Emre Akcakmak -
Turkey witnessed a totally unexpected coup d’état attempt on 15 July 2016. Istanbul Ataturk Airport and the two bridges over the Bosphorus were taken over and blocked by a group of soldiers. Tanks, F16 jets and helicopters were all over the place in a matter of a few hours. State… Read More »
In light of today’s interest rate decision from the Bank of England Michael Metcalfe, head of Global Macro Strategy, State Street Global Markets and Bill Street, head of Investments EMEA, State Street Global Advisors offer the following views. Michael Metcalfe: “There are two surprises here. The first is that interest… Read More »
State Street Global Exchange today released the results of the State Street Investor Confidence Index® (ICI) for June 2016. The cut off to calculate this month’s ICI reading was June 22 and did not account for the June 24 Brexit decision The Global ICI declined marginally to 105.9, down 0.1… Read More »
The center-right (PP) was the winner of the elections, improving its relative majority by 14 seats when compared to last December elections, from 123 to 137. The far-left (Unidos Podemos) didn’t improve its position in terms of seats and lost in terms of number of votes. It remains the third… Read More »
Vontobel Asset Management -
This morning the UK population has expressed their wish that they would be better off outside the European Union (EU). Indeed, the EU referendum results indicate a majority of 51.9% wanting to Brexit. No Systemic RiskWe would characterise this choice as unfortunate, given that the notion of national identity has… Read More »
Brexit should drive the economy into a technical recession in H2-16 and in 2017 (-3%/-1% range), due to lower consumption and a fall in capex. The unemployment rate is expected to rise next year (by probably 1/1.5 point from the current 5%). As the current account deficit is large (7%… Read More »
The UK has voted to leave the EU, by a narrow margin of 52-48, in what is the most significant pull back to-date from the post WWII consensus of closer integration and open trade. While the actual path to exit is not yet clear, there are nonetheless profound implications for… Read More »
Credit Suisse Global Equity Research believes that two hedges on the potential knock-on impact of a UK EU exit are: buying Bonos relative to BTPs (Spanish relative to Italian bonds) or euro volatility (which has, unlike sterling volatility, remained range bound) Markets remain relatively more sanguine than polls: Opinion polls… Read More »
Comments on ECB meeting and global fixed income themes from the BlackRock’s Global Unconstrained Bond Team The ECB attempted to exceed market expectations with a strong set of non-conventional monetary policy measures but then disappointed the market on forward guidance around further interest rate reductions – effectively suggesting that interest… Read More »
Mitul Patel -
The European Central Bank (ECB) have very much taken the ‘kitchen sink’ approach, surprising market expectations in a variety of ways, not least an expansion of the asset purchase programme The European Central Bank have very much taken the ‘kitchen sink’ approach, surprising market expectations in a variety of ways,… Read More »
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