We generally refrain from quoting external sources, but found the strength of this statement compelling. Calling an end to a 35-year long bull market is incredibly bold and we are unsure if it will prove to be right or wrong.
Many are wondering if it's time to give up on Abenomics. While some of the scepticism is understandable, we believe it is too early to throw in the towel.
TWe have been concerned for some time that the disillusioned middle class would eventually rail against the existing establishment and the set of policies they feel are responsible for leaving them behind.
The UK's late June vote in favour of 'Brexit' was initially read as a deep negative, particularly given that markets were priced strongly in favour of a 'Remain' vote. However, after brief reflection, markets outside the region saw a rally, with risk asset performance more than making up for Brexit losses.
We have previously written about our concern that monetary policy is reaching the limits of its effectiveness, particularly when considering zero and negative interest rate policies (ZIRP & NIRP) and quantitative easing (QE).
On April 24, the first round of elections was held for a new Austrian President. The position is subordinate to the Austrian Chancellor but had still been controlled by the two mainstream parties in Austria for decades.
Since 2011, Brazilian assets have re-priced to the downside. Given the size of the adjustment – both in commodities and assets – the question is whether Brazil is now presenting attractive investment opportunities.
On March 10, the European Central Bank (ECB) delivered what is commonly referred to in market parlance as the ‘bazooka’ – a stimulus programme well beyond market expectations.
2016 began in complete panic, with risk assets including emerging markets (EMs) selling off deeply through the first few weeks of the year.
As we have seen over the past year in the equity market, the more Beijing wants to exert control, the more it slips away. Is pragmatism going to trump ideology in Beijing? In the current environment, the PBOC letting the RMB free float might not be so unbelievable after all.