The first quarter of 2019 saw a sharp recovery in investor sentiment.
After the US Federal Reserve’s dovish turn in January and the renewed easing by Chinese policymakers, the ECB has now also shifted to a more dovish stance and the Fed cemented its dovish position in March. Markets trading as they did in QE years : they have responded positively to this monetary policy shift, with price action mimicking that of the years of quantitative easing.
Downside risks persist. To us, all this adds up to a goldilocks environment that is fragile since we believe a central bank-engineered goldilocks could be destabilised easily.
In their latest outlook, our two analysts present their expectations for the coming months: Maximilian MOLDASCHL, Senior Global Multi-Asset Strategist, Multi-Asset team at MAQS and Guillermo FELICES, PhD, Head of Reasearch and Stratetgy, Multi-Asset team at MAQS.
BNP Paribas Asset Management
Given the economic and market risks, there can be no assurance that the financial instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the financial instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to the financial instruments may have a significant effect on the results portrayed in this material.
All information referred to in the present document is available on this website.
Investments in the aforementioned fund are subject to market fluctuation and risks inherent in investing in securities. The value of investments and the revenue they generate can increase or decrease and it is possible that investors will not recover their initial investment. Source: BNP Paribas Asset Management.
UCITS OFFER NO GUARANTEED RETURNS AND PAST PERFORMANCES DO NOT GUARANTEE FUTURE ONES