Global
As Demand Soars for High-Yield, Fundamentals and Technicals Increasingly at Odds
As major Central Banks look set for more monetary easing, yield-hungry investors are once again piling into some of the more exotic sovereign bonds - and supply is growing in response.
21 Aug 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM is likely to remain under pressure. Despite some signs of a slight thaw in US-China relations, a trade deal remains far off and so global growth and trade are likely to see continued downside risks.
19 Aug 2019
Azul Airlines Focussed on Brazilian Market and Fleet Revamp
Joelmir Baumgratz discusses increasing capacity for less cost, consolidation in the airlines market, oil price fluctuations driving complex hedging strategies and using air miles as collateral on financings to bring yields down.
13 Aug 2019
Frank Talk: US Global Investors on Oil Price Volatility and US Frackers
In one of a series of exclusive market snapshots for Bonds & Loans, Frank Holmes, CEO of US Global Investors and one of the most experienced and successful capital managers in the mining sector, talks about the demand-supply market dynamics, the growing role of China, and why fracking is here to stay.
12 Aug 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM is likely to remain under pressure as US -China relations remain strained. Despite his claims that things are going “very well”, President Trump admitted that the September talks might be cancelled. This is very negative for EM, which saw some stability towards the end of last week.
12 Aug 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM remains under severe pressure. The less dovish than expected Fed, renewed trade tensions, and a broad-based dollar rally have conspired to absolutely crush EM FX and equities. These drivers are likely to carry over into this week and so we remain bearish on EM.
5 Aug 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Last week’s dovish tilt by the ECB should have been EM-supportive. However, global trade tensions remain high despite the rebooted US-China talks in Shanghai this week and so we remain bearish on EM. China reports July PMI readings, and the first glimpse of the world’s second-largest economy in H2 are expected to show continued softness.
29 Jul 2019
Gloomy Macro Outlook and Trade Wars Driving Commodity Prices
Against a backdrop of trade wars and flagging global growth, supply-side pressures can only provide a limited buffer for commodity prices. As demand-side concerns continue to dominate, even geopolitical volatility does not seem able to stem sliding prices.
23 Jul 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM central banks remain in easing mode, as the US-China trade war continues to have ripples across global markets. Reports suggest little progress has been seen, suggesting headwinds to global growth will continue through much of H2. We remain negative on EM, as the liquidity story (both domestic and global) is not enough to offset the uncertain global growth story.
22 Jul 2019
jAs Global Superpowers Question Free Trade, Africa Welcomes it With Open Arms
The establishment of the African Continental Free Trade Area (AfCFTA) is both ambitious and impressive, not the least of which because it created a platform for 53 heads of state across a vast and diverse continent to agree on something. But whether or not it’s a game changer for intraregional trade – or the region’s financial markets – depends to a large extent on whether Africa’s leaders…
17 Jul 2019