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

Asset Allocation September 2017

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

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

August was generally positive in terms of macroeconomic data, but there was more of a stir from (geo)political issues. US President Trump’s jawboning against a threatening North Korea tempered risk assets during most of the month. Global equities retreated as volatility spiked. However, a late rebound meant they ended the month flattish overall. The US S&P 500 index was unchanged over the month, with information technology and utilities making up for the weakness in the energy, telecommunication services and financial sectors. European equities finished slightly down, with bond proxies such as real estate and utilities outperforming. Emerging markets rallied to finish the month up slightly, largely driven by IT stocks.

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BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
November 21, 2017

SUMMARY : Upbeat market in October, led by Japanese equities / ECB asset purchase ‘recalibration’: still accommodative / EM: renewed idiosyncratic risks?

BNP PARIBAS ASSET MANAGEMENT - Finance 4 1440x300
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BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
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SUMMARY Market summary: equitier climb higher in low-vol environment Crude market outlook - the new oïl era Asset allocation: long EM versus DM

US inflation on a rising trend

Our outlook for US inflation and growth has brightened considerably since the start of 2018, so we have lifted our targets for both US Treasury yields and TIPS-based breakeven inflation rates. Here, we review the factors we see as contributing to the rise in US inflation and we look at the potential monetary policy response from the Federal Reserve (Fed).