Equities are even more expensive than bonds

Compared to bonds, U.S. equities are as overvalued as they were in 2003 and 2009. Back then, both asset classes were cheap. Hard to argue that this is the case again today.

Fixed income strategies in times of an inverted yield curve

By: Björn Jesch

Lessons from past episodes

An oddly timed U.S. rating downgrade

From both a market and a political perspective, the “news” that Fitch now rates United States' long-term ratings as 'AA+' contained no new information and is likely to have very little direct market impact.

ECB balance sheet falls but no one may notice

Next week the ECB's balance sheet will shrink by over 6%. Further reduction will take place much more slowly – with uncertain consequences for the markets.

European bank bonds show surprising anxiety

Europe’s bank sector has proven resilient since the Credit Suisse rescue but AT1 bonds have still not fully recovered – making them all the more attractive, in our view.

European high yield – enough meat on the bones

Emerged as relative winners in the fixed-income segment – and we believe they can still deliver