Another good chart from Morgan Stanley most recent « Cross Asset Playbook », there are tons of useful and valuable material in there, this is just a selection (see previous post as well).
« Low global bond yields are pressuring US Treasury yields, while inflation outlooks are muted and the Fed appears on hold with rate hikes. All of these points favor high dividend yields »… Makes sense although this is massively pushing investors into the most expensive territories of equity markets !
Yield search isn’t a new theme. It’s actually been around for a couple of years. But with a growing number of bond yielding zero or less, due to the « globalization » of ZIRP, the chase for yield is intensifying.
Here’s the stock of bond yielding below 0, that is that investors have to pay for to own… Japan is a clear leader, but we now see Germany, France, the Netherlands joining the club. While Japan is above 2tn€, the Eurozone is close to 1.4tn€…
Great doc from Guggenheim Partners about the conundrum that faces bond investors looking for yield… Lire la suite
Pour les stratégistes de Barclays, 3 thèmes d’investissement offriront de belles perspectives de rendement en 2013: les marchés actions italien et espagnol, les actions offrant des rendements en croissance et les titres value. Lire la suite