China replaces European disintegration as the most commonly cited tail risk for the first time since January 2016, with 31% of global fund managers citing Chinese credit tightening as the biggest risk in the market
“Investor sentiment is bullish,” said Michael Hartnett, chief investment strategist. “But irrationality is not yet visible despite all-time highs in credit and equity markets, robust global EPS and a benign French election result.” Ronan Carr, European equity strategist, added that, “Allocation to Eurozone equities is at its third highest level on record. The recent outperformance seems due for a pause, especially versus the U.S.”
Commenting on the Japanese market, Shusuke Yamada, chief Japan FX/equity strategist said, “Although global investors’ allocation to Japanese equities declined for a second month; easing risk factors, better currency levels, and fundamentals hint of a possible summer rally.”
Next Finance , May 2017
BofAML’s May’s Global Fund Manager Survey was conducted May 5-11; 213 panellists with $645bn AUM participated total. 184 participants with $583bn AUM responded to the Global FMS questions and 99 participants with $254bn AUM responded to the Regional FMS questions.
This research paper focuses on the inseparable relationship between implied repo rates and equity index total return swaps. Written by Stuart Heath, Director Equity & Index R&D at Eurex, it covers the various aspects and calculations of both repo rates and the (...)
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