This year has been dominated by a "tug of war" between two different constituencies of investors: those with a positive view on the potential for a sustainable economic recovery, and those who see little fundamental change from the low-growth, low-inflation environment that has characterised much of the post-crisis period.
For the former, the sharp reflationary moment from 2016 is very evident in the real economy, with improving economic growth supported by easier financial conditions and a weaker bias to the US dollar. ...
Joined with 21 Partners
Consequences could be more severe than in stress tests
Move to variable operating expenses
Set to happen on 4 April