NN IP: Tug-of-war between economy and politics

Asset Allocation

Balancing behaviour
Studying investor behaviour helps to understand markets. Signs of low risk-taking are sending a contrarian signal, and we stay with our risk-on tilt. Read more

Economic Outlook

Some thoughts on US corporate tax reform
This week we take a look at the new US government’s plans for tax reform, and at developments in two of the biggest emerging markets, China and Brazil. Read more

Equity Strategy

Political risk versus animal spirits
US political risks appear to be less well-rewarded than Eurozone political risks. We maintain a preference for non-US markets and expect a rebound once the elections are behind us. Read more

Fixed Income

Emerging markets: Between rhetoric and concrete policy steps
Global trade recovery and pausing US bond yields have created a favourable environment for EM assets. The main risks are US protectionism and a Chinese growth slowdown.  Read more

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