Market Commentary

Market Commentary

Timely market analysis to keep your finger on the pulse of the market.

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Title Topic
What Will Crack the Global Credit Cycle?

We think the global credit cycle is in its later stages but has further to run.

14 Aug 2018
Market Commentary
Turkish Selloff Shakes Global Markets

Simmering economic and financial problems in Turkey reached a boiling point as markets were unconvinced that Turkish President Recep Erdogan could contain the country's economic problems and the US president threatened a doubling of some metal tariffs on Turkey.

10 Aug 2018
Market Commentary
US Small Caps: High Expectations May Be Priced In Following Multiple Tailwinds

US small cap stocks have had a great run in 2018 thanks to growth, tax, trade and currency tailwinds.

03 Aug 2018
Market Commentary
Russell Reconstitution Reimagined

Once again, US markets saw record volumes traded during this year's Russell Index Reconstitution.

03 Aug 2018
Market Commentary
Why Equity Investors Continue to Look for Value

Recent performance of new-economy growth companies, which trade on increasingly large multiples of their trailing or estimated forward earnings, has led to underperformance of many Value strategies since the end of 2016.

23 Jul 2018
Market Commentary
European Turmoil Creates Stock-Picking Opportunities

Optimism has evaporated in the face of disappointing economic data, political upheaval in Italy and Germany, global trade tensions and Brexit uncertainty.

13 Jul 2018
Market Commentary
Mid-Year 2018 Global Market Outlook: Weatherproof Your PortfolioPDF

With greater uncertainty and volatility, the time is right to actively prepare for foul weather.

27 Jun 2018
Market Commentary
Deciphering Trump's Trade Policy

Protectionism was the biggest downside risk we called going into 2018, and remains the biggest risk to our core investment views for the remainder of the year.

27 Jun 2018
Market Commentary
Don't Waste Resources On Forecasting the Oil Price When Choosing Energy Stocks

The oil price, without question, is a major driver of stock prices in the energy sector as a whole. This opens the question: should investors concentrate their efforts to choose better energy stocks on predicting the oil price?

26 Jun 2018
Market Commentary
EU Future On The Agenda At Brussels Summit

It is important to understand that all the different points of tension are intertwined at the EU level, e.g. Eurozone reform, migration and Brexit negotiations.

25 Jun 2018
Market Commentary
Fed Continues Gradual Tightening

Chief Economist Chris Probyn comments on where central banks go from here, as the Fed continues gradual policy tightening with its latest hike.

13 Jun 2018
Market Commentary
Emerging Markets Outlook: Caution Ahead as Tailwinds Fade

Emerging markets (EM) have come under pressure in the second quarter due to idiosyncratic problems in a few countries as well as global trade tensions, a strengthening US dollar and higher US Treasury yields.

12 Jun 2018
Market Commentary
Earnings and Credit Signals Bode Well for Equities

Looking at first-quarter earnings reported so far, and where we are in the credit cycle, we still favor growth assets based on relatively healthy fundamental underpinnings.

23 Apr 2018
Market Commentary
Oil Price Volatility Can Present a Buying Opportunity Ahead of the June OPEC Meeting

Oil continues to make headlines this year as price volatility has shone a light on uncertain supply and demand dynamics as well as continued geopolitical risks.

08 Jun 2018
Market Commentary
Italys Political Impasse Rattles Global Investors as Europes Existential Threat Resurfaces

The risk of a Eurozone implosion returned to haunt investors this week, as Italys failure to form a government led to risk-off moves around the globe.

30 May 2018
Market Commentary
Current Account Deficits Matter Less Than Assumed for Currency Markets

The relevance of current account balances is fiercely debated in international economic and policy circles. Our view is that current account deficits matter less for currency markets than is commonly assumed.

15 May 2018
Market Commentary
Oil-Fueled Commodities Rally Has Room to Run After US Iran Decision

While markets had largely priced in the US decision to withdraw from the Iran nuclear deal and re-impose sanctions, we believe the balance of supply and demand dynamics will keep oil prices elevated in the near term, driving commodities higher.

11 May 2018
Market Commentary
Credit Cycle in Later Stages: Prepare for Landing

As credit market investors, the most frequent question we get asked at present is: are we at the end of the credit cycle yet? As the current business cycle is now officially the second longest on record, having begun in June 2009, it is easy to understand why this is top of mind for many.

08 May 2018
Market Commentary
Finding Buying Opportunities as the Cycle Turns

The recent jump in 10-year US Treasury rates above 3% is another sign that, as we said coming into 2018, we are closer to end of this market cycle than to the beginning. In the meantime, we continue to find value in the long end of the curve and attractive buying opportunities in certain equity sectors.

07 May 2018
Market Commentary
What the Sound and Fury of Trade Rhetoric Signifies for Investors

Tariff announcements from the US and retaliations from China have splashed across the headlines all week.

09 Apr 2018
Market Commentary
Funding Shifts, Not Credit Event, Led to LIBOR Spread Widening

LIBOR spread widening had investors scratching their heads, as short-term lending costs have risen to levels not seen since the financial crisis.

05 Apr 2018
Market Commentary
China Debt Inclusion in Global Agg Extends Historic Opening of Markets

Adding Chinese government debt to the global bond benchmark of choice is a historic move, both for investors looking for attractive yields and low correlations to other bond markets as well as Chinese leaders looking to carefully open their markets to foreign investors.

04 Apr 2018
Market Commentary
New Ways to Value the Technology Sector

Following the revelations about data breaches at tech giant Facebook, which wiped $37bn off its market value in one day, have we reached a turning point for the technology sector in terms of valuations?

23 Mar 2018
Market Commentary
US-China Trade Dispute: This Time It's Different

By imposing tariffs on aluminium and steel imports, the United States fired its opening salvo in the battle to rebalance trade relations with China.

22 Mar 2018
Market Commentary

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