Markets assume the worst

Ad Van Tiggelen, the head of European equities at ING Investment Management, believes that the markets are currently assuming the worse case scenario: a deflationary recession. Morningstar spoke to him about this and his investment philosophy, which rests half way between value and growth investing.

Fernando Luque 18.10.2002
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What is happening to the stockmarkets?

The markets are currently discounting the worse possible scenario: a recession. The markets are also discounting that US consumption will fall sharply because in order to have a proper recession, the economy needs to offer figures that show a sharp decline in consumer spending. But currently there are no clear signs that such a decline is occurring. The US consumer is still spending at a considerable pace. It is, nevertheless quite clear that this rate will be reduced and that the US consumer will tend to spend less. But the question is: how much less?

The markets, on the other hand, think that consumer spending will drop substantially. But in a low interest rate scenario, norm

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Fernando Luque

Fernando Luque  es el Senior Financial Editor de

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