UBS | We remain constructive on the European real estate sector. As a bond proxy with growth , real estate benefits from current central bank stimulus, while it can also gain through rental growth in an inflationary environment, should the stimulus prove successful. For Spain, we upgrade Hispania to Buy and downgrade Merlin to Neutral.Read More
On face value, the ruthless tools used by central bankers to inject piles of money into the economy point to a brand new way of conducting monetary policy. Never before, except for in wartime, did they dare to trigger such massive asset-buying programmes. And never before did they so blatantly disregard the future risks a huge liquidity glut might fuel.
BARCLAYS | We have been arguing for some time that we see no grounds for attaching a high probability to a reflation scenario for the euro area, at least in the near term
UBS | In September PM Abe fired off three new arrows: a strong economy, parenting support, and social security, setting a nominal GDP target of ¥600trn as the first of these. A nominal growth rate of 3% would achieve the ¥600trn target in FY21.Read More