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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
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 www.morningstar.es