EFTA Document EFTA01458983

8 December 2015 World Outlook 2016: Managing with less liquidity European Credit Strategy: To follow the US or march to its own beat? Credit markets do have a late cycle feel about them but it will likely make a big difference to performance over the next 12 months if this cycle ends in 2016 or extends until at least 2017. Fundamentals - US deteriorating. Eutope steadier but past peak As Oleg Melentyev has alluded to in his US section, US credit quality has deteriorated. However Europe