Every indexed document

prices have room to soften in the very short run (4-6 weeks). Copper

and should allow the Brent price to stabilize in the USD 80.5 - 90/bbl range (WTI

the chance of further monetary easing (QE3) by the Fed - which is not our

diversified commodity indices are likely to decline in the

also due to recent policy easing in China

we think selected emerging market (EM) currencies

the main focus lies on Spain and on potential ECB

and should recover on the back of better risk sentiment. We

but the upside remains limited by expansive fed policy

moving towards 6.15 over the coming 12 months.

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