- Monday, 02 March 2015
- Wealth Management Expert Opinion
US Equities Losing Steam as Investors Continue to Chase Europe
The year to date trend of European equity out-performance continued last week. Is it really as simple as allocating to the markets where the central bank is cranking up the printing press with fundamentals relegated to the back seat? For the moment, it seems so! On that subject, China cut its main interest rate by 0.25% this morning - more below. We don’t really have any problem...
Read more...- Tuesday, 05 August 2014
- Wealth Management Expert Opinion
Global Equities: Europe faring worse than the US
European and US equities suffered a bad week as geopolitical concerns mixed with more hawkish Fed rumblings took their toll. Having fallen by on average 3% last week, developed markets are showing distinct signs of damage. The very simple question for investors is whether the current selling is a minor tremor or whether it is the start of something more serious...
Read more...- Monday, 28 July 2014
- Wealth Management Expert Opinion
FED Meeting and U.S Employment Report to Confirm US Dollar Strength
Financial markets have been on cruise control for a number of weeks believing that the Yellen Fed is a dovish Fed and will keep interest rates low for a very long period of time. Furthermore, many investors believed such a dovish Fed would help deliver outsized returns from risky assets. We believe that the broader FOMC is more divided than has been seen for a very long time, with the...
Read more...- Monday, 07 July 2014
- Wealth Management Expert Opinion
Why the Equity Bulls Believe they are Right
Ahead of the long holiday weekend in the US, we learned that the economy generated more than 200,000 jobs for the fifth month in a row (a feat last achieved around the turn of the century) and the unemployment rate fell to 6.1%. Janet Yellen also delivered a speech to the IMF suggesting that raising interest rates to ward of speculative bubbles was too destructive a policy and untested...
Read more...- Sunday, 06 April 2014
- Wealth Management Expert Opinion
US Assets React Poorly to Decent Jobs Report
It was quite an eventful week again. China announced a “mini” stimulus, the ECB took yet another step towards outright QE and the US jobs market showed further signs of recovery. European and emerging market assets responded positively to this week’s events whereas US assets had a bit of a “deflationary” reaction. So, what do we make of it all? First, the China mini-stimulus...
Read more...- Thursday, 27 February 2014
- Wealth Management Expert Opinion
U.S. Government Cracking Down on Tax Evasion Through Swiss Insurance
On February 24, 2014, The Wall Street Journal reported that the IRS is investigating Swiss Private Placement Life Insurance (PPLI) companies in order to determine whether American citizens have been using PPLI to hide assets or otherwise evade taxes in the United States. PPLI combines private banking and portfolio management into a life insurance structure. This development is not...
Read more...- Tuesday, 21 January 2014
- Wealth Management Expert Opinion
Flat US Equity and Falling Yields Could Signal a Change
With the exception of last week's US employment report, the US economic data released in recent weeks has been better than expected. Conventional wisdom would have us believe that if the US economy is improving and the Fed is withdrawing stimulus, then bond yields should definitely be moving higher. They are not. Furthermore, the bullish equity case seems to be predicated...
Read more...- Monday, 13 January 2014
- Wealth Management Expert Opinion
Major Central Bank News and a Shockingly Poor US Employment Report
Most asset classes have continued the erratic tone for the first full week of the year. The main talking points this week were diverging central bank messages and the conflicting data on the US employment situation. The main central bank talking points were the dovish rhetoric from Mario Draghi, head of the ECB, and the minutes from the December FOMC meeting indicating that they would...
Read more...- Sunday, 08 December 2013
- Wealth Management Expert Opinion
Promising US Employment Report - Challenging Week for Global Equities
US investors cheered a decent employment report, ignoring any fears that the Fed may begin to reduce QE sooner rather than later. After what was a very disappointing start to December, US equities managed to claw their way back to flat for the month. Other regions fared much worse with Europe down over 3% and Japan down over 2%. Yesterday's employment report pretty much hit...
Read more...- Monday, 02 December 2013
- Wealth Management Expert Opinion
Bank of England's response to excessive household debt and other important events in Europe and the US
Although last week was a little quieter than usual with the US Thanksgiving holiday, there were a few issues that we think are noteworthy. We also have a few potentially interesting events in the next couple of weeks in the run-up to the year end. The Bank of England surprised markets this week with changes to the Funding for Lending scheme. With concerns building at the Bank over the UK...
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