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The ETF Trader Interview Series: Ken Dolan, Jefferies & Company
by David Abner of WisdomTree, Inc.,
In this edition, Dave Abner, Head of Capital Markets at WisdomTree, speaks with Ken Dolan, Senior Vice President on the ETF trading desk at Jefferies & Company, Inc. Ken joined the desk in 2011 after spending nine years at LaBranche & Co. as a Managing Director and Head of ETF Trading. In addition to his ETF trading experience, Ken has nine years of trading experience across equities, fixed income and emerging markets at Deutsche Bank, Credit Suisse and Lehman Brothers. He received a BS from Providence College and is a Chartered Financial Analyst.
Reconsidering Asia's Currencies
by Gerald Hwang of Matthews Asia,
The Asian Financial Crisis of 1997-1998 looms like a ghost over any attention to Asian currency risk. But what new considerations are needed now? Given the robust performance of the regions currencies since 1999, Portfolio Manager Gerald Hwang, CFA, explores this topic in a modern context that takes into account the diverse monetary systems, business cycles and development stages of Asias economies.
Global Economic Overview: September 2014
by Team of Thomas White International,
Global economic growth concerns resurfaced during the month of September, as data from the Euro-zone suggested that select large counties yet again face recession. Even Germany, the bulwark that shielded the common currency area during the fiscal crisis, has slowed down as subdued external demand has taken a toll on exports.
The Race
by Brian Andrew of Cleary Gull,
While some may wish for a Democratically controlled Congress because we have a Democrat in the White House, the reality is that some dysfunction between Congress and the Administration is welcome by markets. Near-term, many believe that the regulatory environment created by a Democratic Senate and Administration creates uncertainty and restricts corporate growth. While that may be true, it is hard to argue with the stock market returns over the last several years. The reality is that markets appreciate some dysfunction in Washington.
Black Dog: Are Plunging Oil Prices a Positive or a Negative?
by Liz Ann Sonders of Charles Schwab,
The bear market in oil prices is largely a positive for the consumption-oriented US economy, but there are caveats. Oil's plunge is more a function of increased supply and the stronger US dollar than it is of weaker global demand. Oddly, many investors are worried about the stock market because of oil's plunge; but history suggests otherwise.
Emerging Markets Equity Commentary: September 2014
by Team of Thomas White International,
Emerging market equity prices corrected in September on concerns about weaker global growth even as the U.S. Federal Reserve is set to wind down its bond purchases. Signs of yet another downturn in the Euro-zone economy are likely to hurt the export outlook for the major emerging countries that had seen a modest improvement in exports in recent months.
Dont Be Spooked by Market VolatilityOpportunity Is Still Knocking!
One of the greatest fears this Octoberpossibly the most volatile month of the yearhas been the correlation between the S&P 500 Indexs ascent in the first three quarters of the year and the possible ramifications of the end of quantitative easing (QE).
Trick or Treat? Slow Global Growth Hits Cyclical Sectors Hardest
by Francis Gannon of The Royce Funds,
As of October 13, the small-cap Russell 2000 Index was down 12.9% from its 2014 high on July 3a double-digit correction not seen in more than three years. With the U.S. economy slowly improving and Fed tapering winding down as scheduled, what is driving this pullback? Co-Chief Investment Officer Francis Gannon talks about economic growth beyond our borders and how it has been playing a role in shifting investor sentiment.
A New Breed of Robotics
by Kenichi Amaki of Matthews Asia,
Are collaborative robotsindustrial robots made to better work alongside humanslikely to be well-received in the market? How feasible is a car made from a 3D printer? This week Portfolio Manager Kenichi Amaki discusses his findings from the International Manufacturing Technology Show in Chicago.
A Scary Story for Emerging Markets
by John Mauldin of Mauldin Economics,
The all-too-predictable effects of a rising dollar on emerging markets that have been propped up by hot inflows and the dollar carry trade will spread far beyond the emerging markets themselves. This is another key aspect of the not-so-coincidental consequences that we will be exploring in our series on what I feel is a sea change in the global economic environment.
As the Eurozone Stalls, China Cuts the Red Tape
France and Germanys industrial production has turned down recently. Their purchasing managers index (PMI) numbers are below the 50-mark line, indicating contraction. This trend is especially worrisome because Europe is a bigger trading partner with China than the U.S. is. So whats the solution? The EU would do well to look east, specifically to China.
China: Decelerating but Still Healthy
by Andy Rothman of Matthews Asia,
GDP growth will be just above 7% this year, and slightly slower next year. Despite the negative media headlines, there are no signs of impending doom and Andy Rothman, Matthews Asia Investment Strategist, expects the property market to stabilize in the coming quarters. Strong growth in income and retail sales means China remains the worlds best consumption story.
Despite Volatility, This Bull Is Likely to Charge Higher
As the fourth quarter begins, the market has found itself engulfed in anxiety. Volatility has surged in the equity markets while the 10-year Treasury yield has dropped to 2%-leading some to question whether this bull market is breathing its last breath. We believe: * Global GDP growth will likely be in the 2.0%-3.0% range. * The U.S. is in the 5th or 6th inning of recovery, with slow but improving growth. * Despite the surge in volatility, this bull market has more room to run. * A balance of secular and cyclical growth companies presents the most attractive portfolio for this mid-cycle phase.
Blurring the Lines Between Emerging-, Frontier- and Developed-Market Stocks
There has been some convergence in terms of how one might classify emerging-, frontier- or developed-market companiesand how they might fit into investors portfolios. Recently, we have noted an increase in liquidity and transparency of many frontier-market stocks (the smaller and lesser-developed subset of emerging markets).
Loomis Sayles Core Plus Bond Fund: Navigating Dynamic Markets with Tactical Flexibility
The global economic cycle is a perpetual force influencing interest rates, credit availability and capital markets. For core plus managers who seek to generate total return by balancing liquidity and risk, these undulations pose a clear challenge.
Turkey's Position on ISIL Misunderstood
by John Browne of Euro Pacific Capital,
As territory in the Middle East falls under control of the brutal fanatics of ISIL, many Americans may be wondering how this could happen in the backyard of major U.S. allies. In particular, frustration with Turkey's reluctance to move against ISIL, even as it massacres civilians and creates instability on the Turkish border, is growing rapidly. Turkey's political calculation with respect to the crisis reveals just how complex and intractable the crisis may become.
Opportunities Amid Divergence
by Michael Gomez of PIMCO,
As in developed markets, the trends of increasing growth and policy dispersion will be borne out in emerging markets over the next 12 months. Brazil has some of the highest interest rates in the world, which presents an opportunity for investors, and we expect the next four years will be marked by a better mix of fiscal and monetary policy. Because our outlook for China has moderated somewhat, we are focusing attention on trade and financial linkages and how the ripple effects of a slower China might unfold.
Japan: Small Change Clouds Big Picture
by Mark Jason of Invesco Blog,
We continue to believe that achieving real economic growth in Japan requires changes that are hard to come by. On a recent trip to Japan, it became clear to me that this next stage of Abenomics shorthand for Prime Minister Shinzo Abes three-arrow economic revitalization program of monetary easing, targeted financial support and structural reforms calls for corporate governance reform to take the spotlight as a core part of the important third arrow, particularly as regulatory reforms have made slow progress thus far.
Protecting Whom?
by Tiffany Hsiao of Matthews Asia,
China has long been accused of protectionist policies that restrict access to many markets.Recently, this has garnered more press attention. But has China really become more confrontational with U.S. business? In todays world, what exactly is protectionism, and who are these protections meant to benefit? This month Asia Insight explores.
Global Fears
Volatility could continue but equity investors should keep the longer-term picture in mind, which we believe is positive. The U.S. economy is improving and monetary policy remains quite loose. The international picture is more concerning but diversification is important across asset classes. We currently favor emerging markets within a diversified international portfolio.
How Alibaba Could Capitalize on the EBay-PayPal Split
Ebay and Paypal Split - U.S. Global InvestorsInternet auctioneer and retailer eBay announced last week that it will be spinning off its online payment service PayPal into two listed companies. This decision, heralded by activist shareholder Carl Icahn, among other investors, will allegedly enable both companies to focus exclusively on what they do best.
Putting the Pieces Together: An In Depth Chart Review of Global Financial Markets
by Team of GaveKal Capital,
One of our favorite grounding exercises is to peruse our chart library and review what has happened in the global financial markets so we can opine about what those prices and patterns are telling us about the world. We'll save the opining for another time, so we present the following charts with little commentary.
Tocqueville Gold Strategy Investor Letter
John Hathaway, manager of the Tocqueville Gold Fund (TGLDX), states in his latest quarterly letter on gold that "On a near term basis, this looks and feels like a bottom to us. On a longer term view, we are more bullish than ever." He goes on to write that "Expanding earnings and valuations, the underpinnings of the four year bull market in financial assets, may be approaching an inflection point. A reversal of this cycle would in our opinion restore interest in gold."
Global asset allocation outlook
Recent market performance, particularly in September, has been negative across a widespread array of asset classes as we have seen the U.S. dollar exchange rate rise with increasing intensity in recent months. The worst returns, not coincidentally, were delivered by the very assets that have shown historically high sensitivity to dollar strength. This disruption to currency stability in general, and the particular importance of a rise in exchange value for the worlds reserve currency, represents an important change in capital market conditions.
Emerging from the Global Competitiveness Ranks
The World Economic Forum (WEF) recently released its annual Global Competitiveness Report, which details the strengths and weakness of 144 countries in myriad factors including education, infrastructure, health and technology. There arent many huge surprises in the developed markets, as most countries overall rankings were fairly stable from the prior year. There were, however, a few interesting shifts in the ranks among emerging markets: some making leaps forward, and others, regressing.
600 Million Reasons to Keep Your Eyes on India
In the wake of his rock star reception at Madison Square Garden on Sunday, Prime Minister Narendra Modi has emphatically announced to our nation's top corporate and political leaders that India is now open for business. Between September 26 and 30, he met with not only President Barack Obama and other high-profile politicians but also the CEOs of some of our nation's largest and most successful companies.
Vision 1994
by Mark Headley of Matthews Asia,
Twenty years ago, Paul Matthews decided to launch two Asia ex-Japan mutual funds in the U.S. and create what is today the Matthews Asia Funds. One was a core Asia ex-Japan growth fund with a mid-capitalization bias. The other fund was a unique portfolio with a focus on Asian convertible bonds. Thus began the journey of the Matthews Pacific Tiger and the Matthews Asian Growth and Income Funds.
Voya Fixed Income Perspectives September 2014
Change is in the air, and its evident beyond the riot of color overwhelming our natural landscape. Market dynamics, too, are shifting, with the yield on the U.S. two-year Treasury inching higher and the U.S. dollar appreciating. Both not only suggest markets are pricing in a stronger U.S. economy, they are also potential harbingers that the end of zero interest rate policy is near.
Slower Growth in China and Japan Pressures the Region
Our forecast for the global economy is below consensus mainly because of our views for regions outside of the U.S., including Asia, the emerging markets and Europe, although higher growth in the U.S. should offset some of the slowdown we see coming from China. Japan made a kick start under so-called Abenomics with massive monetary and fiscal reflation policies, but the recent data suggest to us that the effectiveness of those cyclical policies are already challenged by secular and structural headwinds.
5 Reasons Why Short-Term Municipal Bonds Make Sense Now
Although short-term bonds might not be as sexy as common stocks in fashionable brands like Apple and Tesla, they play an important role in any serious investor's portfolio. Below are five reasons why investing in municipal bonds makes sense now more than ever.
Global Equities Stay Thirsty for Liquidity
by Rick Golod of Invesco Blog,
Taking a step back from the usual economic and market insights, my September commentary is devoted to a topic that Ive been long overdue in addressing. Financial advisors have frequently asked about my approach to asset allocation, and Ive outlined my strategy for diversifying within the US equity space in my commentary, Harnessing the Markets Natural Rotation: An Asset Allocation Strategy. Here, Id like to provide a summary of my outlook, which remains unchanged from the previous month.
Awakening Japan Inc.
by Yu Zhang of Matthews Asia,
Japanese Prime Minister Shinzo Abe's first two "arrows" of his expansionary fiscal policies have done well to curb deflation. Now, investors are concerned about Japan's so called "third arrow"the country's growth strategy. Can credible structural reform be implemented to remove impediments to its growth?
Bullish on Japanese Small-Caps
While the macroeconomic picture in Japan is unsettling for many investors, we are finding what we think are inexpensive high-quality businesses across many industries. Royce International Smaller-Companies Fund Portfolio Manager and Director of International Research David Nadel talks about how he is positioning his portfolio and explains why he has confidence in FamilyMart, a Japanese convenience store chain.
Back to Iraq
President Obama has decided to build a coalition to dislodge the Islamic State (IS). The U.S. is leading the coalition, but American efforts will be limited to air power. In this report, we will offer a short synopsis of the war plan. This analysis will be followed by a broader discussion of U.S. Middle East strategy, including a history of American policy. We will move to discuss the most likely outcome from these efforts and conclude, as always, with market ramifications.
Alternative Approaches for Managing Emerging Market Equity Portfolios
The shortcomings of indexing are especially evident in frontier markets, where some very small markets have significant weights. This paper discusses three approaches for targeting inefficiencies in emerging markets. These approaches are designed to fit together and complement each other within an investment portfolio. Overlap is generally minimal, so investors may reasonably employ all three.
“You’re Going to Need a Bigger Boat”: Alpha and Interest Rates
Caution has been the dominant sentiment among investors in recent times even as equities have continued to march along. But as the prospect of rising US interest rates becomes ever more real, Brooks Ritchey, senior managing director at K2 Advisors, Franklin Templeton Solutions, takes a look at how some individuals and institutions are changing their guarded approach. He says alternative investments could find increased interest among savvy investors as interest rates start to tick higher.
Abenomics 2.0
by Kenichi Amaki of Matthews Asia,
The reversal of Japan's equity markets so far this year, have led investors to wonder, "Is Abenomics working?" There are hundreds of components that comprise this economic plan, and among the recent successes has been job creation. However, macroeconomic statistics point to some emerging near-term challenges, including still-muted wage growth. This month Kenichi Amaki takes a look at both current pressures and progress in Japan.
Authoritarianism versus Democracy: The Key Challenge to Chinese Ascendancy
An intense debate has been underway for more than a decade about whether the East - China in particular - is in the ascendancy. Some argue this is so and that the West is in decline. Others say China's flawed political institutions will limit its monumental growth and render it precarious. This an especially opportune time to address these questions.
The Economy: September Viewpoint
The U.S. economy experienced a robust summer for economic expansion and job growth, however recent consumer data is casting doubt as to whether the current level of activity can be sustained. Our position is to maintain an emphasis on higher-quality bonds and be prepared for short-term rate increase(s) in the months to come. The road ahead for stocks continues to look positive, but it would be prudent to keep in mind the inevitable speed bumps that will likely present themselves down the road, as we have not had a meaningful pullback since 2011.
Results 3,451–3,500
of 4,282 found.
