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Nikko Asset Management shifts economic forecast down moderately following Brexit

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Despite the UK’s decision to leave the European Union, Nikko Asset Management’s Global Investment Committee (GIC) does not think economies or risk markets will crash, but adds that it is hard to be enthusiastic about the prospects for the post-Brexit world over the next few quarters.

It forecasts that global equities will decline a bit further and has initiated an overall underweight stance, regionally overweighting Japanese and US equities.
 
Due to the committee’s expectation that global bond yields will decline moderately, it will overweight global bonds and USD cash for USD-based clients.
 
For Yen-based clients, the committee emphasises fixed income investments as well.

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