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Results 1,301–1,350
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Global Economic Overview: November 2015
by Team of Thomas White International,
The upward revision in third quarter U.S. economic growth and buoyant consumer sentiment supports a more stable global economic outlook for the next few quarters. Consumer optimism also remains healthy in Europe, though the Euro-zone economy expanded less than expected during the third quarter. The Japanese economy declined during the July-September period, according to initial estimates, but the data could be revised higher as capital investments for the period were greater than initially calculated.
The Paris Climate Negotiations: A World in Transition
by BMO Global Asset Management’s Governance and Sustainable Investment team of BMO Global Asset Management,
The stage is set in Paris for global leaders to secure a climate change deal, which would aim to curb fossil fuel use. China, India and United States are signaling their willingness to keep global warming to within two degrees Celsius. We have intensively engaged policy makers and companies advocating for reforms, which will result in a smooth transition path to a more sustainable climate.
International Equity Commentary: October 2015
by Team of Thomas White International,
International equity prices rebounded strongly during the month of October as fears about a further growth slowdown in China faded and the U.S. Federal Reserve appeared willing to delay its rate hike until early next year. While exports from the country remain weak, domestic demand in China has so far remained resilient.
Provise Bullets
by Team of ProVise Management Group,
In a rare display of compromise and cooperation in Washington, Congress passed the Bipartisanship Budget Act of 2015 which settled the budget battles for the next two years and raised the debt ceiling until the spring of 2017. It adds $80 billion to the budget during that time, split evenly between defense and social programs. It also repeals the auto enrollment provision under ObamaCare and limits the Medicare Part B premium increase to a maximum of 15% which was set to go up as much as 50% for some.
Americas: Economy Trends Update October 2015
by Team of Thomas White International,
The fall in energy and commodity prices continues to drive the divergent economic trends in the U.S. and other countries in the region. While the low fuel costs have supported the ongoing healthy U.S. economic expansion, the resource exporting countries in the region continue to struggle. Brazil remains in an economic recession even as political controversies have worsened the outlook for the country. The recent downgrades by the credit rating agencies have led to significant capital outflows from Brazil, making it difficult for domestic corporations to finance growth.
Quarterly Letter
by Team of Grey Owl Capital Management,
In 2008, most investors were driving a fast car down a country road at night with no headlights. They ignored widening credit spreads and kept their allocation to risk assets too high. Value investors bought financial securities because they seemed cheap relative to book value, and neglected to size the position with any consideration to the idea that these entities had so much financial leverage, a bad quarter could entirely wipe out equity value.
Emerging Markets Equity Commentary: September 2015
by Team of Thomas White International,
Emerging market equity prices declined further in September, as fears about slower global economic growth persisted. External trade data from China was weaker than expected and accentuated investor concerns that the world’s second largest economy could miss current growth targets. Nevertheless, retail sales in China continued to expand at a healthy pace in August as the central bank’s interest rate cuts and other policy measures lifted domestic consumer sentiment.
ProVise Bullets
The Republicans in Congress are struggling to find unity. First, the party’s division and very vocal tea party members influenced the Speaker to not only resign, but to leave Congress itself. Although Congress has now passed a bill to keep funding the government until December 11th without an amendment defunding Planned Parenthood, this battle is far from over. In December, Congress will not only have to focus on funding the government, but also will need to address raising the debt ceiling. Do not plan on these issues going away. They will continue to hang over Congress, the election, and t
Provise Bullets
by Team of ProVise Management Group,
The 3rd quarter is now behind us and the major indexes did not fare well through the dog days of the summer. For the quarter the S&P 500 was down 6.44%, the DJIA was down even more at 6.91%, the Russell 2000 was down 11.92%, and the MSCI EAFE index was down 10.23%. The Barclays Aggregate Bond Index was able to post a small gain of 1.23%. Year to date the indexes are -5.29%, -6.88%, -7.73%, -5.28% and +1.13% respectively. As disappointing as these benchmark returns were, a look behind the scenes reveals an even more somber picture.
China Looks to the US for Chinese Equity Strategy, WaveFront Capital Landmark Partnership
by Team of WaveFront Capital Management,
In a groundbreaking agreement, WaveFront Capital Management, a US-based investment manager chaired by renowned economist Dr. Burton Malkiel, is pleased to announce that it has entered into a joint venture with Shanghai-based Fortune SGAM Fund Management Co., Ltd. to sub-advise a China-focused equity strategy on behalf Chinese investors.
Middle-East / Africa: Economy Trends Update: July 2015
by Team of Thomas White International,
During the second quarter and July, the countries under our coverage in the Middle East and Africa region continued to battle global macroeconomic problems and, in some cases, hurdles specific to their own economies. The largest among these countries, resource-rich South Africa, struggled to boost growth amid the downturn in the global commodities market and a power shortage at home.
Portfolio Strategy: China September 2015
by Team of Thomas White International,
The current global market volatility has made some investors skittish and, presumably, many are contemplating curtailing the equity exposure in their portfolios. But before throwing in the towel, they will do well to ask themselves: Who is buying all the stocks amid this selloff?
Provise Bullets
by Team of ProVise Management Group,
There is a big debate within the financial services industry regarding who should be required to be a fiduciary. Basically a fiduciary puts their clients’ interests ahead of their own, a philosophy ProVise has espoused since our founding in the mid-80s. The Department of Labor has proposed a rule which would require ALL who give advice on retirement plans to do so at a fiduciary standard of care.
Schwab’s Perspective on Recent Market Volatility
by Team of Charles Schwab,
Global markets may have swung wildly in recent days, but we think the recent selloff in stocks and commodities is not a sign of imminent global recession. However, it may prompt the Federal Reserve (Fed) to postpone raising U.S. interest rates for a while longer. In the meantime, the basics of successful investing remain the same: Sticking to your long-term investment plan and maintaining a well-diversified portfolio should help you weather the market storm.
China’s Currency Devaluation
by Team of Wasatch Global Investors,
After years of small-scale strengthening against the U.S. dollar, the coordinated devaluation of the Chinese yuan has come when China’s economy is seeing more signs of weakness. In our view, it’s hard to believe that the recent devaluation of the yuan will significantly help the Chinese economy. In addition, relative to the last several years, the yuan is still strong against the euro and the yen. This raises the question: Is there more devaluation to come?
Developed Asia Pacific: Economy Trends Update July 2015
by Team of Thomas White International,
After a slump in consumer spending had raised concerns of an economic slowdown in Japan recently, there was a welcome uptick in indicators such as manufacturing activity and exports. However, slowing growth in China, a major trading partner, is widely expected to have a bearing on the economy in the near future. Meanwhile, the Reserve Bank of Australia left interest rates unchanged in its recent review as expected, thanks to subdued inflation, a stabilizing job market, and early signs of a pick-up in business investment.
Schwab’s Perspective on Recent Market Volatility
by Team of Charles Schwab,
Global financial markets endured their worst week of the year this past week amid concerns over slowing economic growth and currency woes in China and other emerging markets, among other reasons. At times like these it is easy to start thinking short term, but keep in mind that the foundations of investing success are well established (have a plan, keep a close eye on expenses, stay diversified, and make sure your portfolio composition is lined up with your tolerance for risk and the timetable for when you’ll need to start drawing down the portfolio).
Emerging Markets Equity Commentary: July 2015
by Team of Thomas White International,
Emerging market equity prices declined further in July, as concerns about slower growth in China as well as lower energy and commodity prices hurt investor optimism. Chinese equity markets, which had seen significant gains over the last one year, corrected despite the government’s efforts to stabilize the market.
Global Economic Overview: July 2015
by Team of Thomas White International,
While some of the emerging economies continue to face slow growth from lower commodity exports, the outlook for most developed economies has brightened in recent months. The U.S. slowdown during the first half of this year was not as bad as thought earlier, while economic trends from the Eurozone remain stable. Helped by sustained labor market gains, U.S. consumer sentiment is picking up again and should help aggregate growth during the second half of the year.
International Equity Commentary: July 2015
by Team of Thomas White International,
International equity prices were mostly unchanged during the month of July as gains in Europe were offset by losses in Asia and select other markets such as Canada. Further improvement in economic trends from the Euro-zone and the tentative agreement to provide additional financial support to Greece brightened investor sentiment in the region.
Emerging Europe: Economy Trends Update July 2015
by Team of Thomas White International,
The resolution of the Greek imbroglio dominated the news during the quarter, highlighting the crisis of confidence for the Euro-zone. The resolution of the Greek crisis and its third bailout deal is beneficial for countries such as Poland, Hungary, and the Czech Republic, which depend on the euro-zone for most of their exports. Meanwhile, big oil exporter Russia benefited during the second quarter as energy prices increased moderately despite the Ukraine crisis and the ongoing economic sanctions that continue to cloud the outlook for the economy.
Americas: Economy Trends Update -- July 2015
by Team of Thomas White International,
Even as the U.S. is recovering from stagnant growth during the initial months of the year, most other economies in the Americas region are struggling with slow growth. Prices of oil and other commodities have dipped again after a short recovery, restricting the ability of governments to increase spending. Many countries in the region depend on revenues from exports of energy and other commodities for financing a substantial part of their budgets.
China: Are You Missing The Opportunities In The Market Noise?
by Team of Thomas White International,
In March, spring was upon the Chinese equity markets — they soared with the promise of a summer of good cheer and bounty. But come June, the markets plunged, just as dramatically as they had surged less than two months back. And now, with the sell-off continuing, many investors are wondering if it is indeed the beginning of a long period of hibernation for Chinese stocks.
A Midyear Look at Global Real Estate
There are many drivers of recent short-term price changes for publicly traded real estate companies in the current market environment. These include changes in the market’s outlook for economic growth, for interest rate movements, for central bank actions and even the issues surrounding Greece and Ukraine.
Equities, Dividends & Rising Interest Rates
With interest rates at generational lows and what is likely an improving US economy, it is natural to contemplate or even worry about the possibil- ity of rising interest rates. Common perception is that rising interest rate environments are generally not favorable to equities and income oriented in- vestments. This is certainly true for bonds1 whose prices move directly and inversely with changes in interest rates. But is it true for equities in general and for dividend paying stocks in particular?
Mid-Year Market Outlook - July 2015
by Team of Thomas White International,
At the end of 2014, “why international?” was the prevailing investor sentiment. After all, foreign stocks had lagged U.S. equities yet again, underperforming four out of the five years between 2010 and 2014. The consensus outlook was that U.S. markets would outperform their foreign peers in any case, and so, would it really serve any purpose to hold international equities in a portfolio? Many investors followed the crowd.
ProVise Bullets
by Team of ProVise Management Group,
In just a few short days, the comment period will close on a controversial proposal proffered by the Department of Labor (DOL) which would require virtually all financial advisors to adhere to a fiduciary standard of care when giving clients or prospective clients advice on their retirement plans, including IRAs. Ironically, most Americans believe that the advice that their financial advisor provides is already held to this high standard.
How We View the Big Picture
by Team of Litman Gregory,
We are regularly asked for our take on the broad macroeconomic topics of the day. Two of the more noteworthy big-picture subjects we have been asked about recently are the Greek debt crisis and the timing of the U.S. Federal Reserve rate hike. In most cases, we don’t believe we have new insights to add beyond the reams of commentary these topics typically inspire, and given the dynamic nature of these two topics, it is quite possible that new information will unfold as we publish this or shortly thereafter.
ProVise Bullets
by Team of ProVise Management Group,
Okay, so where did the last six months go? Hard to believe that half of 2015 is gone and even harder to believe that we have a presidential election coming up in “only” 16 months. Of course, with all the candidates coming out, especially on the Republican side, it is going to be an interesting 10-12 months while the primaries play out.
Global Review and Equity Commentary: May 2015
by Team of Thomas White International,
The decline in U.S. economic activity during the first quarter was more than earlier estimates, and appears to have weakened business sentiment in other parts of the world. Most of the fall in U.S. aggregate output was due to temporary factors such as adverse weather and port disruptions that led to delayed export shipments. The stronger dollar also reduced the earnings growth of large U.S. corporations with a global footprint.
Developed Europe: Economy Trends Update April 2015
by Team of Thomas White International,
After ending the year 2014 on a positive note, the Developed Europe economies gained further momentum in the early months of 2015. Between January and March, the region’s 19-country single currency bloc, the Euro-zone, expanded its GDP 0.4 percent compared to the fourth quarter of 2014 and 1 percent from the year-ago period, recording its fastest pace of growth in nearly two years. Economists and commentators though had expected GDP to increase 0.5 percent for the quarter and 1.1 percent on an annual basis.
Emerging Asia Pacific: Economy Trends Update -- April 2015
by Team of Thomas White International,
During the first quarter, news from emerging Asia was dominated by the deep slowdown in China and its adverse impact on a host of other Asian economies, such as South Korea, Malaysia, Thailand, and Taiwan. In other developments, India grew faster than China, Korea saw a large decline in its exports, and Indonesia struggled to jumpstart its economy.
Middle East/Africa: Economy Trends Update -- April 2015
by Team of Thomas White International,
The five economies under our coverage in the Middle East and Africa region did not see any noteworthy change in their economic situations during early 2015. Soon after overcoming a long phase of industrial unrest, South Arica faced another crisis in the form of a massive power shortage. The Israeli economy slowed to a more modest pace of growth after its surge in the previous quarter while Egypt continued to benefit from low oil prices and reform initiatives by its government.
Case for International Growth over Value Remains Strong
by Team of Calamos Investments,
We continue to believe investors should favor growth over value, given fundamentals, valuations and secular opportunities. International growth equities have generated higher revenue and earnings growth and delivered better capital efficiency, as reflected in a higher return on invested capital (ROIC) relative to value. Also, growth is inexpensive vs. value; growth companies are positioned to benefit from secular tailwinds; and international growth is underrepresented in stock assets.
US Corporate Profit Margins Are Coming Back Down To Earth
by Team of GaveKal Capital,
Today wasn’t the best day for US economic releases. The 2nd revision of 1Q GDP was (unsurprisingly) revised down from 0.2% to -0.7%. The release that caught our eye, however, was the initial release of corporate profits in the US for the first quarter.
Inflation Expectations Are Turning Back Over In The US
by Team of GaveKal Capital,
TIPS derived breakeven inflation expectations have started to fall once again in May. For a little context, starting in last June, breakeven inflation started a steady march lower that lasted until January of this year. Since that time, we have seen a rebound in inflation expectations.
Global Economic Perspective: May
Having come through 2015’s first quarter with virtually no growth, the US economy is generally expected to pick up during the rest of this year. Indeed, as we move into a new quarter and shake off the effects of a significant West Coast dock strike and severe winter weather, forward indicators have pointed toward better growth.
San Francisco Real Estate Is 75% Above Housing Crisis Lows
by Team of GaveKal Capital,
The latest (March) Case-Shiller Home Price Index was released this morning and there were several noteworthy data points in the report. First, our 3-month diffusion index that measures the number of cities where prices are higher now than they were three months ago increased by six cities in March to a six-month high of 18.
European And Asian Stocks Are Approaching Overbought Levels
by Team of GaveKal Capital,
Unlike the majority of this six year old bull market, European and Asian stocks are outperforming North American stocks in 2015 (yes even measured in USD). Asian stocks are nearly 12% higher, European stocks are nearly 10% higher and North America stocks are just about 3%. This surge in Asia and European are starting to hit overbought levels judging by the the % of stocks above its 100-day and 200-day moving average.
Global Review and Equity Commentary: April 2015
by Team of Thomas White International,
As expected, the global economy slowed during the first quarter but should gain momentum in the coming months. The U.S. economy almost came to a standstill during the first three months of the year as adverse winter weather limited activity. Consumer spending moderated and construction activity slowed, while lower oil prices discouraged businesses in that sector from capital investments. The stronger dollar and labor disputes at some of the seaports limited export gains, and led to a widening of the U.S. trade deficit.
Longer Term Trends Have Reasserted Itself In May
by Team of GaveKal Capital,
Remember back in April when we noted how equity trends had completely flip-flopped during the first several weeks of the second quarter and we wondered aloud whether this was a trend change or simply a counter-trend rally? Well, so far in May the market is signalling that equity trends observed in April may have just been oversold (and well overdue) bounce.
Smart Money Most Committed to Falling Rates Since The Last Peak in Long Bond Yields
by Team of GaveKal Capital,
Commercial traders (AKA the smart money) has massively flip flopped their positioning since the end of last year with respect to the long bond. In aggregate, commercial traders have moved from a net short position (benefiting when rates rise) of about 50K derivative contracts to a net long position (benefiting when rates fall) of 22K contracts.
Results 1,301–1,350
of 2,793 found.
