Ignis Asset Management banking 'trading defensively'

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Ignis Asset Management banking 'trading defensively'

A representative from Ignis Asset Management banking has explained that the firm is operating defensively in some regards.

Chris Bowie, head of credit portfolio management at the organisation, noted that governments are likely to try to reduce deficits over the next 18 months, which will be a challenge for the bond markets.

He highlighted how the "corporate sphere" may bear much of the brunt of this "rebalancing" and gave the example of the miners in Australia, who have had a windfall tax imposed on them by the state.

"In this environment, it is difficult to see earnings growing strongly while governments are looking to increase their tax take and reduce spending," Mr Bowie remarked.

However, he did have some good news, stating that debt investors still look on gilts as a safe option, despite the difficult economic climate.

Last month, Ignis Asset Management banking chief economist Stuart Thomson suggested that the pound has more potential to rally against the euro than the dollar in the near future.

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