Morgan Stanley research raises the probability of Greece exiting the eurozone from 25% to 35% and believes the ramifications could be more serious than anticipated. If Greece exits, contagion may follow countries like Italy, Spain, Portugal, and Ireland. Key policy responses that could limit escalation include more aggressive ECB action, bank recapitalization, a federal deposit guarantee, fiscal union, and the ECB becoming lender of last resort. Morgan Stanley analysts provide views on risks to European banks from funding stresses and credit squeezes. If contagion follows a Greek exit, safe haven assets like Treasuries and gold ETFs may rally.
"Financial intelligence is 90% emotional IQ and 10% Technical IQ.
What determines what we do and who we are, is how we as individuals respond to our emotions".
Robert Kyiosaki
Whether we’re talking about economic confidence or investor optimism, emotions drive the marketplace!
The GDP in Singapore is driven by private consumption and investment. Singapore is one of the poorest performing markets in Asia. Earnings fell in 2015 and are expected to develop poorly. Singapore is cheap on PB in line with a relatively low ROE.
Learn more at: http://becomeabetterinvestor.net/blog/country-profile-singapore-cheap-valuation-but-for-a-reason/
Focus back on China slowdown in the wake of the FOMC meeting Hantec Markets
Forex markets have taken a cue from the FOMC decision and the dust is continuing to settle. The outlook on key majors have improved, but how sustainable is this view and will the bulls be able to make a breakout. I take a look at the technical outlook on Euro/Dollar and also how the recent market volatility is impacting on a key commodity currency, the Aussie dollar.
- Challenged by slow economic growth versus Asia
- GDP: Consumption-driven GDP
- Dragged down by weak earnings and moderately expensive
- Health Care is the only sector with positive 3mth return
"Financial intelligence is 90% emotional IQ and 10% Technical IQ.
What determines what we do and who we are, is how we as individuals respond to our emotions".
Robert Kyiosaki
Whether we’re talking about economic confidence or investor optimism, emotions drive the marketplace!
The GDP in Singapore is driven by private consumption and investment. Singapore is one of the poorest performing markets in Asia. Earnings fell in 2015 and are expected to develop poorly. Singapore is cheap on PB in line with a relatively low ROE.
Learn more at: http://becomeabetterinvestor.net/blog/country-profile-singapore-cheap-valuation-but-for-a-reason/
Focus back on China slowdown in the wake of the FOMC meeting Hantec Markets
Forex markets have taken a cue from the FOMC decision and the dust is continuing to settle. The outlook on key majors have improved, but how sustainable is this view and will the bulls be able to make a breakout. I take a look at the technical outlook on Euro/Dollar and also how the recent market volatility is impacting on a key commodity currency, the Aussie dollar.
- Challenged by slow economic growth versus Asia
- GDP: Consumption-driven GDP
- Dragged down by weak earnings and moderately expensive
- Health Care is the only sector with positive 3mth return
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
China data is set to drive risk appetite this weekHantec Markets
We could begin to learn a lot more this week about the current outlook for the global economy as there is a whole raft of economic data points out of China to drive risk appetite as they will paint a picture of how the economic re-balancing of the world’s second largest economy is progressing.
China and US trade dispute remains a key driverRichard Perry
A significant driver of recent trading sentiment has been taken from the flows of news over the trade dispute between the US and China. This remains an issue this week and we take a look at the impact on forex, equity markets and commodities.
The last decade has been a challenge for many investors, especially those investing for the long term and retirement. Given declines in global stock markets, many investors have seen little to no real growth in their portfolios over this period. This Wealth Guide explains why investors’ portfolios may underperform in both bear and bull markets and incur substantial costs in the process. It also details the impact this chronic underperformance can have on achieving long-term financial goals.
For more free wealth management guides on portfolio performance and for expert consultation, visit SolidRockWealth.com.
All eyes on the Fed to drive the dollar this weekRichard Perry
There is a constant swing higher and lower on the dollar at the moment and with all eyes on the Fed meeting this is likely to continue to drive market sentiment this week.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
China data is set to drive risk appetite this weekHantec Markets
We could begin to learn a lot more this week about the current outlook for the global economy as there is a whole raft of economic data points out of China to drive risk appetite as they will paint a picture of how the economic re-balancing of the world’s second largest economy is progressing.
China and US trade dispute remains a key driverRichard Perry
A significant driver of recent trading sentiment has been taken from the flows of news over the trade dispute between the US and China. This remains an issue this week and we take a look at the impact on forex, equity markets and commodities.
The last decade has been a challenge for many investors, especially those investing for the long term and retirement. Given declines in global stock markets, many investors have seen little to no real growth in their portfolios over this period. This Wealth Guide explains why investors’ portfolios may underperform in both bear and bull markets and incur substantial costs in the process. It also details the impact this chronic underperformance can have on achieving long-term financial goals.
For more free wealth management guides on portfolio performance and for expert consultation, visit SolidRockWealth.com.
All eyes on the Fed to drive the dollar this weekRichard Perry
There is a constant swing higher and lower on the dollar at the moment and with all eyes on the Fed meeting this is likely to continue to drive market sentiment this week.
Cara a cara con BlackRock en Bilbao: Tendencias en Banca PrivadaRankia
El pasado martes 24 de Noviembre, organizamos en Bilbao una pequeña reunión para conocer las tendencias en el asesoramiento y la banca privada, para ello, contamos con Imanol Garcia, asesor financiero, como moderador de la mesa redonda junto con Begoña Gomez y Aitor Jauregui de la gestora de fondos BlackRock.
BlackRock Valencia: Tendencias en Banca Privada (5 noviembre 2015)Rankia
BlackRock Valencia: Tendencias en Banca Privada (5 noviembre 2015)
http://www.rankia.com/blog/fondos-inversion/2995202-cara-blackrock-barcelona-tendencias-banca-privada
Eric Chaney shares his view of the global economy.
Eric Chaney is chief economist for the AXA Group since 2008. His mission is to provide a vision on the most likely scenarios for the global economy in the medium to long term, as well as an assessment of the main macroeconomic risks, for the group and its main entities.
It's not getting any easier to invest, with the US economy growing quickly in the midst of trade wars and rising interest rates. The rest of the world is performing more modestly, and is more worried by US developments than the Americans.
Australia's doing better than we realise, with expansion of our resource exports, and population growth supportive of our economy, if not our stock market.
The easy gains in markets are past - we are confronted by rising world interest rates in conjunction with already elevated asset prices. Managing risk and avoiding complacency will be key.
Growth stocks are most expensive relative to their net present value, while value stocks have been depressed in relative terms. Markets are overpricing growth and underpricing stability.
DSP World Gold Fund
An Open Ended Fund Of Funds Scheme investing in Gold Mining Companies through International Funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of gold mining companies
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
Máquinas algorítmicas VS traders humanos por Giancarlo prisco | Rankia Market...Rankia
Giancarlo Prisco, Director Sala de Trading en vivo DAX en simplementetrading.com, compara los HFT y los humanos para detectar oportunidades de inversión.
El mundo de las inversiones por Ioannis Kantartzis | Rankia Markets Experienc...Rankia
Ioannis Kantartzis, Editor de la Revista TRADERS' by Rankia, nos explica todo lo relacionado con el mundo de las inversiones: las proyecciones económicas, la diversificación, los índices...
Diversificación 360º de carteras por Ignacio Villalonga | Rankia Markets Expe...Rankia
Ignacio Villalonga es desarrollador de modelos de inversión cuantitativos de largo plazo, basados en factores. Autor del blog y del podcast Zona Quant. Profesor del Instituto Financiero Esfera Capital.
Como afrontar el fin de año a través del trading por Sara Carbonell | Rankia ...Rankia
Sara Carbonell, Directora CMC Markets España, nos da unos tips de cómo aprovechar los altibajos de la bolsa analizando el gráfico macro. Evento Rankia Markets Experience 2019
Técnico o Fundamental ¿Por qué no un método que combine ambos análisis? por J...Rankia
Jorge Ufano expone un método que combina el análisis técnico y el análisis fundamental que nos ayudará a invertir mejor. Evento Rankia Markets Experience 2019
Los ciclos y visión del mercado por Guillermo Higón | Rankia Markets Experien...Rankia
Charla Inaugural de la Sala Kostolany en la Rankia Markets Experience 2019 organizada por Rankia. Guillermo Higón analiza el ciclo económico en el que nos encontramos, incidiendo en USA.
El pasado 2 de Octubre Rankia organizó un nuevo evento en Castellón, en el Hotel Tryp Castellón Center donde hablamos sobre las diferentes Soluciones de Inversión para las carteras conservadoras de la mano de las gestoras de fondos Buy&Hold y Amiral Gestion, y bajo la moderación de Enrique Roca.
El pasado miércoles, 26 de Septiembre estuvimos en el Hotel NH Príncipe de Vergara de Madrid en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, ODDO BHF Asset Management y Araceli de Frutos Casado EAFI y donde también contamos con Victoria Torre (Self Bank), como moderadora de de la mesa redonda.
El pasado martes, 25 de Septiembre estuvimos en el Hotel Conde Luna de León en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, Amiral Gestion y Araceli de Frutos Casado EAFI y donde también contamos con Juan Pablo Garia Valadés (Asesor de inversiones de Renta4), como moderador de de la mesa redonda.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. SALES & TRADING COMMENTARY ONLY (NOT A PRODUCT OF RESEARCH)
FOR INSTITUTIONAL CLIENTS ONLY DISTRIBUTION
June 6, 2012
ETF Macro Insights
ETF Macro Insights highlights MS’ MultiAsset research views, as well the ETFs that may be
Morgan Stanley
used to implement the investment strategy.
Global Portfolio
MS Research raises probability of Greece exit from 25% to 35%. If Greece exits, strong Products
contagion may follow.
European ETFs
• While a eurozone breakup is not MS’ base case, MS research believes the ramifications of a Greek Jason Warr
+44 20 7425-6361
exit are more serious than the market anticipates. MS research increased the probability of an exit
from 25% to 35% and reduced the timescale from 5 years to 12-18 months. Philip Philippides
+44 20 7677-2819
• Should an exit occur, MS research believes it would most likely be followed by contagion with those
most materially affected being Italy, Spain, Portugal, and Ireland. MS research believes policy Karin Russell
+44 20 7677-8972
response would be essential.
Dorcas Phillips
• Five key policy responses that could limit a resulting escalation of the crisis and make the Eurozone +44 20 7677-8652
more stable in the long term:
US ETFs
1. More aggressive ECB policy action Sanjay Chablaney
+1 212 761-5369
2. Recapitalization of peripheral banks via the EFSF/ESM
3. A Federal Deposit Guarantee scheme
John Davi
4. Fiscal union 1 212 761-5980
5. ECB becomes the official lender of last resort for a federal Europe
Asian ETFs
• Below are select MS research views on the Greece situation. William Tsang
+852 2848-8867
• Huw van Steenis (Head of European Banks Equity Research). Remains very focused on risks Steve King
to bank funding, with the chance of deposit flights from weaker to stronger banks. He remains +852 2848-6772
concerned not only of the intense credit squeeze in Spain and the periphery, but also that
banks are severely cutting back their cross-border lending with implications for Eastern Europe, James Meenan
UK and Asia. The need for further bank recaps is putting more pressure on sovereigns. +852 3963-3297
• Laurence Mutkin (Global Head of Interest Rate Strategy). Stay away from outright duration Subscribe | Unsubscribe
trades during the current environment. However, there are alot of value to be extracted from
positioning along the various sovereign yield curves. In the core German and swap markets,
we expect 2s10s to flatten and 10s30s to steepen, with 2-year yields anchored close to zero,
and 30-year yields susceptible to a dilution of German credit.
• Andrew Sheets (Head of European Credit Research). If Greece were to exit, the GBP market
would look most attractive. A friendly Central Bank, a currency it can control, and a
government apparatus that can react quickly, UK credit and UK RMBS have much less
downside in a divorce scenario, while offering similar spreads under more benign cases.
• Hans Redeker (Global Head of FX Strategy). Maintains his bearish euro forecast of 1.15. In
an ‘Italian Marriage’ scenario, the euro could trade in the 1.15-1.30 range for the next couple of
years, before falling to 0.90 thereafter.
If Greece were to exit and contagion follows, safe haven assets are likely to rally. Below is a list of
Treasury, Equity Volatility, USD, Yen, Low Volatility, Market Neutral, Dividend, and Gold ETFs. We
show each ETF’s performance relative to the S&P500 in May.
In the month of May, long duration US Treasury, Equity Volatility, and select Market Neutral Strategies
outperformed the S&P500 (see table below).
1 Refer to the European Economics & Strategy report, 24-May-2012.
All Returns below computed in USD. ETF Returns are NAV Returns from 30th April 2012 to 31st May 2012.
2.
3. MS MultiAsset Research Views & Actionable ETF Trade Ideas*
Cross Asset
• Greg Peters believes Euro centric stresses along with global growth concerns warrant further de-
risking. He is reducing macro bets by selling commodities and EM assets. Tail risks remain alive in
Europe. Greg views are:
1. Prefer credit (although not overly compelling) over equities and favor yield & carry strategies.
2. In DM, US (IUSA LN, SPXS LN, SPY5 GY) over Europe (IMEU LN, ERO FP, SMSEUR GY),
despite more expensive valuations; AxJ (XAXJ GY, AEJ FP) equities cheap, but wait for China
(IDFX LN, MXCS LN, ASI FP) stimulus.
3. Neutral on Bunds and Treasuries, the flight to safety bid should keep yields low.
4. Bullish on USD (SEUR LN, EUS3 IM), bearish EUR (SEUP LN, XBJP GY); capital flight
diminishes EUR's appeal as a reserve currency
5. Cautious on commodities (DJCOMEX GR, LGCU LN, AIGC LN) due to weakness in EM growth
and a stronger USD.
US Equity
• Adam Parker main 4 points for owning dividend paying stocks (1) Historical importance: 40% of total
return in past century comes from dividends (2) Economic landscape: Dividends outperform in low growth
environments (3) Low payout ratios: Payout ratios are near historical lows and have room to increase (4)
Attractiveness relative to 10 year: Many dividend paying stocks yield far more than the 10 year. Long
Dividends / Short Equities is one of our ETF Desk Best Trade Ideas. ETFs: DJDVPEX GR, SPYD GY
EM Equity
• EM has corrected 16.5% from the peak on March 2, 2012 on weak China data in April and the increased
possibility of Greece’s exit from the eurozone. That correction has led MXEF to trade close to Jonathan
Garner’s bear case target price of 900. There is a 31% upside to his scenario weighted target price of
1,210. Overall a "W"-shaped market trough looks likely on valuations (current P/B of 1.44x, forward P/E of
9.0x and ERP of 990bp), which back-tests for returns in the range of 22% to 44% six months out with hit
ratios of 83-100%). OW countries: China (FXC LN, MXCS LN, LCHU LN), Russia (RUSS LN, RDXS LN,
RUS FP), Korea (IKOR LN, HKOR LN, KRW FP), Indonesia (XMID LN, HIDR LN, INDO FP) and Malaysia
(XCS3 LN, MAL FP, HMYR LN). UW countries: Mexico ( D5BI GY, CSMXCP SW, HMEX LN ), India (NFTY
LN, MXIS LN, CI2 FP, CSIN SW), Turkey (ITKY LN, TUR FP, HTRD LN), Thailand (XCS4 LN, THA FP),
Egypt (VEFG GR, EGPT US), Czech, and Hungary (BUXETF HB)
European Equity
• Graham Secker remains cautious in absence of positive catalysts. He remains a modest OW in
defensives vs. UW in cyclicals. For the last few years, he has advocated a structural preference for quality
and growth stocks against backdrop of anemic growth and macro volatility, similar to the environment of the
Nifty Fifty stocks of the 1960s and 1970s. It is also worth looking at select tactical opportunities in the value
space given strong outperformance of growth in recent months and historical signal for rotation back into
value. MSCI Europe ETFs: IMEU LN, ERO FP, SMSEUR GY. European Financials ETF (STZ FP, SXFPEX
GY, XFPS GR).
FX
• EUR stabilization suggests markets are focusing on the global growth, which has been disappointing.
Weak global growth & banks tightening standards means one common theme, balance-sheet contraction.
UK banks announced tighter standards & have increased lending rates, the GBP impact should be
negative. With the BoJ easing and global rebalancing taking place, do not get JPY bearish too early. Our
FX Strategists maintains their bearish euro forecast of 1.15. EUR ETFs: SEUP LN, XBJP GY
US IG Credit
• Rizwan Hussain remains neutral on US investment grade credit but is incrementally bullish. Factors
could get to his bull case are (1) UST yields grinding higher with low levels of rate vol (2) US growth closer
to 3% (3) earnings estimates continuing to trend upwards (4) falling excess return volatility (5) a return to
pre-crisis valuations based on current levels of leverage. ETFs : LQDE LN.
US HY Credit
• The short term risks in HY are binary but on a longer term basis (6-12 mo), Adam Richmond maintains an
OW position and believes high yield credit is the relative winner in the current low-growth/low-yielding
environment. Despite rising risk aversion on the back of renewed European sovereign fears, Adam remains
a buyer of high yield as valuations are still fairly positive. HY continues to offer among the most attractive
yields relative to its volatility. ETFs: SHYU LN, STHY LN
4. EM Fixed Income
• Rashique Rahman has been cautious on EM fixed income for most of this year and particularly since
March. Greece, debt sustainability in the Eurozone, and moderation in global growth were the primary
catalysts. EM Fixed Income ETFs: IEMB LN, SYBM GY, EMLB LN, XEMB GY, LEMB LN, AGEB FP
Asian Credit
• Viktor is overweight in Asia high yield, and it now stands beside US HY as the team’s favorite segment
within credit. Data increasingly suggest that we’ve passed an important inflection point in China after nearly
two years of tight credit. China high yield has historically been very sensitive to turns in credit growth
cycles, and with credit conditions improving, as we saw with the March loan growth numbers, Viktor
believes recovery is supported. Viktor estimates that China HY is the biggest underweight among
institutions involved in Asian credit markets. EM Credit ETFs: EMHY US, CEMB US, EMCB US, DSUM
US
Commodities
• Hussein Allidina believes the path of least resistance for oil is down, especially as bearish catalysts
continue to emerge. European sovereign debt issuers, easing global tension, and bearish fundamentals
have started to weigh on oil prices. ETPs : SOIL LN, XETA GY, XETW GY. He remains a buyer of Gold
(PHAU LN, SGLD LN, SGLN LN) and thinks the recent market activity is consistent with distressed
selling and long liquidation. Negative real interest rates, the prospect of further unconventional
monetary policy in the US and Europe to confront uncertainties on the growth outlook, and heighted
political tensions in Middle East are all expected to underpin strong investment demand.