On the Radar is a biweekly publication providing quick and concise answers to the topical investment and economic questions that are on investors' minds.
New questions in this issue:
Why is City National Rochdale bullish on EM Asia equities?
We are seeing early signs of improvement in Emerging Asia economic data, and policy across the region is likely to turn more supportive this year through fiscal and monetary stimulus.
Why is City National Rochdale bearish on non-U.S. developed markets?
We think the YTD rebound in non-U.S. developed market equities has gotten ahead of fundamentals, providing a good opening for investors to sell and reallocate to more attractive global opportunities in EM Asia equities.
How good was the recent labor report?
Hiring rebounded strongly in March, increasing by 196,000. It was a marked increase above the February increase that was initially reported as 20,000, since revised to 33,000. This eased the fears of some that thought economic growth was cooling.
What is the current thinking about the recent yield curve inversion?
The slope of the yield curve inverted in March for a few days when the yield of the 10-year treasury note fell below that of the three-month treasury bill.
How has the recent improvement in various indicators affected the market's perception of future Fed action?
It has been a wild ride for this metric. Back in the autumn, when the economic outlook was very strong (unemployment at cycle low of 4.7% and PMI manufacturing at cycle high of 60.8), the stock market hit an all-time high.
What is City National Rochdale's investment outlook for 2019?
Given our positive assessment of the fundamental backdrop, we remain bullish on equities in general for 2019 and continue to see attractive prospects in the opportunistic fixed income class.
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