The re-statement by Santander's chief executive on the 2018 earnings call on January 30 of the group's existing policy to call hybrid instruments on economic terms seems to have been accepted calmly.

One way to look at low global inflation is as evidence of policy successes on the part of countries' central banks — especially in Emerging Market (EM) countries, where inflation rates are often below their central bank targets.

The positioning of CTAs and Global Macro strategies on equities remains very cautious at present. Meanwhile, long Fixed Income positions have increased over the past few weeks. The stance has thus turned more defensive, even though the outlook on EM assets has turned more constructive.

Looking back at 2018, it was a year when European corporate earnings continued to grow, while market volatility was surprisingly high. The volatility was a result of both political noise and the fear of a slowdown in global growth.

According to Guillaume Abel, head of business development of La Banque Postale Asset Management (LBPAM), SRI is becoming THE relevant fund management. LBPAM plans to launch a Green Bond fund to come in 2019 and the creation of tailor-made SRI model portfolios to monitor the mandates of some clients...