October 2017

“Let us rise up and be thankful, for if we didn’t learn a lot today, at least we learned a little, and if we didn’t learn a little, at least we didn’t get sick, and if we got sick, at least we didn’t die; so, let us all be thankful.” Buddha

SUMMARY

  • The Trump trade is back on as chances of a successful tax reform passage are rising
  • While a short-term positive for markets, we suspect the long-term impact will be negative for growth and the dollar
  • Government bond markets are still living in a world of secular stagnation while credit and equities are expecting reflation
  • Wage pressure is slowly increasing as labour market slack disappears in the US and elsewhere
  • We favour value names, financials, healthcare, Japanese equities, the dollar and reduce expensive high-grade bonds

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This promotion has been approved by ACPI Investments Limited (FCA Register IRN 192403).

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