According to Franck Nicolas, Head of Global Asset Allocation & ALM at Natixis AM, all the effects of this catastrophe are, at present,
\ndifficult to quantify but do not necessarily compromise global growth<\/p>\n
\nMarch was marked by the events that hit Japan. The worst seems to have been avoided even if it is too early to draw all the conclusions. The consequences for this already highly-indebted country are numerous: the paralysis of a part of Japanese production,
\na major medium-term reconstruction effort, the possible questioning of nuclear and the impact on conventional energies. All the effects of this catastrophe are, at present, difficult to quantify but do not necessarily compromise global growth.<\/p>\n
Natixis Asset Management has nonetheless
\nreduced the risk in its model portfolio by
\nadopting a more prudent stance when faced
\nwith the proliferation of major social unrest in
\nthe Near and Middle East, soaring commodity
\nprices that are liable to be driven to new
\nhighs by geopolitics, the EC B discourse on
\npotential monetary tightening as of April and
\nthe difficulties of the Bank of England and a
\nnumber of emerging regions in keeping the
\nlid on inflation.<\/p>\n
Fixed income<\/strong><\/p>\n For the moment, within fixed income, the While credit<\/strong> represents a moderate Equities<\/strong><\/p>\n Natixis Asset Management has slightly We now have an underweight on emerging Currencies<\/strong><\/p>\n There are still concerns about Japan since Commodities<\/strong><\/p>\n Commodity prices have remained firm, According to Franck Nicolas, Head of Global Asset Allocation & ALM at Natixis AM, all the effects of this catastrophe are, at present, difficult to quantify but do not necessarily compromise global growth<\/p>\n","protected":false},"author":1,"featured_media":18170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1480],"tags":[1655,1858,1671,1651,1677,1678],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/18172"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=18172"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/18172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/18170"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=18172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=18172"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=18172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\npriority should be on holding significant
\nreserves of cash and inflation-linked<\/strong>
\nbonds. The exit from accommodative
\nmonetary policies (quantitative easing is
\nexpected to end this June in the United
\nStates) is approaching and imported
\ninflation risks could see a rise in long-bond
\nyields.<\/p>\n
\nrisk, its absolute performance could be
\nimpacted by the possible rise in interest
\nrates. Lastly, investing in emerging bonds<\/strong>
\nseems risky since inflationary pressures
\nare present in several of these regions.
\nThe monetary authorities are effectively
\ngoing to have to make a choice to the
\ndetriment of short-term growth at a time
\nwhen food supplies are expensive.<\/p>\n
\nreduced its exposure to equities by
\nneutralizing an over-weight posted over the
\npast few months and reinforced since the
\nend of 2010. A return to the more defensive
\nmarket segments (e.g. return to the UnitedStates, adding to positions in the cyclical
\nsectors that have been laggards in Europe,
\nlightening of positions in the financials that
\nwill be subject to new solvability tests by
\nthe summer, etc.) has also contributed to
\nreducing overall risk.<\/p>\n
\nequities given the temporary uncertainties
\nin these regions. Note: global economic
\ngrowth, corporate earnings and liquidity all
\nremain positively oriented.<\/p>\n
\nit is very tempting to finance some of the
\nreconstruction work by repatriating the
\ncapital currently invested in US bonds. This
\ncould lead to negative effects by driving the
\nyen higher relative to the dollar. Some G20
\ncentral banks have thus mobilized to try to
\ncurb the rise in the yen. In the same vein, but
\nfor other reasons, the emerging currencies
\ncontinue to be favored by the interest rate
\ntightening inherent in combating imported
\ninflation. The ideal policy mix remains to be
\nfound since this phenomenon is countered,
\nin particular, by currency appreciation but
\nremains detrimental, on the other hand, to
\na country\u2019s external trade.<\/p>\n
\nstoking overall inflation in several world
\nregions with risks of transmission to core
\ninflation via production costs<\/p>\n","protected":false},"excerpt":{"rendered":"