GLOBAL DEVELOPMENTS BOTTOMLINE: The macroeconomic picture remains mixed, with data mostly pointing towards a deceleration of global growth. In addition, several black swans could materialize over the next few months. For example, the Bank of England warned of shock in case of a disorderly Brexit with GDP dropping up to 10.5% over 5 years in the worst case scenario. Furthermore, the EU has decided to act decisively against the Italian government budget proposal paving the way to a series of sanctions, from a fine to a freeze in structural funds. Also the new tensions between Russia and Ukraine could disrupt an uneasy truce on the Donbass front and warrant new sanctions against Russia.

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