Jeanne Asseraf Bitton

Jeanne Asseraf Bitton

Head of Market Research

Lyxor Asset Management

Correction or Bear market?

13 Feb 2018

Active Strategies

We view the recent equity sell-off as a correction

  • Self-fulfilling risk-off moves cannot be ruled out but we see no sign of systemic risk
  • Contagion to FX, commodity or money markets appears limited as well
  • We expect limited spillover effects on the real economy from the recent market moves 

Reasons for the sell-off

  • The re-pricing of Central Bank policy normalization
  • The re-pricing of inflation prospects amid firming wage pressures

The fundamental backdrop is shifting but should remain conducive to Equities

  • We consider tactically adding risk to U.S. Equity (ranked Neutral)
  • We reaffirm our U.S. strategic stances: U/W Treasuries; O/W Breakevens, U/W High-yield

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