Latest GDP data shows that France has helped the eurozone economy outperform the more pessimistic consensus forecasts. Whether Germany is in recession remains to be seen.
Subordinated parts of the mortgage-backed securities (MBS) markets can look tempting. However, we think investors in subordinated classes may not understand the range of risks they take on when chasing higher yields.
A smooth Brexit could remove some of the fog of uncertainty over the UK economic outlook, a prospect made more likely by the agreement to extend the deadline to 31 January 2020.