State Street Investment Management

De obligatiemarkt stort volgend jaar niet in, ondanks een naar verwachting hogere rente en inflatie. De kansen liggen selectief bij credits, opkomende markten en converteerbare obligaties, zegt Antoine Lesné, hoofd ETF strategie en research EMEA bij SPDR, de ETF-tak van State Street Global Advisors.

The significant inflows into sector ETFs continued through November, with a high level of interest in the two dominant sectors of Technology and Financials. Investors continued to sell out of Utilities and, generally, appeared more downbeat on defensive sectors.

Tegen de achtergrond van de afbouw van het ruime monetaire beleid, lijken Europese beleggers vooral aandacht te schenken aan: •Absoluut rendement •Carry •Excess return boven staatsobligaties

October was yet another strong month for global equities; indeed, global stocks are yet to have a single down month this year.

Cyclical sectors were a la mode for investors in US-listed ETFs during October. Equity funds in general continued to attract robust inflows, and a large amount went into sector investments.

After much anticipation, Trump nominated Jay Powell as the next Chair of the US Federal Reserve (Fed). The announcement caused little in the way of market reaction as the appointment was widely expected following months of speculation. The market perceives Powell as the candidate most closely aligned to Yellen in terms of view.

Financial markets have continued their recent rally. In Europe, the market strength has been driven by a weak euro, which softened following the recent European Central Bank (ECB) meeting and which has subsequently caused Europe-based exporters to rally.

A confluence of factors has brightened the prospects for the financials sector, and investors have taken note. The sector could stand to benefit from rising bond yields as a result of improved margins, while an improving economic backdrop and potential deregulation could provide further support.

This document presents a brief comparison of two key euro high yield benchmarks: the Bloomberg Barclays Liquidity Screened Euro HY and the Markit iBoxx EUR Liquid High Yield Index.

With our ‘yield thermometer’, investors can easily discover how each ETF in our Fixed Income range stacks up as measured by yield to worst.