Every indexed document

the AUD and NZD weakened within ranges from March to May. We expect

a rally in high yield bonds and a return to pre-crisis spreads of about

and the European recession turns out to be worse than currently

IG corporate bonds remain a preferred asset class

spreads are expected to remain above past averages.

supporting debt-burdened Eurozone countries in their

yields have traded range bound owing to conflicting economic data. The SNB stressed

economic data continues to be mixed as the recovery continues but is prone to external shocks.

we expect growth momentum to remain subdued but still in positive

market expectations regarding future rate hikes by the Fed have pushed out a first rate hike

the risk is that yields would stay low or fall

HY) remain fundamentally supported by solid

extension of Operation Twist by the Fed and a rising likelihood of a rate

value stocks should outperform as there is no longer

allowing multiples to expand and triggering the outperformance of

and risks related to the Eurozone debt crisis subside. In this

they give exposure to the long term potential of equity

we prefer large over small caps in the current very challenging

which should begin to normalize. Within Financials

bottomed-out inflation and hiccups in economic and market reforms