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Allocation Perspective

The triumph of Abenomics

10/30/2017

-Strong, synchronized and ongoing non-inflationary
world growth (4%).
-Central banks are still concerned over sluggish inflation, yet are planning to implement significant monetary tightening in 2018 – for the Fed it’s a case of financial stability, while technical reasons are motivating the Bank of Japan (shortage of JGBs), political reasons are behind ECB moves (issue share limits), and external factors explain the Bank of England’s actions (current account deficit, household debt).

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Metals and yield curve: the red and the black

09/25/2017

- World growth close to 4%, but the slowdown in credit flows in the US/Europe/China, along with quantitative tightening from central banks, point to a turnaround in this trend in 2018.

- Weak dollar and yield curve steering moves by the Bank of Japan drive risk appetite via carry and put-writing strategies.

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Central banks: from doves to hawks?

07/27/2017

- Strong and synchronized global growth, with still no marked acceleration in inflation.
- Tension on long-term rates following tightening rhetoric from several G10 central banks.

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OPEC strategy: checkmate?

06/23/2017

- Confirmation of the first signs of a gradual slowdown in China and the US. Growth remains robust in Japan and the euro area.
- Trump’s economic agenda still at a standstill.

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Dear US equities …

03/24/2017

- The Fed hikes rates while the US legislative apparatus is sinking in the quicksand
of the American Healthcare Act and lifting the debt ceiling.
- China confirms it has successfully cooled down its economy.
- We are growing closer to the period of political risks in Europe (France, Italy).

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Doctor Yellen and Mister Trump

02/27/2017

Read market analysis by Raphaël Gallardo, Multi-asset strategist at Investment and Client Solutions investment division.

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