Pacific Investment Management Co., manager of the world’s biggest bond fund, wouldn’t be concerned if New Zealand were to delay its budget surplus target beyond 2015 provided any government spending boosts growth.
Australia’s dollar traded 0.3 percent from the seven-week high it reached yesterday as signs the nation’s economy is stabilizing prompted investors to trim bets on interest-rate cuts by the central bank.
The sovereign credit rating of the U.S. will be cut as “fiscal theater” plays out in the world’s biggest economy, according to Pacific Investment Management Co., which runs the world’s largest bond fund.
Pacific Investment Management Co., manager of the world’s biggest bond fund, has boosted holdings in Australia and New Zealand as it expects policy makers to cut interest rates to combat currency gains and weaker world growth.
Europe risks falling back into recession as nations such as Germany and the U.K. cut budgets sooner than expected, justifying an “underweight” position on the euro and pound, said Pacific Investment Management Co., which runs the world’s largest bond fund.
Pacific Investment Management Co. is cutting its German government bond holdings because the market is overvalued, Scott Mather, head of global bond portfolio management, told Dow Jones in an interview.