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Non-consensus, high conviction, and good macro judgments are becoming scarce but have huge value. The judgment of China is turning out to be a fundamental key macro callgoing forward. There is a considerable need for long-term judgments on climate change and demographic shifts when investing in China.
Amundi Hong Kong Chief Economist
The dramatic fall suffered by commodity and energy prices in July and August led to an almost automatic renewed underperformance of US HY bonds vs. their European counterparties. Furthermore, though US HY default rate is still low, the energy and metals & mining sectors are increasingly showing signs of stress and suffering from a growing number of credit events.
Head of Rates & FX Research
Jeroen V.K. ROMBOUTS, Lars STENTOFT, Francesco VIOLANTE