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Reflation Trade Under Pressure, but Fundamentals still Supportive

April 20, 2017

The reflation narrative is still alive even though we are reaching a more mature phase. The Eurozone and Japan are in an earlier stage and should benefit from a more benign fiscal and monetary stance. The outlook for Emerging Markets is also improving, led by India and China. The improving global outlook supports a positive view on equities globally, with DMs and Europe in particular favoured vs EMs. Bonds remain exposed to rising rates and therefore require a flexible approach to manage rates sensitivity and search for opportunities across sectors and maturities.

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