1. Newsroom
  2. Investment Outlook Q2 2016
Menu
Analisi 12.04.2016

Investment Outlook Q2 2016

Investment Outlook Q2 2016

Central banks: more aggressive, but no more credible

Our global vision of underlying macroeconomic trends is the cornerstone of a robust strategic asset allocation for Q2 2016. Our golden rules are high conviction, non-conformism and capital-preservation.

Equity markets have rebounded more than 15% from their February lows, but there are still signs of tension and global economic forecasts have been downgraded. Eight years after the financial crisis, markets and economies remain heavily dependent on monetary policy.

Lower interest rates and liquidity injections stimulated the US economy in the aftermath of 2008, but the same measures in Europe and Japan are struggling to deliver any sustained boost to activity. As a result, the ECB and BoJ have adopted increasingly unorthodox measures, using negative interest rates and buying private-sector non-fi nancial bonds. Even more noteworthy is the fact that some eurozone central bank offi cials are no longer ruling out helicopter money, i.e. distributing banknotes directly to households, in the hope of driving infl ation higher.

Download the Investment Outlook Q2 2016 publication

Lower interest rates and liquidity injections stimulated the US economy in the aftermath of 2008, but the same measures in Europe and Japan are struggling to deliver any sustained boost to activity. As a result, the ECB and BoJ have adopted increasingly unorthodox measures, using negative interest rates and buying private-sector non-fi nancial bonds. Even more noteworthy is the fact that some eurozone central bank offi cials are no longer ruling out helicopter money, i.e. distributing banknotes directly to households, in the hope of driving infl ation higher.

Le news più lette

Analisi 17.10.2018

Impact investing, il futuro comincia oggi

L’impact investing si assume il compito di impegnarsi per risolvere i più pressanti problemi globali identificando interessanti investimenti a lungo termine.

Analisi 15.10.2018

Global Equities: P/E de-rating in progress

Spotlight - The broad-based sell-off in global equities has fully retraced the gains made from February 2018’s lows. Even world beating technology shares have fully given up the 8% gains seen over the summer.

Analisi 08.10.2018

The latest on the oil market

September saw WTI oil prices drop 4% during the first week of the month before rallying almost 12% to reach USD 75 per barrel at the beginning of October. The rally came as investors have been gauging OPEC’s ability to replace falling Iranian exports and declining Venezuelan production.


Altro da leggere

Analisi 15.02.2019

The Fed returns the punchbowl to the party

Spotlight - The dramatic Fed pivot from hawkish in September 2018 to now at worst ‘neutral’ signals that the Fed is reluctant to ‘take away the punchbowl’ completely from the post-2008 economic expansion.

Analisi 31.01.2019

Measuring funds’ social and environmental impact

In 2018, UBP started a collaboration with the Cambridge Institute for Sustainability Leadership (CISL), a pioneering institution within the University of Cambridge working with influencers to build a sustainable economy.
Analisi 24.01.2019

China’s Policy Stimulus: What’s Really Going On?

At the press conference on China’s policy easing on January 15, senior officials from People’s Bank of China (PBOC), Ministry of Finance (MOF) and National Development of Reform Commission (NDRC, the state planner) jointly reiterated the message of a deepening counter-cyclical policy to cushion the current economic slowdown.