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What Does US Tapering Mean for Asia?
by Paul Chan of Invesco Blog,
The US Federal Reserve (Fed) took its first step toward unwinding its unprecedented monetary stimulus. Beginning in January 2014, the Fed will reduce monthly asset purchases by $10 billion to $75 billion. The scale of the tapering was very much in line with market expectation. While timing may have surprised some investors, the market had already priced in the Feds imminent move.
Newsletter
I admit it, I do occasionally pick on Money Magazine and other consumer financial publications, but as Ive written in the past, for the most part, Money does a great job of educating consumers. Its story on Lessons from the Crash "Lehman Brothers collapse in September 2008 sent stocks on a terrifying ride. A year-by-year look back reveals five key takeaways you need to heed today" is an excellent example. Here are Moneys "Lessons."
The Price America Pays for Global Leadership
by Bob Veres,
Americas political debates inevitably default to finding ways to contain our federal deficits, and our investment debates focus on whether were facing a secular bear or bull market - and how to maneuver within that environment. I had never imagined that these two debates could be related until I heard a presentation by Bill OGrady, of Confluence Investment Management in St. Louis, MO at the Insiders Forum conference in Dallas.
China's Consumer Stocks: Opportunities Despite Slower Growth
by Richard Flax of PIMCO,
A weaker macro environment and curbs on spending by government bureaucrats have hit a range of consumer businesses and, in some cases, forced a reassessment of expansion plans. While Chinese consumption may be challenged in the near term, we think the impact will be felt most in the retail sector where slowing demand is compounded by oversupply. We see opportunity in other sectors that benefit from secular demand growth and constrained supply or strong brands, notably casinos and luxury sectors.
Celebrating Asia's Growth Past and Present
Today, Matthews Asia celebrates 10 remarkable years that have passed since we launched our Asia Growth strategy to U.S. investors. During this time, the region has evolved in many significant ways. In the early 2000s, only the "Asian Tiger" economies had managed to reach GDP per capita levels considered the tipping point for consumption growth. More recently, consumption has been on the rise in many of the regions economies, laying the foundation for Asias ongoing prosperity.
Let's Get Physical: Gold Bullion and Bitcoin
John Hathaway, manager of the Tocqueville Gold Fund (TGLDX), discusses in his latest insights piece the disparity in price direction between gold bullion and Bitcoin, in spite of the strikingly similar rationale for holding the two. He notes that the "Bitcoin-Gold incongruity is explained by the fact that financial engineers have not yet discovered a way to collateralize bitcoins for leveraged trades."
A Surprising Way to Participate in Today's Tech Boom
China has become one of the best consumption stories out there, and looking over the next few years, local technology companies are almost certain to benefit. So while many U.S. investors are getting excited about the growing number of initial public offerings in the tech sector, they would be remiss if they didnt look beyond Silicon Valley.
PIMCO's Cyclical Outlook for Asia: Growth Is Stabilizing but Not Stellar
In China, near-term economic performance will be dominated by the dialing back and forth of credit conditions by policymakers, while long-term reform progresses incrementally. Japans GDP growth will slow in 2014 due to a consumption tax hike but will still be above the countrys potential growth as it is assisted by reflationary policies. The pace of Australias growth will slow due to weakness in manufacturing and mining, reflecting tempered growth in China.
The 2014 Geopolitical Outlook
As is our custom, we close out the current year with our outlook for the next one. This report is less a series of predictions as it is a list of potential geopolitical issues that we believe will dominate the international situation in the upcoming year. It is not designed to be exhaustive; instead, it focuses on the "big picture" conditions that we believe will affect policy and markets going forward. They are listed in order of importance.
The World We Live In
For me, the final month of the year has always been a time to reflect upon the past as well as plan for the future. Analyzing the year soon to pass provides a valuable perspective with which to evaluate the important issues that will impact our country and economy going forward. In this context, 2013 sure has been a memorable year highlighted by horrific natural disasters, the deaths of Margaret Thatcher and Nelson Mandela, and on the lighter side, the unforgettable ending to perhaps the greatest Iron Bowl ever played.
Disruptive Innovations in Indian Politics
by Sunil Asnani of Matthews Asia,
The sweeping victories for Indias pro-business opposition party, the Bharatiya Janata Party (BJP), in recent state elections were largely expected. But more stunning, to say the least, were unexpectedly strong gains in Delhi by a nascent, novice and underfunded political party known as the Aam Aadmi Party, or Common Mans Party.
Vibrant Vietnam
by Lydia So of Matthews Asia,
I recently made my first visit to Vietnam and spent several days in Ho Chi Minh City. Considered by the investment community to be a frontier market, Vietnam has a low per capita income (approximately US$1,600), a relatively young population and less mature capital markets.
Emerging Asia Pacific: Regional Economic Review - Q3 2013
by Team of Thomas White International,
The second half of 2013 has posed significant challenges to growth in major Emerging Asia Pacific economies. Almost all emerging Asia Pacific economies showed signs of strain arising from stubborn inflation, higher interest rates, slower consumer spending and lukewarm exports.
The Eastern Lust for Gold
Having replaced savings with debt on both the national and individual levels, I think its well past time for Westerners to take a few lessons from our creditors in the East. Many Americans consider gold a "barbarous relic," but in Asia, the yellow metal remains the bedrock of individual savings plans. This means that either greater than half of the worlds population are barbarians, or theyve held onto an important tradition that our culture has forgotten.
Patience in Asia
Investing in a multitude of markets and companies as we do within the Templeton Emerging Markets Group means that at any given point in time it may appear to some that they are underperforming or outperforming any particular benchmark index or market. Such is the nature of global financial markets. Of course, wed like all of our investments to go straight up, but at the same time continually like to find new bargains for investors.
U.S. Economy Slowly Gaining Traction - What's Ahead for Year-End?
by Sam Wardwell of Pioneer Investments,
As we enter the final month of 2013, my themes of the last several weeks continue - the capital markets, in general, remain quiet and U.S. economic data, while mixed, shows signs of steady improvement. This week, Ill start by looking forward to some news well be watching as the year closes out...
Understanding the Rise of China
If the sweeping economic reforms planned by Chinese leaders during the Third Plenum can be our guide, it looks to be a promising decade for global investors. Details released this week confirmed President Xi Jinpings concerted efforts to move China toward a market-based economy that mirrors the West.
Developed Asia Pacific: Regional Economic Review Q3 2013
by Team of Thomas White International,
Developed Asia Pacific economies were back on their feet during the second quarter of 2013 as economic growth gained momentum, inflation fell mildly and exports climbed strongly. Most developed countries in the region such as Japan, Australia, and New Zealand reported a sharp positive swing in consumer and business confidence. Predominantly expansionary monetary and fiscal policies also helped keep the pace of economic recovery.
Some Small-Caps Are More Global Than Others
by Francis Gannon of The Royce Funds,
How much of a contribution have overseas revenues made to this years dynamic domestic small-cap rally? Part of the answer lies in where portfolios invest and where they do not. Portfolio Manager and Principal Francis Gannon notes the emerging strength shown by those more economically sensitive sectors that are closely tied to global economic activity.
Entrepreneurship in Asia
by Jerry Shih of Matthews Asia,
Using Silicon Valley as a yardstick to measure the success of Asias entrepreneurs is an interesting exercise. But it offers little insight into the development of more creative processes in Asia. Many policymakers in the region have declared innovation to be a national, strategic prioritycreating policies aimed at spurring growth to increase R&D expenditure, attract knowledge-intensive foreign direct investment and building more skilled labor pools. This month, Jerry Shih, CFA, takes a look at what changes are occurring around Asia to build more robust start-up ecosystems.
France and the Iranian Negotiations
Earlier this month, negotiations between Iran and the P5+1 failed to reach an agreement despite great hopes that one was near. In this report, we will examine the reasons behind French objections to a nuclear deal with Iran. We will begin with an examination of Frances relations with the Middle East, focusing on its relations with Israel. Using this history as a guide, we will analyze why the French scotched the potential agreement. A short discussion will follow of the impact of Frances objection on the evolution of U.S. policy with Iran. As always, we conclude with market ramif
In the Wake of Disaster
by Robert Horrocks of Matthews Asia,
As humanitarian organizations scrambled to send relief to the Philippines this week following the countrys battering by Typhoon Haiyan, foreign governments prepared to support the rebuilding and economists looked to assess the tragedys near-term impact.
Dream to Outperform the Market
If you dream about investment market outcomes which are already popular in the marketplace, your dreams can turn into nightmares. The Everly Brothers 1958 hit song, All I have to do is Dream tells us a great deal about the long-term posture of investors in late 2013 and how dreams can turn to nightmares. On the other hand, if you dream about an outcome which most experts arent expecting, the rewards can be explosive.
Bubbles Without Borders?
by Vivek Tanneeru of Matthews Asia,
If you are a wealthy person living in Asia, you might be tempted, with good economic reason, to look overseas to diversify your asset base. Overseas markets often offer good diversification as they are typically exposed to different economic cycles and also give exposure to different currencies. But while overseas stocks, bonds and other financial instruments all offer diversification, few asset classes seem to have the same allure as overseas propertythat is, overseas property in the right cities.
Big Ideas in the Big Easy
This is likely a contrarian view to the folks in the White House, but I think investors benefit from being contrarian and thinking differently. In preparation for my presentations in New Orleans as well as for the Metals & Minerals Investment Conference in San Francisco and the Mines and Money in London in a few weeks, I?ve been pulling together this kind of research that we can all put to use now.
The Saudi Tribulation
In this report, we will discuss the basic history of U.S. and Saudi relations, focusing on the historical commonality of goals between the two nations. We will detail how the aims of the two nations have diverged since the Cold War ended and use this to examine Americas evolving plans for the Middle East. We will discuss how the evolution of U.S. policy is affecting Saudi Arabia and the pressures these changes are bringing to the kingdom. As always, we will conclude with market ramifications.
Sovereign Ambitions to Develop Infrastructure Benefit Emerging Asia's Utilities Sector
The scope for infrastructure development in emerging Asia is tremendous, and the utilities sector has potential to contribute to and benefit from that growth. In general, we have found that state-owned utilities benefit from a range of operational advantages, partly as a result of the governments vested interest. PIMCOs bottom-up research allows us to analyze evolving company- and sector-specific factors within the greater macroeconomic picture to identify the best investment ideas in Asias utilities sector.
Korea Raises Voice for Shareholders
by Soo Chang Lee of Matthews Asia,
Corporate governance practices in South Koreas family-controlled conglomerates, known as chaebol, find their roots in a social contract that was implicit in the process of the countrys economic development under military dictatorship, which began in the early 1960s. Koreas previously autocratic government initiated economic plans and wielded power in the private sector by assigning different areas of development to each of several chosen corporate families.
When Small is Big
Theres a popular saying in the US, good things come in small packages, which is generally a statement about gifts of jewelry. My team and I find this saying can apply to the investment world, too, as we often find companies that are small in size, but which may have big long-term potential.
We Must Avoid Seeing the New Arctic through an Old World Lens
It would be easy to think those with a thirst for exploration were born too late - to assume that humanity has already reached every corner of the earth there is to discover. But one region - the Arctic - still contains uncharted mysteries.
Why Growth is Deep in the Heart of Texas
TIME Magazine?s cover this week features an engaging collage of the 50 states reassembled to fit within the boundaries of Texas. With a growing number of solid-paying jobs, affordable housing, and low taxes, ?the Lone Star State is America?s Future,? declares economist and writer Tyler Cowen.
Environmental Awareness in Asia
by In-Bok Song of Matthews Asia,
I traveled to China in September, quite possibly one of the best times of the year to visit in terms of weather. The air quality in both Beijing and Shanghai was actually pleasant and was very different from how it seemed during my previous visits as well as from the typical accounts one usually hears of the notorious smog in Chinas major cities. It made me think about growing up during the industrialization of my home country, South Korea.
Africa's Glass With Attitude
Africa has been an area of interest to our team, for many reasons. One might say Africas biggest asset is its youthful population. With a median age of under 20 in many countries today, that means a very high portion of Africas population is dependent on the adult workforce. Tomorrow, however, it means that the workforce will be massive, and the ratio of dependents to workers (the dependency ratio) could be among the lowest in the world. This huge and youthful population is a key rationale for our interest there.
Can Kicked Down the Road Once Again...
by Blaine Rollins of 361 Capital,
Donkeys 1, Elephants 0, Congress -535. The can was kicked down the road once again. We would all like to think that Congress will avoid another last minute battle in early 2014, but unfortunately we cant put it past the current list of non-negotiators. The only thing that is certain in the future is that it will be many election cycles before a member of Congress makes it into the World Series of U.S. Presidential ballots.
Emerging Europe: Regional Economic Review - 3Q 2013
by Team of Thomas White International,
In its latest World Economic Outlook, the International Monetary Fund (IMF) further trimmed its forecast for global growth. The Washington-based lender said expansion will be driven more by developed economies as emerging markets grapple with slowing growth and a tighter global financial scenario as interest rates hint of trending higher in advanced economies such as the United States. However, a reading of economic tea leaves for the Euro-zone and economies such as Russia, Turkey, Poland, Hungary, and the Czech Republic offers room for optimism.
Bond Legend Dan Fuss on Rising Rates
by Robert Huebscher,
Having just celebrated his 80th birthday, Dan Fuss can claim a unique achievement ? his tenure in the fixed income markets has spanned a full market cycle, from the great bear market that began in the early 1950s through the equally great bull market that commenced in 1981. Fuss said today’s environment most closely resembles what he confronted in the late 1950s, when long-term rates were 3% and beginning their march upwards.
Results 3,701–3,750
of 4,282 found.
