Economic outlook - 6/15/2016

Following the last meeting of our Investment Committee, the new edition of “INVESTMENT STRATEGY” has just been published.

As we approach the midpoint of 2016, the word "balanced" seems to be an appropriate way to describe a number of challenges facing investors. The June issue examines the following key points in detail:

• Macroeconomic conditions are generally favourable and our investment scenario is unchanged.

• Our positioning remains defensive with an underweight allocation to equities, mainly due to limited scope for earnings growth.

• June will be eventful, most notably because of the Brexit vote in the UK.

• The US dollar is playing a central role in the direction of asset prices, especially for commodities and emerging markets equities.

A new edition of "INVESTMENT STRATEGY" can be found every month on our website.