If Spain applied to the EFSF/ESM for a (partial) sovereign bail-out, the path would become clear for the ECB to buy Spanish government bonds under its Outright Monetary Transmissions (OMT) programme...

Tensions in the euro-zone have recently eased. However, we still anticipate that Greece and one or two other small countries will leave in due course. While we are not alone – a slim majority expects...

The US Flow of Funds report published yesterday by the Federal Reserve suggests that the stock market remains significantly overvalued by historical standards. We doubt that equities are as far...

Emerging market equities are on course to underperform developed market equities for the second year in a row. We think this pattern is likely to continue through the end of 2013 even as the Fed...