Edmond - Market Flash

On the markets
Global economic news mixed the good with the less good:
- Germany’s IFO to end August was a disappointing 106.2, down from 108.3 in July.
- July’s durable goods orders in the US rose.
- The UK saw GDP rise by 0.6% in the second quarter, a good figure driven by healthy consumption and a recent rise in household confidence levels.
- The oil price traded close to USD 50 amid rumours of a possible agreement between producer countries.

But markets have been paralysed in recent days ahead of Janet Yellen’s speech at the central bank meeting in Jackson Hole even if few investors expect to see sensational developments. In spite of possible short term turbulence, we remain upbeat on markets up to the end of 2016 and on eurozone equities and high yield bonds in particular.