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Report 9/2017

We resume reporting after the summer break.

What happened in these months? Nothing. Monetary policy decisions did not contain any particular novelty, and the markets  have picked up  the upward trend.

The central banks are still waiting to have confirmation of the health status  economies which, as often written, support on "bad legs".

Efforts  to awaken inflation have failed. Often so-called sensitive data, when seen as m / m variation and not as a variation of a previously revised data, are negative.

In the US is diffusing  the fear of a new bubble on commercial real estate due to closures and failures of commercial and distribution companies.

Obviously, in a positive trend, markets also rise in the presence of negative data, and now expectations are focused on Trump's promise of a new tax reform.

We are living a calm moment but the economies, as emerges from other evaluation parameters, is another reality. What will happen when oxygen in the markets (see QE) will be removed?

For further details, refer to the "Sentiment" section.


We attach schedule of the portfolio.

Giorgio Giovannoni

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