* Puntare su borse Usa, Nord Europa, titoli "growth"
* Investire con fondi in titoli a elevata cedola
* Vede tassi all'1,75% in area euro a fine 2011
MILANO, 16 febbraio (Reuters) - Il 2011 sarà l'anno delle borse ma, almeno per il primo semestre, cautela sui mercati "BRIC" (Brasile, Russia, India e Cina), dove l'inflazione è già un grattacapo.
Secondo Giorgio Mascherone, responsabile investimenti di Deutsche Bank in Italia, adesso conviene scommettere su Nord America e Nord Europa, privilegiando titoli di società capaci di estrarre valore Growth in the act ("growth").
"The stock market is at 10-11 times earnings in the United States, Germany and Italy compared with 14-16 times of 2007," says Mask.
To control volatility, the fund manager feels better to invest through funds in companies that offer coupons rich not only in products that give exposure to the activity of M & A in strong growth. Are especially interesting in emerging markets such as Russia, which receive the dual pressure of internal growth and the appreciation of the currency.
If it is true that there is finally a real risk of default in the banking sector, Deutsche Bank currently prefer to invest in debt rather than actions of lenders.
"We focus on covered bonds that are a cut above the senior bonds and tensions recently have extended the sovereign debt yield spreads over government with the same rating," said Mask.
The pressure on prices will begin to be felt, even in developed countries, in the second half of 2011. At year end, Deutsche Bank expects interest rates to 1, 75% in Europe (from 1%), 1, 25% in the United Kingdom (0.5%) and 0.5% in the U.S. (0.25%).
* Investire con fondi in titoli a elevata cedola
* Vede tassi all'1,75% in area euro a fine 2011
MILANO, 16 febbraio (Reuters) - Il 2011 sarà l'anno delle borse ma, almeno per il primo semestre, cautela sui mercati "BRIC" (Brasile, Russia, India e Cina), dove l'inflazione è già un grattacapo.
Secondo Giorgio Mascherone, responsabile investimenti di Deutsche Bank in Italia, adesso conviene scommettere su Nord America e Nord Europa, privilegiando titoli di società capaci di estrarre valore Growth in the act ("growth").
"The stock market is at 10-11 times earnings in the United States, Germany and Italy compared with 14-16 times of 2007," says Mask.
To control volatility, the fund manager feels better to invest through funds in companies that offer coupons rich not only in products that give exposure to the activity of M & A in strong growth. Are especially interesting in emerging markets such as Russia, which receive the dual pressure of internal growth and the appreciation of the currency.
If it is true that there is finally a real risk of default in the banking sector, Deutsche Bank currently prefer to invest in debt rather than actions of lenders.
"We focus on covered bonds that are a cut above the senior bonds and tensions recently have extended the sovereign debt yield spreads over government with the same rating," said Mask.
The pressure on prices will begin to be felt, even in developed countries, in the second half of 2011. At year end, Deutsche Bank expects interest rates to 1, 75% in Europe (from 1%), 1, 25% in the United Kingdom (0.5%) and 0.5% in the U.S. (0.25%).
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