01
Jan
Q1 Investment Strategy & Outlook
Investment Climate - Key Points
- Good international macro-economic prospects in 2018
- Upward cycle on global rates and inflation likely to gain momentum
- High valuations and low risk premia reduce the appeal of risky assets
- Bitcoin’s spectacular rise demonstrates the growing, and worrying, speculative euphoria
- Financial markets could finally feel the pinch of long rate increases
Key convictions for Q1 2018 - Key Points
- The global economic cycle will be bolstered in 2018
- End of expansionary monetary policy, and contraction of global liquidity
- Recovery for inflation and the upward long rate cycle
- Renewed volatility on financial markets
- Positive fundamentals for energy and precious metals
