Portfolio

Volatile Rates: A Sign of Normalization or Danger?

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Early in the year, the bull market in global bond markets was unstoppable, as oil fell and central banks cut policy rates or added to unconventional easing. But, in Q2, sharp sell-offs reversed many of those gains. Heatmap: Roubini’s End-2016 Inflation Forecasts (%) Source: Roubini Global Economics    Market Rather Than… Read More »


Italian BTPs offer a leveraged bet on Bunds

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Languid reaction to repeated faltering Greek negotiations suggests that the notion of ‘Grexit’ has long been taken into account. It is German Bunds, not Greece, which remains at the epicentre of souring sentiment in Eurozone bonds The languid reaction to the Greek debt crisis not only suggests that ‘Grexit’ has… Read More »


A views for the second half of 2015 in bond markets

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Deflation. Liquidity. Greece. These are the words of 2015 if you are a bond investor The year kicked off at a whirlwind pace, with the long-awaited announcement by the European Central Bank (ECB) that it would finally begin its quantitative easing (QE) programme nearly upstaged by the Swiss National Bank’s… Read More »



OverProfit, the “golden” opportunities on the stocks market

Lmf Internatioanl -

Credit Suisse, Intesa Sanpaolo, Hca Holdings, Stryker Corp, Ntn, Daiichi Sankyo-Tyo e Shionogi. Here, the stocks that offer to the investors great opportunities for growth Credit Suisse, but also Intesa Sanpaolo, Hca Holdings, Stryker Corp, Ntn, Daiichi Sankyo-Tyo e Shionogi. Here, some of the stocks that offer to the investors… Read More »



The sun is shining

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The best performing market year to date is Japan. The region fits investor preference for markets offering superior earnings growth, accommodative monetary policy, a high equity risk premium and the prospect for structural reforms and better corporate governance Earnings revisions are positive and earnings growth is not only driven by… Read More »


Investment grade corporate bond market performance in 2015

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Wolfgang Bauer sees decent relative value in IG credit spreads at current levels and remain constructive in terms of corporate bonds, particularly in the USD market I’ve spent a bit of time in recent days looking at the performance of global investment grade (IG) credit. The chart below shows the… Read More »


Will volatility stay high?

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The volatility on bonds is at Eurozone crisis levels, though has yet to scale financial crisis peaks and has not been transmitted to equity markets Volatility is in the air, nowhere more so than in Eurozone bond markets — German 10yr yields had risen from 0.05% in mid-April to 1.05%… Read More »


The Most Wonderful Time of the Year (for Japanese Equities)

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March 31 marks the end of Japan’s fiscal year, making it a very important point from which to gauge how Japanese stocks are behaving and, ultimately, whether Abenomics is having any real impact Firms Very Focused on Raising Return-­on-­Equity (ROE) During the 15 years of deflation from 1998 to 2013,… Read More »