Upgrading U.S. government bonds

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Weekly Commentary

• We have upgraded our call on U.S. government bonds to neutral on the view they should play a bigger role in balancing portfolio risk and reward.
• Financials led developed market equities down. The minimum-volatility factor outperformed and the U.S. yield curve further flattened.
• We see low probability of the UK parliament passing the government’s Brexit withdrawal arrangement, but still view a “no-deal” exit as unlikely.