Posts Tagged ‘carousel’

The US dollar is ready for a steady rise

Three different regimes rule the US dollar: depreciation, crisis and secular uptrend. Few investors realise that we have shifted into a secular uptrend regime and this will have consequences on asset clases one should hold in a portfolio of investments. In this video, Yves Bonzon describes the regimes and asset classes to favour at the […]

United States: astonishing acceleration in house price recovery

There are several indices measuring US house prices. The most commented on is the S&P Case-Shiller index, but our favourite is the CoreLogic home price index. This is the one used by the Fed to estimate real estate wealth, and it has the advantage of being published earlier than the Case-Shiller index. April’s figures for […]

China most recent economic indicators continue to show growth momentum is weakening

However, we should not dramatize the situation: we have seen with previous episodes of the PMI falling below 50 that GDP growth was accelerating at the same time. Disappointing economic momentum is not only due to the impact of tightening measures (anti-corruption, property). Consumption has moderated on the back of slower wage growth. Despite the […]

Strategy: different dynamics influencing equity markets

Equity markets in Europe and the US look in need of some fresh catalysts to extend their rallies whereas Japan still seems to have more upside ahead. In the wake of the reduction in systemic risk and the ECB’s interest-rate cut, sovereign bonds of peripheral eurozone states also look to possess some attractive upside potential. […]

The “right” place for alternative strategies in a portfolio

Hedge funds may have been the winners in the bear market of 2002, but in the crisis of 2008 they were among the biggest losers. Locked in to losses by “gates” and other “side-pockets”, private investors have been disappointed by their performance in the market rally over the past four years. Today aversion to liquid […]

Hedge Funds, still relevant?

Hedge Funds have performed poorly for the last 3 years compared to treasuries and corporate bonds, therefore people are questioning their relevance in portfolios. We believe there’s a place in each portfolio for this kind of investment as long as it is allocated in the relevant asset class and, most importantly, when the managers are […]

Mario Draghi disappoints on unconventional measures

Thursday’s European monetary announcement only true surprise in terms of monetary policy was that the Governing Council appears to be seriously considering a negative deposit rate. However, as it is a two-edged tool, its impact on bank loans would be uncertain. No clear guidance to unlock the credit crunch A decision to buy asset-backed securities […]

Euro area: deflation is looming

According to Eurostat’s flash estimate, euro area annual inflation is expected to be 1.2% in April, down from 1.7% in March and well below consensus expectations of 1.6% y-o-y. It is the largest monthly fall since May 2009 and also the lowest level since February 2010. Moreover, the euro area’s core annual inflation (inflation excluding […]

Opportunities in Europe, with a word of caution

Yves Bonzon dissects the Cyprus crisis to understand how Europe deals with debt issues on a case by case basis. The existing situation opens interesting opportunities – as long as investors manage to hedge against government and nationalisation risks!

Eurozone holding its breath over Cyprus

The final version of the bailout for Cyprus spared savers with deposits of less than EUR100,000 from being forced to contribute towards rehabilitating and recapitalising the island’s ailing banks. Nevertheless, mere mention of a levy being imposed on deposits was enough to send a fresh crisis of confidence rippling through the eurozone. At the time of writing, the waves do […]

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