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  1. Wealth
April 1, 2009

UBS report: growth slow, bonds expensive

By Spear's

In its latest UBS research focus report, UBS Wealth Management Research concludes that the global economy will grow at a slower pace than it has over the past few decades and that inflation expectations will likely increase.

In its latest UBS research focus report, UBS Wealth Management Research concludes that the global economy will grow at a slower pace than it has over the past few decades and that inflation expectations will likely increase.

Given this more austere outlook, corporate earnings growth will likely revert to a more sustainable trend – but a much lower one than prevailed before the crisis, especially within the financial industry.

However, the report also stresses that fundamentals continue to support strong growth in emerging markets once the worst of the financial crisis has passed. With government reflationary measures in full swing, the authors conclude that higher-risk assets appear cheap, assets traditionally perceived as safe, such as nominal government bonds, are expensive, and the US dollar will remain under pressure.

The latest UBS research focus, “The financial crisis and its aftermath,” details the causes of the current crisis, looks at likely outcomes and explains the potential investment implications.

The authors find that government policy will play an increasingly important role in shaping the economy and financial markets in the years to come. The report also looks at the longer-term structural implications for the economy, the financial sector, and the return outlook for various asset classes.

To see the full report, visit ubs.com
 

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