Pictet - Barometer February 2012
Fri, 03/02/2012
Global equity markets greeted 2012 with enthusiasm. Central to the renewed optimism has been the long-term refinancing operation (LTRO) launched by the European Central Bank in December, which has eased fears of a Lehman-like crisis. This back-door quantitative easing, in conjunction with two cuts in Eurozone interest rates, marked a shift in policy direction under the more pragmatic leadership of Mario Draghi, the new ECB president. We believe that the prospect of further LTRO liquidity support in February will sustain the recovery in risk assets.
CFPCM, CERTIFIED FINANCIAL PLANNERCM and CFP logo are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Institute of Financial Planning is the marks licensing authority for the CFP marks in the United Kingdom, through agreement with FPSB.