We remain neutral gold on a three-month...
Gold: Assessing The Impact Of Fixed Income Strength
We remain neutral gold on a three-month basis and bearish over the longer-term. A gradual easing of geopolitical risks to the global economy combined with monetary policy normalisation in the US will drag prices lower in 2015. We forecast the first rate hike by the US Federal Reserve in H215....Read article
Settlement With Holdouts Unlikely Before 2015
Argentina will likely find a way to resume coupon payments on its defaulted debt. However, the standoff between Argentina and holdout investors is likely to drag on until at least early 2015, when the government will face a reduced risk of cross-default claims from exchange bondholders. A prolonged ...Read article
Banking Sector: Developing New Sources Of Income
We retain our positive outlook on Saudi Arabia's commercial banking sector. Aside from still-strong lending activity, growth in fee income will be boosted by the underwriting of Islamic bonds and the gradual opening of the stock market to foreign investors....Read article