Investment Commentary – August 2015

August 12, 2015

Developed market risk assets had a strong July as the Greek Government finally came to agreement with its Troika of international creditors, paving the way for up to €86bn of bailout funds and successfully avoiding a ‘Grexit’. Accordingly, core European equity bourses rose on the news with the French CAC +6.10%, Italian FTSE MIB +4.80% and German DAX +3.33%. The Germans are most vulnerable to the Greek financial situation, with over 50% more exposure through combined EU bailout loans and domestic banks than second placed creditor France. European fixed income also had a solid month with Sterling non-financial leading in credit (+2.0%) and Italian BTPs leading the sovereign bond cohort (+3.5%).

 

Investment Commentary August 15.


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