Don’t fight the Fed
The 2019 rally in global equities continued in February as signs of an impending resolution to the US-China trade war emerged and the US Federal Reserve continued its shift begun in January to more overtly dovish rhetoric. The narrowing of corporate credit spreads continued in sympathy though the pace slowed following January’s dramatic rally.
Sector inflows are back! Renewed investor confidence has seen net buying of equities and sector ETFs since mid-February. This has included Technology which proved a good sentiment indicator last year. Our three SPDR Sector Picks led the performance returns in February on the back of the Q4 reporting season, reasonable forecasts and market trends. We are retaining these as sectors to watch for March. Although equities are continuing to bounce back, valuations are not as attractive and we believe that the number of uncertain political issues should warrant a defensive stance. The obvious places to invest in sectors is either to look for quality and/or growth supported by structural trends.
De Federal Reserve (Fed) is nog niet klaar met het verhogen van de rente en de groei in China koelt verder af. Dus komt het voor obligatiebeleggers voor een belangrijk deel aan op landenselectie. Mexico is in dat opzicht nu heel aantrekkelijk.
3/25/2019 4:00:00 PM
3/26/2019 3:15:00 PM
3/27/2019 7:00:00 PM
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