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6. Dezember 2019
A view from the markets – UK set for stability
Politics will remain a key driver of market volatility in the coming year given a new UK government, the US election and potential political change in Germany. Yet beyond these events, the medium-ter ...
18. Oktober 2019
We see a potential for higher inflation breakevens and find value in short duration inflation-linked bonds
Inflation expectations are depressed despite inflation forecasts remaining stable this is a value opportunity in our opinion, we see room for higher inflation breakevens.
23. Juli 2019
Is it time to buy inflation breakevens?
The bond market has been on fire since the beginning of 2019. Interest rates are lower, and spreads are tighter thanks to the radical turnaround from all major central banks (from policy normalisatio ...
19. Juli 2019
Holidays in the sun
President Trump appears to want much lower rates and a weaker dollar. Those views are political. If we were to get them, then US inflation risk premiums could rise.
12. Juli 2019
Yield not equal to return
Bonds have sold off a bit this week, but I believe that the bull market remains in place. Global monetary policy is about to be eased yet there are reasons to be relatively relaxed about the near-ter ...
12. Juli 2019
Q2 2019: Lower rates, slower growth
With trade tensions being the largest threat to the macro outlook, investors are looking to central banks to provide support. So far, central banks have indicated their willingness to provide easier ...
5. Juli 2019
Here Comes the Summer
Bond returns are being driven by expectations of monetary easing and an unerring search for yield. The result is yields that are increasingly falling below policy interest rates. This may only revers ...
2. Juli 2019
Chasing yield: Bond liquidity in a post-crisis world
There has been no shortage of press coverage on financial market liquidity in recent months, with at least three examples of asset managers experiencing difficulties with the management of mutual fun ...
21. Juni 2019
Lower rates, no recession
Navigating through all the noise out there, it seems the most sensible expectation that investors should have is described by “lower rates but no recession”. Central banks were more dovish again this ...