BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
Asset allocation analysis, Investment strategy, Market commentary

Asset Allocation July 2017

July 18, 2017 - Colin Harte, Head of Research, Active Asset Allocations

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

The first three weeks of the month saw risk assets continue to rally, while bond yields declined modestly. There has been a growing dichotomy between the economic outlook discounted by equity markets and the views discounted by fixed income markets so far this year. Equity markets had been posting virtually uninterrupted gains on the back of continued economic growth and an improved earnings outlook, while bond yieds in all the major markets had fallen materially due to lower expected inflation suggesting slower monetary policy tightening.

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