liquidity. In particular, we think that Eurozone and Japanese equities offer value in Developed Markets. In EM we like Indian equities and, on a medium term perspective, Chinese equities (H shares). The number of risk factors which potentially may impact financial markets suggest that it is worth keeping some form of protection in place on risk assets.