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MFM Alumni present:                      Debate                4 Chief economists                       17/01/2012MFM Alum...
Keynote speakers       Edwin De Boeck, Chief Economist KBC      Frank Lierman, Chief Economist Dexia Bank      Bart Van Cr...
Agenda      Banking in the new era – Edwin De Boeck, KBC     National governments in trouble – Frank Lierman, Dexia     Th...
Banking in the new era                      Edwin De Boeck, Chief Economist KBCMFM Alumni partner:
EMU crisis                                                                               Spilling over…      …into the cor...
EMU crisis                                                                               Spilling over…      …into the cor...
European banks                                                   Need to strenghten capital base                  Regulato...
European banks                                    Strengthening of capital base...    ...in difficult markets ...         ...
European banks                             Struggling for long-term funding    Corporate bond spreads          Government ...
European economy                                      At the edge of a credit crunch       Bank Lending Conditions        ...
ECB         Increasing willingness to play its role as lender of last                                                     ...
National governments in trouble                         Frank Lierman, Chief Economist Dexia BankMFM Alumni partner:
Governments facing huge fiscal challenges.     Crisis government finances.               o Budget balance (in % of GDP)13 ...
Governments facing huge fiscal challenges.     Crisis government finances. (2)               o Debt of general government ...
Governments facing huge fiscal challenges.     Crisis government finances. (3)               o Debt of general government ...
Governments facing huge fiscal challenges.     Crisis government finances. (4)               o Debt of general government ...
Governments facing huge fiscal challenges.     Debt of households : start of downsizing.               o Debt of household...
Governments facing huge fiscal challenges.     Debt of households : start of downsizing. (2)              o Debt of househ...
Governments facing huge fiscal challenges.     Debt of companies : ceiling reached.               o Debt of companies (in ...
Governments facing huge fiscal challenges.     Debt of companies : ceiling reached. (2)               o Debt of companies ...
Governments facing huge fiscal challenges.     Why such huge deterioration ?       Debt financing economic growth up to 20...
Governments facing huge fiscal challenges.     Savings packages       Reduction of expenditures (pensions, salaries, healt...
Governments facing huge fiscal challenges.     Estimated financing needs of the euro area countries in 2012.            in...
Governments facing huge fiscal challenges.     Impact on the economy : the seven lean years.       Lesser economic growth ...
The perilous Belgian budget                      Bart Van Craeynest, Chief Economist PetercamMFM Alumni partner:
2617‐01‐2012   | Vlerick Alumni Financial Debate   |   26/25
Doing nothing is not an option                                                                                            ...
Serious efforts required                                                     Reversal in fiscal policy required           ...
No room for higher taxes on labour                                                                Tax on labour           ...
Looking for spending cuts                           Primary spending60                                                    ...
Looking for spending cuts                                                                Spending            80000        ...
PIIGS countries                      Peter Vanden Houte, Chief Economist INGMFM Alumni partner:
THEME IV: Fears of EMU exit have hit peripheral countriesING BELGIUM                                                 33
The difficult combination• Peripheral countries have both a  competitiveness problem and a fiscal  problem• Deflationary p...
European capital market is fracturing again                                              Era of reallocation of savings   ...
ECB’s monetary policy not equal for everyone                Interest rate on short term loans to non-financial companies7....
What would happen in a break-up scenario?ING BELGIUM                                 37
GDP impact of a break-up of the Eurozone1051009590             Real GDP (201 = 1                          1 00)85  2005   ...
Debt dynamics would hardly improve140         (% of GDP)130120110100908070605040 2000       2002        2004   2006      2...
Role of the European Union                      Frank Lierman, Chief Economist Dexia BankMFM Alumni partner:
Towards a real European economic / fiscal union?     A pact for the euro.       Basic principles         economic governan...
Towards a real European economic / fiscal union?     Six-pack.       Goal : strenghtening economic governance and improved...
Towards a real European economic / fiscal union?     Which future for the euro area ?        Monetary Union       Fiscal /...
Towards a real European economic / fiscal union?     Alternatives.        Split up of the euro area       Smaller euro are...
Role of the ECB                      Bart Van Craeynest, Chief Economist PetercamMFM Alumni partner:
4617‐01‐2012   | Vlerick Alumni Financial Debate   |   46/25
ECB   Objectives   "The primary objective of the ESCB shall be to maintain price stability".    And: "without prejudice to...
ECB meets its primary objective                                                                 Inflation under control   ...
Eurocrisis: financial stability at risk                                                                                 Eu...
Eurocrisis: waiting for the ECB                                                   ECB bond purchases25000                 ...
Massive monetary expansion                                                                                                ...
Petercam N.V.              Bart Van Craeynest                                                                        Sint ...
The IMF , the USA & the importance of emerging economies                               Peter Vanden Houte, Chief Economist...
THEME VII: Slowdown or recession in the US and emergingworld?ING BELGIUM                                               54
Signs of improvement in the US110                                                                                 250     ...
Debt households, companies and government                 (Weighted average debt in % GDP)350300250200150100          1980...
Increase in total debt (2000-2010)140120100 80 60 40 20  0                                                       Avg      ...
Emerging markets lead the way…        Emerging world output surges ahead of developedIndex                                ...
Chinese economy is softening40         Chinese Business Confidence                               145                      ...
Favourite asset class for 2012                          Edwin De Boeck, Chief Economist KBCMFM Alumni partner:
Equity                                            …and improving growth prospectsStabilisation of OECD leading indicators…...
Equity                                  Attractive valuation…Expected earnings growth   Forward PE ratios well below long-...
Equity                                   Globalisation of regional equity marketsExpected earnings growth converges to Dev...
Government bonds                                      Extremely expensive as safe haven…Real 10 year benchmark yields are ...
Corporate bonds                        …but corporate spreads are offering valueNon-financial corporates…                 ...
Commodities over their peakOil price rises again on Iran worries                      Commodity prices                    ...
Thank you                       MFM Alumni, Your Financial NetworkMFM Alumni partner:
Reception                       MFM Alumni, Your Financial NetworkMFM Alumni partner:
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Vlerick event chief economists 17 01-2012

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Vlerick event chief economists 17 01-2012

  1. 1. MFM Alumni present: Debate 4 Chief economists 17/01/2012MFM Alumni partner:
  2. 2. Keynote speakers  Edwin De Boeck, Chief Economist KBC Frank Lierman, Chief Economist Dexia Bank Bart Van Craeynest, Chief Economist Petercam Peter Vanden Houte, Chief Economist INGModerator Alain Deneef, Bank Degroof MFM Alumni partner:
  3. 3. Agenda  Banking in the new era – Edwin De Boeck, KBC National governments in trouble – Frank Lierman, Dexia The perilous Belgian budget – Bart Van Craeynest, Petercam PIIGS countries – Peter Vanden Houte, ING Role of the European Union – Frank Lierman, Dexia Role of the ECB – Bart Van Craeynest, Petercam The IMF , the USA & the importance of emerging economies – Peter Vanden Houte, ING Favourite asset class for 2012 – Edwin De Boeck, KBC  MFM Alumni partner:
  4. 4. Banking in the new era Edwin De Boeck, Chief Economist KBCMFM Alumni partner:
  5. 5. EMU crisis Spilling over… …into the core countries… … and the banking sector Intra-EMU interest differentials 5 year CDS premia bank sector (in bps) (yield 10 y. gov. bonds vs. Germany in bps.)5  18/01/2012
  6. 6. EMU crisis Spilling over… …into the core countries… … and the banking sector Intra-EMU interest differentials Banks’ exposure on peripheral countries (yield 10 y. gov. bonds vs. Germany in bps.) (% of GDP)6  18/01/2012
  7. 7. European banks Need to strenghten capital base Regulatory Capital Leverage Ratio (Regulatory capital / Risk-Weighted Assets) (Capital / Total Assets)7 18‐1‐2012 Source: IMF, Financial Soundness Indicators, September 2011
  8. 8. European banks Strengthening of capital base... ...in difficult markets ... ...earlier than initially foreseen MSCI price index banks (1/1/10 = 100, nat. currency) EBA Policy response to the debt crisis: “exceptional and temporary” capital buffers against sovereign debt exposure to reach core tier 1 capital ratio of 9% by 30/6/2012 EU banks’ capital shortfall to reach EBA targets (bn. €)8 * Provided for in the second EU-support package
  9. 9. European banks Struggling for long-term funding Corporate bond spreads Government funding needs (bn EUR) (EMU, in bps.)9
  10. 10. European economy At the edge of a credit crunch Bank Lending Conditions Factors contributing to tightening for non-financial corporations (EMU – net % of banks contributing to tightening standards) (tightening – easing) Tightening Easing10
  11. 11. ECB Increasing willingness to play its role as lender of last resort ?ECB “Securities Markets Programme“ ECB lending to banks (in bn. EUR)
  12. 12. National governments in trouble Frank Lierman, Chief Economist Dexia BankMFM Alumni partner:
  13. 13. Governments facing huge fiscal challenges. Crisis government finances. o Budget balance (in % of GDP)13 Source : European commission, Autumn Forecasts 2011.
  14. 14. Governments facing huge fiscal challenges. Crisis government finances. (2) o Debt of general government (in % of nominal GDP)14 Source : European commission, Autumn Forecasts 2011. OESO, economic outlook, december 2011.
  15. 15. Governments facing huge fiscal challenges. Crisis government finances. (3) o Debt of general government (in % of nominal GDP) o Euro area o US BE 97,2 DE 81,7 EE 5,8 IE 108,1 EL 162,8 ES 69,6 FR 85,4 IT 120,5 CY 64,9 LU 19,5 MT 69,6 NL 64,2 AT 72,2 PT 101,6 SI 45,5 SK 44,5 FI 49,1 EA 88,0 General government gross debt Federal debt held by the public15 Source : ECB, financial Stability Review, december 2011
  16. 16. Governments facing huge fiscal challenges. Crisis government finances. (4) o Debt of general government (in % of nominal GDP)16 Source : Eurostat
  17. 17. Governments facing huge fiscal challenges. Debt of households : start of downsizing. o Debt of households (in % of nominal GDP) o Euro area o US Total liabilities Residential mortgages Consumer credit17 Source : ECB, financial Stability Review, december 2011
  18. 18. Governments facing huge fiscal challenges. Debt of households : start of downsizing. (2) o Debt of households (in % of nominal GDP)18 Source : ECB
  19. 19. Governments facing huge fiscal challenges. Debt of companies : ceiling reached. o Debt of companies (in % of nominal GDP) o Euro area o US Debt-to-GDP ratio (left-hand scale) Ratio of liabilities to financial assets Debt-to-financial assets ratio Ratio of liabilities (left-hand scale) Ratio of credit market liabilities to GDP Debt-to-equity ratio (right-hand scale)19 Source : ECB, financial Stability Review, december 2011
  20. 20. Governments facing huge fiscal challenges. Debt of companies : ceiling reached. (2) o Debt of companies (in % of nominal GDP)20 Source : ECB.
  21. 21. Governments facing huge fiscal challenges. Why such huge deterioration ? Debt financing economic growth up to 2007 Violation of stability and growth pact by Germany and France in 2004 Rescue of the financial sector since 2008 « general interest » too big to fail of systemic intitutions bail outs nationalisations guarantees Recession 2008 - 2009 Lesser tax revenues (more unemployed, reduced profits, less VAT, …) Higher expenditures (stimulate the economy, unemploment compensation, …) Rescue packages for Southern European countries21
  22. 22. Governments facing huge fiscal challenges. Savings packages Reduction of expenditures (pensions, salaries, health care, investments, social advantages, subsidies, …) Increase of revenues (existing taxes, new taxes, privatisations, battle against social and fiscal fraude, …) Structural measures on labour market and in welfare state Deleveraging private sector (households and companies)22
  23. 23. Governments facing huge fiscal challenges. Estimated financing needs of the euro area countries in 2012. in % of nominal GDP General government deficit Maturing sovereign debt23 Source : ECB, financial Stability Review, december 2011
  24. 24. Governments facing huge fiscal challenges. Impact on the economy : the seven lean years. Lesser economic growth lower expenditures government decreased purchasing power households lesser corporate investments higher saving ratio households and corporates Economy supported by extremely low interest rates (ST and LT) euro not soo expensive declining spreads on bonds better performance economy US and China24
  25. 25. The perilous Belgian budget Bart Van Craeynest, Chief Economist PetercamMFM Alumni partner:
  26. 26. 2617‐01‐2012   | Vlerick Alumni Financial Debate   | 26/25
  27. 27. Doing nothing is not an option Public debt 180 Public debt Doing nothing 160 Primary balance (incl ageing costs) Towards primary surplus of 4% 140 120 100 80 60 Source: Input gezondheidszorg dec 2011 ‐ layout AWI.xls – sheet overheidsschuld As a % of GDP 40 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2717‐01‐2012   | Vlerick Alumni Financial Debate   | 27/25
  28. 28. Serious efforts required Reversal in fiscal policy required 8 Fis 6 ca l st im ul 4 us 2 0 ‐2 ‐4 Cyclically adjusted primary balance (as a % of GDP) ‐6 ‐8 1979 1983 1987 1991 1995 1999 2003 2007 2817‐01‐2012   | Vlerick Alumni Financial Debate   | 28/25
  29. 29. No room for higher taxes on labour Tax on labour (income tax + social security, OECD) Single, no children, AW Married, 2 children, AW + 67% AW Belgium Belgium Hungary Hungary Germany France France Germany Austria Italy Italiy Greece Sweden Austria Finland Sweden Czech Republic Turkey Greece Finland Denmark Denmark Spain Spain Netherlands Czech Repulic Slovakia Norway Turkey Portugal Norway Netherlands Portugal OECD OECD Slovakia Poland Poland Luxemburg UK UK Canada Canada Japan US US Switzerland Switzerland Japan Iceland Ireland Australia Iceland Luxemburg Australia Ireland Korea Korea New Zealand New Zealand Mexico Mexico 0 10 20 30 40 50 60 0 5 10 15 20 25 30 35 40 45 50 2917‐01‐2012   | Vlerick Alumni Financial Debate   | 29/25
  30. 30. Looking for spending cuts Primary spending60 Required fiscal effort As a % of GDP55 2012: weaker 2011 + weaker  economic growth50 1%   (3.7 bn) By 2020: debt reduction + ageing 45 costs 4.4%   (16.3 bn)40 By 2030: debt reduction + ageing  costs35 8.5% (31.5 bn) 1970 1975 1980 1985 1990 1995 2000 2005 3017‐01‐2012   | Vlerick Alumni Financial Debate   | 30/25
  31. 31. Looking for spending cuts Spending 80000 Primary spending 70000 60000 50000 40000 30000 20000 10000 0 Federal Regional  Local Social security Health care government government government 3117‐01‐2012   | Vlerick Alumni Financial Debate   | 31/25
  32. 32. PIIGS countries Peter Vanden Houte, Chief Economist INGMFM Alumni partner:
  33. 33. THEME IV: Fears of EMU exit have hit peripheral countriesING BELGIUM 33
  34. 34. The difficult combination• Peripheral countries have both a competitiveness problem and a fiscal problem• Deflationary policy cannot be the solution to both problemsING BELGIUM 34
  35. 35. European capital market is fracturing again Era of reallocation of savings Era of renewed home country bias within the whole of the EMUAverage domestic demand growth 1997- 8 6 Domestic demand growth 2011 FN 7 4 IR AT FR DE 6 2 BE ES NL IT 5 0 GR ES 2006 4 -2 FN IR 3 -4 PT FR NL PT 2 IT -6 BE GR AT 1 -8 DE 0 -10 -15 -10 -5 0 5 10 -15 -10 -5 0 5 10 Average CA balance in % GDP 1997-2006 CA balance in % GDP 2011 Today the risk of credit crunch is the highest in countries with a lack of savings ING BELGIUM 35
  36. 36. ECB’s monetary policy not equal for everyone Interest rate on short term loans to non-financial companies7.507.00 Greece6.506.005.505.00 Spain4.504.003.50 Germany3.00 2008 2009 2010 2011 ING BELGIUM 36
  37. 37. What would happen in a break-up scenario?ING BELGIUM 37
  38. 38. GDP impact of a break-up of the Eurozone1051009590 Real GDP (201 = 1 1 00)85 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Germany A UT, FIN, B ENELUX So uthern -Euro pe (GIP S) After 5 years Belgian GDP would be 11.5% lower than in the base case. Unemployment would be 3.5% higher. ING BELGIUM 38
  39. 39. Debt dynamics would hardly improve140 (% of GDP)130120110100908070605040 2000 2002 2004 2006 2008 2010 2012 2014 2016 Italy Germany Base case Breakup After 5 years, Belgian debt/GDP ratio would be 17.5% higher than in the base case. ING BELGIUM 39
  40. 40. Role of the European Union Frank Lierman, Chief Economist Dexia BankMFM Alumni partner:
  41. 41. Towards a real European economic / fiscal union? A pact for the euro. Basic principles economic governance prioritisation of specfic actions each country engaged to make concrete steps yearly completing internal market Goals increase of competitiveness stimulation of employment sustainable public finance increase of financial stability41
  42. 42. Towards a real European economic / fiscal union? Six-pack. Goal : strenghtening economic governance and improved fiscal sustainability surveillance mechanism for prevention and correction of macroeconomic imbalance (European semester) government debt criterion (60% of GDP) expenditure benchmark (no longer finance growth out of revenue windfalls) new quasi-automatic financial sanctions if budget deficit exceeds 3% of GDP new minimum requirements for rules and procedures governing national budgetary frameworks adoption national fiscal rules introducing balanced budgets in structural terms (annual structural deficit shall not exceed 0,5% of nominal GDP)42
  43. 43. Towards a real European economic / fiscal union? Which future for the euro area ? Monetary Union Fiscal / Economic Union Governments have to clean up their deficits Governments have to stimulate the growth education innovation employment43 Header and footer options
  44. 44. Towards a real European economic / fiscal union? Alternatives. Split up of the euro area Smaller euro area (‘ light ‘ version) exit problem countries; euro area ≈ German euro area exit strong countries; euro area ≈ Weak European monetary union floating of weak and or strong currencies against euro New Bretton Woods system with more or less fixed rates between USD, EUR and YUAN or YEN44 Header and footer options
  45. 45. Role of the ECB Bart Van Craeynest, Chief Economist PetercamMFM Alumni partner:
  46. 46. 4617‐01‐2012   | Vlerick Alumni Financial Debate   | 46/25
  47. 47. ECB Objectives "The primary objective of the ESCB shall be to maintain price stability".  And: "without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Community with a  view to contributing to the achievement of the objectives of the Community as laid down in Article 2." (Treaty article 105.1)  The  objectives  of  the  Union  (Article  2  of  the  Treaty  on  European Union)  are  a  high  level  of  employment and  sustainable  and  non‐inflationary growth. Further tasks Banknotes: the ECB has the exclusive right to authorise the issuance of banknotes within the euro area.  Statistics: in cooperation with the NCBs, the ECB collects statistical information necessary for fulfilling the tasks, either from national  authorities or directly from economic agents.  Financial  stability &  supervision:  the  Eurosystem  contributes  to  the  smooth  conduct  of  policies  pursued  by  the  authorities in  charge related to the prudential supervision of credit institutions and the stability of the financial system.  International and European cooperation: the ECB maintains working relations with relevant institutions, bodies and fora both within  the EU and internationally in respect of tasks entrusted to the Eurosystem. 4717‐01‐2012   | Vlerick Alumni Financial Debate   | 47/25
  48. 48. ECB meets its primary objective Inflation under control Unreasonably high unemployment5 10.5 10.04 UNEMPLOYMENT RATE CPI 9.53 9.02 8.51 8.0 Core0 7.5 G940‐1 Source : Input vlerick debat 17 Jan 2012.xls ‐ Sheet balance sheet 1 7.0Jan‐99 Jan‐01 Jan‐03 Jan‐05 Jan‐07 Jan‐09 Jan‐11 99 00 01 02 03 04 05 06 07 08 09 10 11 12 48 17‐01‐2012   | Vlerick Alumni Financial Debate   | 48/25
  49. 49. Eurocrisis: financial stability at risk Eurozone bond yields 12/01/2012 40 Greece 35 30 25 20 15 Portugal 10 Ireland Italy 5 Spain Belgium Source: Slides US Layout AWI.xls– sheet EMU Spreads Germany 0 Aug‐09 Nov‐09 Feb‐10 May‐10 Aug‐10 Nov‐10 Feb‐11 May‐11 Aug‐11 Nov‐11 4917‐01‐2012   | Vlerick Alumni Financial Debate   | 49/25
  50. 50. Eurocrisis: waiting for the ECB ECB bond purchases25000 Looking to Frankfurt Mandate: financial stability in the 20000 eurozone 15000 Unlimited means10000 Risks Inflation 5000 Moral hazard 0 Alternative??? Dec‐10 Mar‐11 Jun‐11 Sep‐11 Dec‐11 Source: Eco strat August2011.xls – Sheet ECB 50 17‐01‐2012   | Vlerick Alumni Financial Debate   | 50/25
  51. 51. Massive monetary expansion Central bank balance sheet3000000 3000000 Fed ECB2500000 2500000 % 0% 002000000 2000000 +  9 + 21500000 15000001000000 1000000 500000 500000 Mln USD Mln EUR Source : Eco strat April2011 ‐ sheets world inflation ‐ Core Inflation ‐ Inflation Asia.xls  ‐ Sheet balance sheet Source : Eco strat April2011 ‐ sheets world inflation ‐ Core Inflation ‐ Inflation Asia.xls  ‐ Sheet balance sheet 0 0 Oct‐05 Oct‐06 Oct‐07 Oct‐08 Oct‐09 Oct‐10 Oct‐11 Oct‐05 Oct‐06 Oct‐07 Oct‐08 Oct‐09 Oct‐10 Oct‐11 51 17‐01‐2012   | Vlerick Alumni Financial Debate   | 51/25
  52. 52. Petercam N.V. Bart Van Craeynest Sint Goedeleplein 19  Hoofdeconoom bart.vancraeynest@petercam.be 1000 Brussel Tel.: +32 (0)2 229 62 32 Tel.: +32 (0)2 229 63 11 Fax : +32 (0)2 229 65 98 Brussels – Frankfurt – London ‐ Luxemburg  ‐ Madrid ‐ Geneva 5217‐01‐2012   | Vlerick Alumni Financial Debate   | 52/25
  53. 53. The IMF , the USA & the importance of emerging economies Peter Vanden Houte, Chief Economist INGMFM Alumni partner:
  54. 54. THEME VII: Slowdown or recession in the US and emergingworld?ING BELGIUM 54
  55. 55. Signs of improvement in the US110 250 300105 Unemployment claims 350 (inverted scale)100 400 450 95 500 90 550 600 85 650 US small business optimism 80 700 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ING BELGIUM 55
  56. 56. Debt households, companies and government (Weighted average debt in % GDP)350300250200150100 1980 1990 2000 2010 Source: BIS ING BELGIUM 56
  57. 57. Increase in total debt (2000-2010)140120100 80 60 40 20 0 Avg IT PT GR NL FI AT FR JP US CA UK GE BE ES SW ING BELGIUM 57
  58. 58. Emerging markets lead the way… Emerging world output surges ahead of developedIndex Fo recasts 1Q08=100170 170 C hina160 160 India B razil150 P o land 150 US140 R ussia 140 Euro zo ne130 130120 120110 110100 10090 90 08 09 10 11 12 13 ING BELGIUM 58
  59. 59. Chinese economy is softening40 Chinese Business Confidence 145 14035 13530 130 12525 120 11520 11015 105 10010 95 Chinese M1 growth 3m lead 5 90 2005 2006 2007 2008 2009 2010 2011 2012 ING BELGIUM 59
  60. 60. Favourite asset class for 2012 Edwin De Boeck, Chief Economist KBCMFM Alumni partner:
  61. 61. Equity …and improving growth prospectsStabilisation of OECD leading indicators… …supports equities 3-monthly change in % 3-monthly change in %
  62. 62. Equity Attractive valuation…Expected earnings growth Forward PE ratios well below long-term average
  63. 63. Equity Globalisation of regional equity marketsExpected earnings growth converges to Developed Valuation discount has largely Markets disappeared
  64. 64. Government bonds Extremely expensive as safe haven…Real 10 year benchmark yields are negative… … but high risk premia may offer opportunities
  65. 65. Corporate bonds …but corporate spreads are offering valueNon-financial corporates… …offer attractive spread EMU, Spread to benchmark, in basis points
  66. 66. Commodities over their peakOil price rises again on Iran worries Commodity prices (January 2007=100 in USD)
  67. 67. Thank you MFM Alumni, Your Financial NetworkMFM Alumni partner:
  68. 68. Reception MFM Alumni, Your Financial NetworkMFM Alumni partner:

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