Last week I wrote about the apparent confusion caused in some quarters by strong stock returns against a backdrop of weak macro and profits data. I argued that two important reasons behind this were the removal of rate pressure, and the unwind of the episode at the end of… Read the article
The following article originally appeared in the Financial Times.
In the past, central banks set the price of money using interest rates. In the future, it seems, they will be giving it away. This week the US Federal Reserve… Read the article
Central banks are at a crossroads, and if they carry on, maybe a dead-end. The good news, though, is twofold: central bankers recognise the need to reassess their frameworks and they are coming at it from a point of strength:… Read the article
Earlier this week the IMF released its latest economic outlook. It was the debut of the newly appointed and first female IMF chief economist, Gita Gopinath.
She observed that “While global growth in 2018 remained close to post crisis highs, the global expansion is weakening”. Indeed, the… Read the article
We wrote in May about the challenges facing Turkey, and in July about how these threats have the potential to produce extreme outcomes.
Last week saw the manifestation of these challenges. The Turkish Lira decline on Friday was among the largest one-day currency moves… Read the article
Eric recently wrote a fascinating piece on the ‘volatility virus’ which has contaminated the professional investment community. This blog post builds on that piece by considering the use – more specifically, the misuse – of quantitative ‘analysis’ more generally.
It is important to point out I am… Read the article
A story in the UK press this week suggested that the UK distributer of Panini football stickers (Connect Group Plc) has delivered only half the profits from the stickers that it had expected after a ‘major drop off in demand.’ The share price duly responded:
… Read the articleRemember the ‘fragile five’? These were five emerging market currencies that were deemed to be most at risk of US policy tightening during the ‘taper tantrum’ of 2013. The main concerns for these economies centred on their vulnerability to foreign capital outflows.
Recently we’ve seen a re-emergence… Read the article
Fed officials have been particularly vocal about the slope of the yield curve this week (most notably here and here), in particular voicing concerns over a possible curve inversion (when yields on short dated bonds rise above those on long dated bonds).
… Read the articleAfter performance weakness in the immediate aftermath of the Brexit referendum, UK property delivered a strong return in 2017. In the first of two guest posts looking at the property environment in different parts of the world, Tony Brown, CIO of M&G Real Estate, discusses where this leaves us in… Read the article
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OKWelcome to the M&G Multi Asset Team’s Allocation blog, previously known as the Episode blog. We have changed the name of our blog to resonate better with our readers in Europe, however, the content and purpose of the blog has not changed. The Allocation blog continues to aim to provide unique market perspectives from our dedicated team of experienced asset allocators.
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