This quarter, we turn our focus to Europe. We look at the past and present of this most ambitious of projects – the euro – to see what they can tell us about its future. We also look at some of the comparisons between Japan’s recent history and the current plight of Europe, with particular reference to the German bond market. Our Head of Manager Selection takes a look at some of the investor style biases and how we should think about them in the context of the region’s equity markets. Finally, we showcase some of the talent and insight of our interns, as Tom Harris takes on the subject of climate change and what financial markets can do about it.
In this quarter’s Compass you’ll also find details about interest rates, bond yields, commodity and equity prices, as well as our tactical positioning and key macroeconomic projections.