“The impact on global growth will mainly be drawn from increased uncertainty rather than a direct negative one,” the firm said. Brexit is not the Lehman bankruptcy, NN IP added. Investors should not automatically assume a political crisis is also a financial crisis.
Valentijn van Nieuwenhuijzen, head of multi asset at NN IP, advised: “There are underlying healing trends in developed markets that should not be overlooked, productivity might well surprise on the upside and markets are lagging improvements in earnings.”
“However, it will be crucial for markets to see how resilient this momentum is. So far, the tightening of financial conditions is not enough to anticipate a sharp weakening in data but that still might come and we and most others have downgraded our growth outlook.”
