Daily Note – The Wind is Changing


  • Eyes on the road ahead
  • The growing case for active asset management
  • United States: The tale of two economies

Good morning,

As the summer comes to an end and markets look towards the busy and historically volatile Autumn period, we thought we would take the opportunity to lay out our thoughts for the coming months. I can’t say I am not worried.

The global economy and markets have come a long way since the 2008 financial crisis. Output in most major economies (in nominal terms) is higher than it was pre-crisis, as are asset prices. The spectre of deflation is starting to fade as economic slack decreases and commodity prices stabilise – at least in developed markets. Extraordinary central bank policies, while controversial, have played a significant role in getting us here. But what lies ahead – and what does it mean for asset allocations?

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GlobalMacro360 Daliy Note 18th August 2015


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