Market Strategy Video September 2014

Bond yields have decreased this summer in most mature countries. What are the factors that can explain this abrupt change? Moreover, the ECB made some major decisions last September 4th. They aimed at stimulating growth and halting the anticipations for deflation that are starting to appear. Which decisions? And what is our base scenario? With regards to world growth, it is in line with our forecasts, but European growth was disappointing. Why? What about other markets? Stock market volatility should increase in the coming quarters, with the dominating trend remaining bullish. What is our short and long-term scenario? We'll conclude with this month's recommendations regarding stock markets, mature markets and emerging economies, bond markets and, last of all, currencies.

1. A marked decline in bond yields over the summer
2. Hence the ECB's reaction
3. Interest rate forecasts
4. More moderate message on European stock markets
5. Recommendations