FN Marktrapporten is een service voor de betalende abonnees van Fondsnieuws. De dienst geeft toegang tot de database met research van meer dan 70 asset managers. Dagelijks wordt vroeg in de ochtend in een aparte e-mail een overzicht toegestuurd van alle nieuwe researchrapporten. Deze e-mail dienst heet de Morning Call.
After the turbulence of the 1970s and early 1980s, U.S. inflation entered a remarkably stable period that has persisted for the past three decades. As Figure 1 shows, U.S. core Consumer Price Index (CPI) inflation (which excludes the more volatile energy and food categories) has remained in the 1%–3% range in recent years.
The dominant theme as 2019 began – following three months of steep falls on world markets – was recession. But this threat was not obvious to us. Markets were pricing a downturn that we could not see in the data and, as a result, it seemed a good time to add to US equities: volatility was too high and assets too cheap.
Economic growth has seen Japan go from zero to hero in recent years. Most notably, nominal GDP growth YoY has now been positive for 21 consecutive quarters. For Kashima, this spurt of growth is a major milestone. After many years in the doldrums, nominal GDP is above ¥533 trillion, meaning the economy has finally recovered the ground lost over two long decades of decline.