The risk appetite remained positive also in November since it looks like the accommodative monetary policy will continue. Global economic growth seems to have stabilised, too, after the summer's weakness. European economic figures indicate that growth is still on a moderately improving trajectory. In China, growth is mixed as consumers are doing well while manufacturing is still trapped between high overcapacity and poor demand. In Japan, the situation is very much the same. Although the US Federal Reserve has expressed a stronger desire to raise its interest rate for the first time since 2006, the cycle for tightening the monetary policy is believed to be moderate. At the same time, the ECB has strongly indicated its intent to increase stimulus, possibly by pushing its deposit rate even deeper into negative territory and by extending its current public sector purchase programme. Expectations are sky high and measures should be taken right away at the early December meeting in order to avoid a setback to sentiment. The capital market has warmly welcomed the ECB's message.
We went overweight equities after the correction in the stock market took place in late August. In early October and in November, we increased the overweight position further. In equities, we focus on Europe and Japan. In Japan we rely on upcoming additional stimulus, rising interest in Japanese stocks and corporate earnings growth potential. In Europe, we seek diversification and also have heightened emphasis on OP-Property, since low interest rates support the property sector. We also have a significant weight in OP-Europe Dividend Companies. New remarkable focus is set on OP-Europe Rising Stars, a fund investing in small and mid-cap companies. Tapping into the weak market, we raised our low weight in emerging markets. In global themes, we have chosen to focus on OP-Low-carbon World, a fund investing in lower carbon footprint companies building a responsible future. In fixed-income investments, we prefer corporate bonds over government bonds. In corporate bonds with high credit ratings, our focus on OP-US Corporate Bond has outperformed European corporate bonds in terms of running yield. In the portfolio, we have applied our view of strengthening dollar and weakening euro.