The document discusses the economic outlook for 2016, focusing on the energy and materials sectors. It highlights the historical cheapness of these sectors relative to trailing fundamentals and the need for management to reduce capital spending. It advises avoiding sectors exposed to energy sector capital expenditure declines, such as capital goods. It also notes concerns about non-financial issuer quality outside the energy sector.
documents/vol00010-efta01458982-pdf.pdf
{"title":"World Outlook 2016: Managing with less liquidity","key_people":["Oleg Melentyev","Daniel Sorid"],"document_date":"2015-12-08","document_type":"correspondence","key_locations":["London"],"key_organizations":["Deutsche Bank AG"]}