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B. G., Opalesque Geneva: Members of the Group of Boutique Asset Managers (GBAM), a global network of independent specialist asset managers, have gathered their projections for 2023 in a common report. Their views bear consistent themes including inflation, recession, and opportunities in the repositioning of various assets.
Switzerland: Keep an eye on monetary policy
Dr Pius Fisch, chairman of Fisch Asset Management, a Swiss convertible bonds manager, sees yield curves in the US and Europe inverting more and more, sending increasing signals of recession. He believes a "soft landing" of the economy is thus becoming less likely. Structural reasons, such as low debt ratios, solid labour markets and high consumption potential, however, point to only a mild recession.
"There is still a lot of negativity priced into equity and credit markets, but the short-term risk/reward ratio has deteriorated again after the recent price rallies. However, as soon as the expected shift in monetary policy will be realised in the coming months we will see considerable upside potential for the remaining year," he says.
Spain: Inflation reduction will not be a line...................... To view our full article Click here
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