The economy continues to grow strongly and on a broad basis. At the same time, we can see that the momentum is faltering. The monetary policy has become noticeably more restrictive. Bank of Japan recently announced that it was internally pondering exit scenarios for its asset purchase programme. The ECB is expected to terminate its programme within the coming twelve months. Federal Reserve, Bank of England, and Bank of Canada will soon raise their interest rates further.
The political risks have recently increased again by a substantial degree. Trade wars, the conflict in Syria, and the sanctions against Russia have caused risk aversion to rise and have recently been supportive to low-risk bond classes such as euro government bonds. Investors are prepared to pay for safety again. The credit market is solidly supported. The search for yield continues. Liquidity is turning into an increasingly important aspect in the selection of assets.
Development of bond yields of US- and EUR-Government-Bonds and EUR-Corporate-Bonds
Development of bond yields of European High-Yield-Bonds compared with global High-Yield-
Bonds and Emerging-Markets-Corporate-Bonds (03/2013-03/2018)
The development of historic yields is not a reliable indicator for future developments of a specific asset category or asset class. The charts above do not include any fees or costs.
Ratio-Overview (more information can be found at www.erste-am.com)
Prognoses are no reliable indicator for future performance.
This document is an advertisement. All data is sourced from ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Erste Asset Management GmbH and ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. unless indicated otherwise. Our languages of communication are German and English.
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This document serves as additional information for our investors and is based on the knowledge of the staff responsible for preparing it at the time of preparation. Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.