NN IP: Dances with bears

The evolution of US economic momentum will have a crucial bearing on the global economy and financial markets - directly, because it is the largest DM economy, and indirectly, because of the implications for the Fed outlook.

Economic Outlook: US recession risks remain low as Fed pushes pause button

Even though US fundamentals remain generally strong, the corporate sector acts as the most likely future trigger for a downturn. Read more...

Asset Allocation: Fears of recession pull risk assets down

The sell-off in risky assets put on its most ugly face in the past week. Earlier this year, the oil price and China’s currency were the main drivers; more recently it is more of a growth scare that is roiling markets, as oil and the yuan show some tentative signs of bottoming. Read more...

Fixed Income: Investors have increased duration, particularly in Europe

Even though Japanese 10-year yields have been trending down for a while, the BoJ rate cut surprised markets. One of the consequences was a significant drop in Japanese 10-year government bond yields. Read more...

Equity Strategy: The latest sell-off in equity markets is the result of increasing growth worries

The correction in equity markets continues unabated. The latest sell-off is somewhat different from what we saw earlier in the year, and is in a sense more worrisome, as it is based on fears of a deterioration of the macro environment. Read more...

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