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In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

Deutsche AM - Chinese equities and currency suffer - what else?

The Chinese market should remain policy driven and therefore volatile – we remain moderately bearish on the China growth picture but expect more reforms and look to the next National Peoples’ Congress (NPC) meeting in March to gain more clarity.

Company: Deutsche AM
Date added: 07-01-2016
Sector: China

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Deutsche AM - The Fed: A good start to what could be a bumpy ride

 

 

 

The Fed has finally increased the range of the federal funds rate by 25 basis points, from 0.25 to 0.5%. The decision was unanimous. This is in line with our and the overall market expectations.

There were few surprises in the accompanying statement. According to the Fed, the labor market and the economy are in a reasonably good shape, and the risks are now "balanced", as opposed to "nearly balanced" in October.

Company: Deutsche AM
Date added: 17-12-2015
Sector: Developed Market Sovereign Bonds

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Deutsche AM - The Fed: Time for more excitement

 

 

 

There is now near unanimous agreement that the Fed will raise rates at the FOMC meeting ending on December 16 – federal funds futures imply a 74% probability. Anything else would surprise markets. Markets are on the edge already, due to a plunging oil price, downward pressure on the Chinese yuan, and troubles in the high-yield market. With the hike widely anticipated, low liquidity in many asset classes ahead of Christmas would further accentuate price movements. This is hardly what the Fed would possibly want.

Company: Deutsche AM
Date added: 14-12-2015
Sector: Developed Market Sovereign Bonds

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Deutsche AM - The new Draghi: what can be expected from the ECB?

 

 

 

The ECB did decide to extend the duration of its asset-purchase-program (APP) to at least March 2017, to reinvest proceeds and to include purchases of debt issued by regional and local governments. This last move will make any further increases in APP easier to implement, by mitigating any shortages in the debt issued by some countries, notably Germany. The ECB also cut its deposit rate from -0.2% to -0.3%.

Company: Deutsche AM
Date added: 07-12-2015
Sector: Developed Market Sovereign Bonds

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Deutsche AM - Chinese yuan enters IMF reserve basket

SDR inclusion could boost the Chinese yuan’s attractiveness as a reserve currency: Although the IMF decision to add the CNY to the SDR basket does not trigger compulsory CNY purchase for IMF members, we believe this marks a first step towards the world’s central banks restructuring their reserve currencies to holding more CNY, depending on the availability and liquidity of China’s currency.

Company: Deutsche AM
Date added: 01-12-2015
Sector: Currency

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Deutsche AM - Bond-market turmoil – specific or systemic risks?

 

 

 

Increasing investor risk aversion has become even more evident in late September. While equities started their pronounced correction back in August, high-yield (HY) bonds, and a couple of investment-grade (IG) bonds took deeper dives in September. Higher risk assets are the main targets for sell-offs. The volatility measures for both the S&P 500 Index as well as the Euro Stoxx 50 Index remain at elevated levels.

Company: Deutsche AM
Date added: 02-10-2015
Sector: Developed Market Sovereign Bonds

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Deutsche AM - European Infrastructure Update

In 2014 European unlisted infrastructure continued to attract interest among investors seeking to match their long-term liabilities, as it can offer relatively low long-term cash flow volatility, low correlation with other asset classes and inflation-hedged total re-turns. Europe represents a leading global market for infrastructure investment and of-fers a robust infrastructure investment pipeline, ranging from the fast-growing econo-mies of emerging Eastern Europe to the larger economies of Western Europe.

Company: Deutsche AM
Date added: 01-08-2015
Sector: Infrastructure

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Deutsche AM - Why invest in infrastructure?

 

Infrastructure continues to gain recognition as a distinctive asset class and holds con-siderable appeal for investors, including pension funds and life assurance companies focused on yield and seeking to match their long-term liabilities. By the end of 2014, there were 144 infrastructure funds globally, with a combined target size of USD $93 billion1. The gap between current and targeted allocation amongst institutional inves-tors suggests there is further room for growth.

Company: Deutsche AM
Date added: 01-05-2015
Sector: Infrastructure

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