Policy rates have bottomed in negative-rate countries but more QE is in the pipeline.
Fiscal easing in the eurozone is on the cards but fiscal tightening is likely in most other major economies.
We expect DM interest rate curves to stay depressed with ultra-easy monetary policy and falling growth expectations.
We expect the broad USD to weaken gradually in line with the USD smile.
More monetary easing and hunt for yields should support equities.
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