MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SocGen Write on Their Approach to Global Markets in Current Conditions

CROSS ASSET
  • Central banks seem now to have won the battle of downplaying rate cut expectations, helping bond market volatility to fall. They re-gear their fixed income exposure, broadening it outside government bonds, into either credit, cash or EM: the three assets bring extra carry with moderate risk to a no-landing scenario in 2024.
  • They keep USD exposure unchanged at 44% and GBP at zero ahead of the election in the UK. As the ECB is expected to cut rates as early as June, they reduce allocation to EUR by 5 points to 32%, and raise JPY by a similar amount (+5 points to 12% due to valuation, positioning and monetary policy desynchronisation).
  • As such, they pursue a long G10 FX carry strategy – which optimises the carry, and should prove rewarding. They reduce commodities (-1 point to 9%) slightly and are on the moderately bearish side for oil and see improving fundamentals on copper.
Homepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.