Blackrock cools on government bonds as EM finds favour

By Burhan Khadbai, Lewis McLellan
11 Dec 2019

BlackRock is bearish on the prospects of the government bond market in 2020, thanks to the exhaustion of monetary policy as a means of generating growth. Instead, the world’s largest asset manager is looking to move deeper into riskier assets such as emerging markets where there is still room for further easing.

BlackRock is adopting a neutral view on government bonds, and is even more bearish on core assets. The investment manager, which has $3.49tr under management, has downgraded its view on German bonds to underweight and has upgraded its view on local currency emerging market debt to “high-conviction overweight”.  ...

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