A congested political calendar this year, with elections in the Netherlands, France, Germany and possibly Italy in the next few months, together with renewed uncertainty over the Greek bailout programme and the UK’s decision to leave the European Union, have led investors to pay increasing attention to political developments in… Read More »
Paul Jackson, András Vig -
Markets seem concerned that a Marine Le-Pen presidency could lead to France leaving the EU. That would be good for gold and bad for French and peripheral debt and Eurozone equities. However, we are more worried about such an outcome in Italy and bookmakers seem to agree. For those able… Read More »
When adequately structured and if correctly monitored within a commonly accepted framework, synthetic securitisation or risk-sharing transactions are a positive tool for the banking sector Securitisation was almost deemed to be a bad word at the end of the global financial crisis. Following the Bear Stearns demise, Lehman collapse and… Read More »
After two months underweighting most bonds except US investment grade, the tactical portfolio is taking a neutral position on rising interest rates and inflation expectations. Political uncertainties around the world are growing and may last longer than the market expects. While the divorce between the UK and the EU remains… Read More »
Doubts are increasing about the US policy mix, and the hopes of much fiscal stimulus and little protectionism that have buoyed markets since the election may not be how things eventually work out. Based on the new administration’s first two weeks, caution looks warranted. Two weeks into a new US… Read More »
Japanese Prime Minister Shinzo Abe is poised to be the first global leader to present President Trump with a concrete policy proposal that is designed to shape and promote Trump’s “America First” agenda and, at the same time, to advance the US-Japan alliance. After meeting the then President-elect for the… Read More »
S&P Global Fixed Income Research estimates that $9.6 trillion in rated corporate debt is set to mature globally through 2021. Following several years of favorable credit conditions after the Great Recession, funding conditions tightened considerably in the first part of 2016 as falling commodity prices and volatile equity markets, particularly… Read More »
In reaction to the Bank of England meeting today, Michael Metcalfe, global head of Macro Strategy at State Street Global Markets presents his views. Metcalfe commented, “The Bank of England’s policy gears are firmly in neutral. But the successive upward revision to growth forecasts show economic activity is proving far… Read More »
In reaction to the US Federal Reserve meeting today, Lee Ferridge, head of multi-asset strategy for North America at State Street Global Markets and Antoine Lesné, EMEA head of ETF strategy at SPDR ETFs, part of State Street Global Advisors, offer their views. Ferridge commented, “As widely expected the FOMC… Read More »
Total value of Chinese bank brands surpasses that of US, brand study reveals For the very first time, the combined brand value of China’s lenders has surpassed that of the United States. China’s bank brands account for 24% (US$258 billion) of the total brand value of the Brand Finance Banking… Read More »
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