Latest inflation figures for March suggest that inflation has peaked earlier this year, and is likely to stabilize at current, low levels. Looking at March data, we note that the Bank of Japan’s favored core measure (which is CPI inflation minus fresh food and energy product prices) stood at 0.5%… Read More »
This simple graph from the Wall Street Journal is just a measure of the constraints that have been imposed to Greece since the beginning of their adjustment. The US depression is just small potatoes compared to Greece. How many years will be needed for the Greek people to come back… Read More »
Albion Murati, Oskar Skau, Zubin Taraporevala -
Consumer finance is a standout performer in the European financial services sector. Average annual shareholder returns for listed institutions between 2012 and 2017 were about 11.5 percent, compared with retail banking’s 9.1 percent and corporate banking’s 7.4 percent. Privately held (often private equity backed) consumer finance firms performed even better,… Read More »
People are drawing parallels with the Crimean annexation and sanctions put in place then – which heavily impacted the Russian market. But the macroeconomic Russian situation is very different today – it is much better: Oil: (Russia’s biggest export) the price was collapsing back then. Today it is and has… Read More »
Over the past few weeks, much has been written about the various protectionist measures announced by Donald Trump. Further to the import taxes on solar panels and washing machines, duties on steel and aluminium have also been announced. On 22 March, President Trump signed a presidential memorandum targeting China’s “economic… Read More »
The slowing down in February inflation is certainly a relief for domestic consumer purses, while signaling a Bank of England policy that will be guided by prudence, as inflation pressures are easing. Currently, the probability of a May Bank rate hike is above 60%, a probability we judge as high… Read More »
The most recent accusations of the UK government that Russia was responsible for the poisoning of a former Russian spy form part of an orchestrated attempt to isolate Russia and justify the imposition of sanctions designed to cripple the Russian economy. It was the USA that cleaned up and closed… Read More »
The US labour market remains robust and will certainly keep the Federal Reserve on track to hike its policy rate by 25 basis points during next week’s FOMC meeting. Looking at the labour market, the latest addition in new jobs created last month was impressive, with the strongest increase registered… Read More »
At this week’s policy meeting, the European Central Bank (ECB) set a tone of ‘dovish hawkishness’. Andrew Mulliner, Portfolio Manager within the Janus Henderson Fixed Income Investment Strategy Group, provides his reaction. The ECB managed to deliver both a hawkish shift, and maintain a dovish stance, at its meeting this… Read More »
After an extended period of calm and buoyant markets, February was a bit of a wake up call to investors as markets sold off and volatility surged to levels not seen since crisis times. This spike in volatility, coming during a socalled “Goldilocks” period of strong growth and modest inflation,… Read More »
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