Investment Commentary – August 2014

August 6, 2014

Europe remains a source of disquiet for investors, with the recent developments in Portugal’s banking sector finally putting paid to the seemingly relentless rally in Sovereign bonds. Prior to the news that Banco Espirito Santo was unable to repay its creditors and would require a bailout from the Portuguese Government, five of Europe’s core Sovereigns (Italy, Spain, France, Netherlands and Germany) set new record low yields on their 10-year bonds. Spanish 10-years fell below 2.50% for the first time ever on the 28th of July. Tensions have also continued in Eastern Europe and a third round of sanctions have been introduced against Russia after the downing of MH17 in Ukraine.

Investment Commentary August 2014


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