CONJECTURE

Bearish outlook for bonds in 2005

New Star's Theo Zemek, Newton's Peter Hensman and Ewen Cameron-Watt from Merrill Lynch examine the state of the global market and its outlook for the year ahead. While Zemek and Cameron-Watt are bearish on bonds, Hensman is tipping the asset class over equities for the coming year. Other points covered in this week's debate are: • The continued weakness of the US currency and the impact this will have not only on the US domestic economy but also on the Far East. The three discuss the implications of the Chinese and Asian central banks support of the currency and whether this stance will ...