Lingering inflation is keeping major central banks in a tightening mode, even as macro headwinds gather. Expecting a choppy investment landscape in the coming quarters, we added a further layer of protection to our portfolios by implementing a bias towards defensive sectors. Macro View Looking...

Source: Bloomberg, BIL Recently, equity markets have had a spring in their step. The S&P 500 has eked out fresh multi-week highs, and is up 7.4% year-to-date. The Nasdaq is in a bull market having risen by over 20% in the first quarter. The EuroStoxx 600...

While the economy is slowing, it is proving more resilient than initially expected. At the same time, inflation remains uncomfortably high, supporting the case for sustained central bank tightening. This has caused a risk-off mood in markets with some participants beginning to consider a stagflation...

PDF EN    FR    DE    LU    NL At our first Asset Allocation committee of the year, we maintained a conservative approach, emphasising high-quality corporate bonds and an underweight stance on risk assets while we await better visibility on the path of monetary...

French Version: BILBOARD_FR_SEPT_22    German Version: BILBOARD_DE_SEPT_22    Dutch Version BILBOARD_NL_SEPT_22      English PDF Version BILBOARD_EN_SEPT_22      Luxembourgish PDF Version BILBOARD_LU_SEPT_22 In our July BILBoard, we discussed two competing narratives responsible for driving market sentiment throughout the best part of 2022: one focused on durably...