The document is a macro strategy memo discussing market performance and economic indicators. It reviews the positive performance of global assets in the first half of the year, driven by central bank liquidity. Concerns about asset valuations and potential Fed policy changes are noted. European government bonds have hit yield lows, and Asian markets show strength. The memo also highlights the underperformance of European banks, particularly Banco Espirito Santo, and discusses US economic data.
documents/vol00010-efta01454531-pdf.pdf
{"key_people":["J. Reid","N. Burns","A. Ip"],"document_date":"2014-07-01","document_type":"correspondence","key_locations":["Europe","Asia","Japan","Hong Kong","Indonesia","Portugal","Luxembourg","US","Chicago"],"document_subtype":"memo","key_organizations":["ECB","Fed","Banco Espirito Santo","Reuters","Bank of Indonesia","RBA"]}