Asset allocation analysis, Investmentstrategien, Market commentary

Asset Allocation – November 2017

November 21, 2017 - Colin Harte, Head of Research, Active Asset Allocations, and Guillermo Felices, Senior Market Strategist

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

Equities’ upward momentum continued throughout October. Overall, this was fuelled by improved macroeconomic indicators and improving investor sentiment.

Japan led global equity markets, rising by 8.1% in local currency terms and by slightly less in US dollar terms due to the strengthening of the greenback. This resulted from Prime Minister Abe’s snap election victory, which should allow accommodative monetary policies to be continued.

Similarly, European risk assets were helped by Mario Draghi’s dovish tone as the ECB President announced the well-telegraphed tapering of the central bank’s asset purchase programme, carefully referred to as ‘recalibration’.

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