...Emerging Markets At Risk: There is clear agreement among survey respondents that emerging-market (EM) corporates is the sector facing the greatest refinancing challenge (46%). The wider contagion threat from EMs is most likely to emanate from Brazil and Russia. Only 15% of respondents would consider buying Russian debt, with the rest staying away because of uncertainties and sanctions. QE to Run Course: The likelihood of eurozone deflation is receding, with only 22% ranking it a high risk ¡ down sharply from 65% last quarter. There is widespread belief that the European Central Bank (ECB) will stick to quantitative easing (QE) as planned (79%), with a minority expecting the programme to be curtailed if inflation picks up (12%). High-Yield Still Favourite: High-yield (HY) is the most favoured asset class among 30% of those polled. The runner-up is cash (16%, level with financial institutions), indicating a certain exasperation with current markets. Some Doubt Market Riskiness: Most investors...
