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BlackRock: strategia

Pubblicato il 24/03/2017 alle ore 11:17:09

We like European equities given their cheaper valuations relative to US shares as well as the benefits of positive earnings revisions. We favour value but are selective on cyclicals depending on valuations and earnings momentum. We are neutral on eurozone government bonds and credit given the room for German yields to spring back from safe-haven declines, with spillover effects on credit spreads. We prefer inflation-linked bonds in Europe and the US now that investors are slowly recognising the potential for reflation to broaden. We are cautious on Italy because it may become the bigger populist flashpoint over the next year when elections are due to be called. Our bottom line: Investors may need to reassess their persistent pessimism on Europe. The political risks are clear, yet important positives are taking root and being reinforced by global reflation.

 

In buona sostanza, BalckRock è positiva sull'equity europeo rispetto a quello Usa perché meno caro. Preferisce i bond legati all'inflazione perché il mercato sta riconoscendo una potenziale crescita della dinamica. Gli analisti riconoscono le difficoltà legate alle elezioni tanto da rimanere cauti proprio sull'Italia a causa della probabile vittoria dei populisti. 

 

 



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