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Alternative Market Briefing

Capital markets likely to stabilize during the second half of 2012

Thursday, August 09, 2012

Bailey McCann, Opalesque New York: Capital markets may start to stabilize according to research from Credit Suisse’s Asset Management division. The group released its Q3 2012 Alternatives Quarterly and discusses the outlook for alternatives in the second half. "Sluggish global growth and Eurozone concerns will continue to weigh on investor sentiment, but these worries have, to a visible extent, already been priced into the markets. Additionally, we see the outcomes of the June European Union (EU) summit and Mario Draghi’s recent statements as positive steps that confirm the willingness for necessary policy action in the region, " says Stefan Keitel, Global Chief Investment Officer for Asset Management and Private Banking.

Ahead of the stabilization, Keitel notes that the group has increased its allocation to equities after the expected market correction in March to May, as part of a real-asset strategy. They increasingly prefer the more countercyclical and lagging markets, specifically in the Eurozone over the defensive US and Swiss markets. They are also overweight in emerging market (including China, Korea and Russia) and UK equities.

He explains that in bonds, the group prefers high-yield and corporate bonds over high-grade government bonds, given a persistent cycle of negative yields and limited upside potential. Currencies are also likely to remain range bound, according to the report. "Turning to commodities, we maintain our strategic overweight position on gol......................

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