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DAILY SKETCH - Bond correction is probably far from over

DAILY SKETCH - Bond correction is probably far from over

The yield to maturity of the most-watched bond ever – the 10-year US Treasury Bond – reached an all-time low of 0.5% in August last year. As the market prices of bonds and bond yields to maturity move in opposite directions – when one rises, the other falls...

DAILY SKETCH - Inflationary pressures have a reason to rise

DAILY SKETCH - Inflationary pressures have a reason to rise

As today's chart of performance of the major asset classes since the beginning of the year shows, inflationary pressures now really have reason to grow. Commodity prices have been rising very sharply since the beginning of the year. S&P GSCI global commodity index is...

DAILY SKETCH - My outlook on equities is slightly negative

DAILY SKETCH - My outlook on equities is slightly negative

I have now a slightly negative outlook on equities. At the Investment Committee on February 3, we decided to reduce the weight of the global equity component vis-a-vis benchmarks from -12.5% to -25.0% between neutral and minimum. There were primarily three reasons for this...

DAILY SKETCH - Bond correction may not have even started yet

DAILY SKETCH - Bond correction may not have even started yet

Global bond markets are experiencing the worst start to the new year in at least the last five years. The broadest global bond index, Bloomberg Barclays Global Aggregate Bond, has been losing 2.0% since the beginning of the year. At the same time, the average global bond yield...

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