Economic & Market Update. Matthew Drennan Executive General Manager, Zurich Investments
|
|
- Theresa Sherman
- 5 years ago
- Views:
Transcription
1 Economic & Market Update Matthew Drennan Executive General Manager, Zurich Investments
2 General Advice Warning This information in this presentation is general in nature and does not take into account the financial situation, needs or objectives of any person and is not a personal recommendation about any securities, stocks or options mentioned. Unless otherwise indicated the information in this presentation is, dated April 11, is given in good faith and has been derived from sources believed to be accurate as at this date and is subject to change. However, it should not be considered as a comprehensive statement on, or study of, any matter and should not be relied on as such. Please consider the Important information on the final slide. EBUK EBUK
3 Agenda A world gone topsy turvy Australia - firing on one cylinder Equity market recap and outlook
4 A world gone topsy turvy Default Country Years in default since 1800* US 0 UK 0 France 0 China 13 Brazil 25.4 Indonesia 15.5 Public Debt Advanced economies Emerging & developing economies World Public debt / GDP (%) * Share of years in default or rescheduling since independence or 1800 Source: IMF, This Time Is Different (Reinhart, Rogoff)
5 US Treasuries seen as a safe haven US 2Y Yield Percent % US 2Y yield Oct 2005 Jul 2007 Apr 2009 Jan 2011 How to lose money on a risk-free asset Economy improves Interest rates expected to normalise Yields rise Capital loss Weak economic growth Government debt issues continue Market demands risk premium Yields rise Source: Bloomberg
6 Papering over the cracks Euro debt issues have not gone away You don t get much for 750 billion these days CDS Spread (bp) Pay to hedge the risk of default May 9th rescue package Greece 13.93% 5 year bond yield Portugal 8.21% Source: Bloomberg Greece 5Y CDS Portugal 5Y CDS
7 Energy tensions Oil is a geopolitically sensitive asset Middle eastern unrest has proven the sensitivity of oil prices Energy prices to triple says Origin chief The Australian 2010 How will this shape consumer behavior? Political backlash over rising electricity prices to fund green energy Focus on drawing less energy from the grid? Self-sufficiency?
8 Middle East unrest - A tax on global growth Country % of world production % of pop. under 25 yrs Youth unemployment estimates (%) Corruption ranking (178 countries) Libya 2% 47.4% 40-50% =146 Iran 5% 45.6% 20% =146 Iraq 3% 60.6% 45% 175 Saudi Arabia 11% 50.8% 39% 50 UAE 3% 31.0% 13% 28 Unrest driven by youths who account for large proportion of the population They have few viable employment opportunities and are frustrated by their lack of political voice Source: CIA World Fact book, The Economist, Transparency.org
9 Japanese disaster Most effected region of Tohoku accounts for only 4% of Japanese GDP To put the economic damage in perspective; 30% of Japan s power generation is nuclear Fiscal funding issues down the line? Some downstream production issues but won t derail global recovery Forecast net impact of earthquake and tsunami to GDP (- 0.4%) Estimated impact of GFC to GDP (-10%) How long will plants stay off line?
10 Japanese disaster - implications for Australia Following disaster, interest rate futures were pricing in high likelihood of RBA rate cut next month. Won t happen! Short term negative impact on Australian exports Competition for raw materials for the rebuild will add to inflationary pressures, but good for Australian exports Disruption to nuclear power supply will also result in higher demand for Australia s LNG and coal exports
11 BOJ - $475 billion wall of liquidity S&P 500 performance over 6 months following Quantitative Easing Announcements % % Re-indexed at 100 on day of announcement QE1 start date 17 March 2009 QE2 start date 27 August 2010 Source: Bloomberg Trading days from announcement QE1 QE2
12 An economic snapshot Australia March 2008 (%) June 2009 (%) Latest (%) Unemployment rate Inflation rate (YoY) Cash rates House price growth* (YoY) Real GDP growth (YoY) *Weighted average of capital cities Source: Bloomberg, ABS
13 Firing on one cylinder - two economies, one monetary policy Dec-99 Aug-02 May-05 Feb-08 Nov-10 NSW GSP WA GSP WA GSP +84% NSW GSP +30% Reindexed at 100 in Dec 1999 Source: Bloomberg
14 The economic cost in 2011 Damage bill from Cyclone Yasi still being tallied The flooding along Eastern Australia is expected to detract approx. 0.5% from Australian GDP in 2011 Some immediate impacts Federal Government redirects spending, budget cuts Flood Levy $1.8bn Consumer & business confidence hit Spike in headline inflation ignored by Reserve Bank, but longer term issues... Source: Goldman Sachs
15 Economic impact for 2012 Inflation isn t a concern initially, BUT Construction to rebuild will drive activity Competition for construction materials & labour will mean inflation becomes a more prominent issue Interest rate hikes late 2011 and throughout 2012
16 Financial Markets
17 Equity valuations are not stretched 12 month forward PE ratio ASX Jul 95 Feb 98 Sep 00 Apr 03 Nov 05 Jul 08 Feb 11 Source: ATI
18 Why global shares? Diversification benefits Australia represents less than 4% of world s total share markets Resources and banks account for 65% of our market Virtually no exposure to technology, utilities or pharmaceuticals Most important, recent currency experience has clouded the long-term benefits
19 How did equity markets fare in 2010? Domestic vs Global S&P % ASX 200-3% 80 Jan 10 Apr 10 Aug 10 Dec 10 ASX 200 S&P 500
20 The AUD is trading at post-float highs Average $ Dec 83 May 89 Oct 94 Mar 00 Aug 05 Jan 11 Where to from here? History tells us the AUD is trading at abnormally high levels Right now global shares are on sale Source: Bloomberg
21 Summary Global developments should be closely monitored Australia is well placed but risks remain Will the AUD have a repeat of last year s appreciation? Doubtful => don t ignore global equity opportunities
22 Thank you
23 Important information Whilst all due care has been taken in preparing the material contained in this presentation, Zurich Investment Management Limited, nor any related entities, their employees or directors (Zurich) gives any warranty of reliability or accuracy, nor accept any responsibility arising in any way by including by reason of negligence for errors or omissions. Zurich Investment Management Limited ABN AFSL Blue Street North Sydney NSW Phone
> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationEconomic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017
Economic and housing outlook for New South Wales Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Risks to residential building moving from global to local World
More informationAustralia: Economic and Financial Outlook
Australia: Economic and Financial Outlook Greg Noonan Head of Business Markets Queensland & Agribusiness 5 June 2015 Australian economy and financial markets continue to be impacted by a large number of
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationMoving On Up Today s Economic Environment
Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL
More information2017 Annual Conference. Thursday, 8 June 2017
217 Annual Conference Thursday, 8 June 217 The global markets impact on Australia Thursday, 8 June 217 QIC SLIDES FOR FRONTIER Katrina King 8 th June, 217 GLOBAL INTERACTIONS ARE IMPORTANT The pace of
More informationNuclear Negotiations and Iran s Economic Developments WWIC
Nuclear Negotiations and Iran s Economic Developments WWIC Bijan Khajehpour 22 May 2012 Agenda Discuss the latest economic indicators; Gauge the impact of sanctions on the Iranian economy; Take a closer
More informationTo QE or Not to QE? That is the Question
Northern Trust Global Economic Research South LaSalle Chicago, Illinois 663 northerntrust.com Paul L. Kasriel Chief Economist 312.444.414 312.7.267 fax plk1@ntrs.com Asha Bangalore Economist 312.444.4146
More informationMonthly Market Snapshot
ly Market Snapshot NOVEMBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Equity markets recovered in November
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationFederal Budget : This Time It s Personal. May 2018
Federal Budget 2018-19: This Time It s Personal May 2018 Executive Summary The Federal Government and the nation s fiscal position have become the beneficiaries of an unexpected windfall primarily in the
More informationDAC Short Term: $10,000 Growth from Inception
DAC Short Term: $10,000 Growth from Inception $10,900 $10,909 $10,800 $10,700 $10,600 $10,500 $10,400 $10,300 $10,200 $10,100 $10,000 11/2014 02/2015 05/2015 08/2015 11/2015 02/2016 05/2016 08/2016 11/2016
More informationMONTHLY MARKET SNAPSHOT
Your fund. Your wealth. Your future. MONTHLY MARKET SNAPSHOT Commentary on the global economy and performance of the financial markets MONTHLY MARKET SNAPSHOT (KEY INSIGHTS) DECEMBER 2017 The 2017 calendar
More informationDAC Wealth Builder: $10,000 Growth from Inception
DAC Wealth Builder: $10,000 Growth from Inception $13,500 $13,416 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationJanuary market performance. Equity Markets Price Indices Index
Global Central Banks continue to lower interest rates. The RBA cuts the cash rate by 25bp to 2.25% (February 2015). The ECB finally announces Quantitative Easing 60b per month. Oil prices declined again
More informationDAC Wealth Protector: $10,000 Growth from Inception
DAC Wealth Protector: $10,000 Growth from Inception $11,600 $11,661 $11,400 $11,200 $11,000 $10,800 $10,600 $10,400 $10,200 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationEurozone Economic dashboard
Eurozone Economic dashboard Our Economic Dashboard is designed to help investors understand the true state of the eurozone economy. It is not meant to serve as a direct prediction regarding the future
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationThe Outlook for the Housing Industry in Western Australia
The Outlook for the Housing Industry in Western Australia Dr Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Perth March 2012 Europe muddles while China rebalances China is looking to rebalance
More informationSwitzerland Economic Update QNB Group. September 2014
Switzerland Economic Update QNB Group September 14 Switzerland Overview Switzerland s efficient capital markets, highly skilled human capital and low corporate tax rates make it the world's most competitive
More information2011 Ringgit Bond Market Outlook
211 Ringgit Bond Market Outlook Wan Murezani Wan Mohamad Head Fixed Income Research 211 Investor Briefing 22 March 211 MALAYSIAN RATING CORPORATION BERHAD Clarity and Integrity www.marc.com.my Disclaimer
More informationEconomic Indicators. Roland Berger Institute
Economic Indicators Roland Berger Institute November 2018 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationEconomic Indicators. Roland Berger Institute
Economic Indicators Roland Berger Institute October 2017 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data April 2013 NORTH AMERICA KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationInvestment Update. Agenda 7/11/2013. The University of Melbourne TOPIC PRESENTER. David Schneider Head of Research & Quant Methods
Investment Update The University of Melbourne 7 November, 2013 Agenda TOPIC Investment Update (45 min) UniSuper Investment Options & Advice (10 min) PRESENTER David Schneider Head of Research & Quant Methods
More informationMiddle East Outlook Amidst Uncertainty. Anna Zabrodzka, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist
Middle East Outlook Amidst Uncertainty Anna Zabrodzka, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist Presenters Anna Zabrodzka Anna is responsible for macroeconomic, market and credit
More informationState Budget Briefing to IPAA. Grant Hehir Secretary, Department of Treasury & Finance
2009-10 State Budget Briefing to IPAA Grant Hehir Secretary, Department of Treasury & Finance Victorian Budget 2009-10 Victorian economy 2009-10 Budget financial results 2009-10 Budget initiatives World
More informationMACRO INVESTMENT OUTLOOK
MACRO INVESTMENT OUTLOOK AUGUST 18 INVESTMENT STRATEGY AND DYNAMIC MARKETS TEAM, MULTI ASSET GROUP GLOBAL SHARES CONSTRAINED BY TRADE WAR FEARS BUT AUSTRALIAN SHARES RELATIVELY RESILIENT 5 Australia -
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationNational Economic Outlook
National Economic Outlook MSBO Financial Strategies Conference January 17, 2018 Presented by: Kyle Jones, Director of Portfolio Strategies PFM Asset Management LLC One Keystone Plaza, Suite 300 N. Front
More informationBualuang Exclusive Investment Outlook. March 2017
Bualuang Exclusive Investment Outlook March 2017 1 Theme: Trump support global equities Positive Risk Many countries return to stimulate economies. Many government will increase spending and support economy.
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data NORTH AMERICA April 2014 KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationNigeria Economic Update QNB Group. September 2014
Nigeria Economic Update QNB Group September 21 Nigeria Overview A rebasing of GDP in 213 has made Nigeria the biggest economy in Africa with the largest population; the economy is growing rapidly but remains
More information> Economic risk and implications for
> Economic risk and implications for financial markets Investment Strategy and Economics Multi Asset Group March 212 Outlook for the year ahead > Budget cutbacks in Europe and US, but global monetary easing,
More information2017 1Q Results. May 2017
217 1Q Results May 217 Agenda 1. Financials 2. Market Fundamental 3. Industry Outlook 4. Plant Operation 5.Expansion 2 Financial Status (Unit: NTD Million) 4Q16 1Q17 QoQ 1Q16 YoY Revenues 152,287 164,486
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationJulie Toth. Advanced Manufacturing: Beyond the production line. Chief Economist Australian Industry Group. Connect with
Connect with us: @ceda_news Advanced Manufacturing: Beyond the production line Follow the conversation: #Manufacturing P R E S E N T A T I O N B Y Julie Toth Chief Economist Australian Industry Group S
More informationdéjà vu, all over again Doug McTaggart November 2011
déjà vu, all over again Doug McTaggart November 211 Conclusions (November 21) Global recession was caused by a justifiable collapse in household confidence the recession we chose to have But as labour
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationPlaying Ball in the Later Innings Dr. Mark G. Dotzour College Station, Texas.
Playing Ball in the Later Innings Dr. Mark G. Dotzour College Station, Texas mdotzour@gmail.com www.markdotzour.com Since 1945, there have been 11 economic cycles The average recession has been 11.1 months
More informationASX Commodities: Grains
Commodities: Grains July 215 Kristen Hopkins Disclaimer This material contains information only. The information is for education purposes only and any advice should be sought from a professional adviser.
More information1.1. Low yield environment
1. Key developments Overall, the macroeconomic outlook has deteriorated since June 215. Although many European countries continue to recover, economic growth still remains fragile reflecting high public
More informationQuarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War
Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai
More informationEurope Outlook. Third Quarter 2015
Europe Outlook Third Quarter 2015 Main messages 1 2 3 4 5 Moderation of global growth and slowdown in emerging economies, with downside risks The recovery continues in the eurozone, but still marked by
More informationA S X S P O T L I G H T
A S X S P O T L I G H T B L U E S K Y A L T E R N A T I V E I N V E S T M E N T S L I M I T E D M A Y 2 0 1 4 Private Equity Private Real Estate Hedge Funds Real Assets blueskyfunds.com.au Page 1 DISCLAIMER
More informationOil Markets: Where next?
Oil Markets: Where next? Christof Rühl, Global Head of Research Singapore September 2016 1 Content Oil and the economy: Recap Why did lower oil prices not support economic growth? OPEC vs. US two sides
More informationFund Size $ mil. November Fund Performance Summary Gross of Fees
November 2017 Fund Performance Summary Gross of Fees Australian Equity - Scientific BlackRock Australian Alpha Tilts Fund BGL0006AU 425.9 1.21 6.15 8.36 12.27 7.14 16.91 13.16 9.88 11.44 10.55 31-Oct-97
More informationSHAMBLING FORWARD. 02/13/2014 WORLD POPULATION 2 WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE
SHAMBLING FORWARD. WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE Shamble: To walk in an awkward, lazy, or unsteady manner, shuffling the feet FEBRUARY 12, 2014 David B. Hanson, CPA, CFA
More informationInternational Monetary Fund
International Monetary Fund World Economic Outlook Jörg Decressin Deputy Director Research Department, IMF April 212 Towards Lasting Stability Global Economy Pulled Back from the Brink Policies Stepped
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More information1.1. Low yield environment
1. Key developments The overall macroeconomic environment remains very challenging for the European insurance and pension sector. The yields have been further compressed and are substantially below the
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division October 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division October 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationClime Asset Management
Clime Asset Management AIA National Investors Conference 2015 Macro Outlook 2015/16 John Abernethy Chief Investment Officer Clime Asset Management Disclaimer The information contained in this document
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationSMSF Investment Seminar Sydney. 18 Oct 2010
SMSF Investment Seminar Sydney 18 Oct 2010 Important Notice This document has been prepared by Asian Masters Fund Limited (Asian Masters Fund). The material that follows is a presentation of general background
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationThe Great Muddle Through. Wayne McGauley Head of Retail, IML March 2014
The Great Muddle Through Wayne McGauley Head of Retail, IML March 2014 1 Agenda Intro to IML The Great Muddle Through Investment strategy Portfolio focus for clients Summary 2 Agenda Intro to IML The Great
More informationNorth Atlantic Performance Trends
North Atlantic Performance Trends Presented To: ICAO NAT EFFG 30 Paris, France Presented By: David Chin, Thea Graham Prepared By: Tony Choi, Matthew Russell FAA - Air Traffic Organization Date: May 18,
More informationZenith Monthly Economic Report October 2011
Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationSpectrum Insights. All in equities - is it worth the risk? Different portfolios, different risk
Spectrum Insights Damien Wood, Principal APRIL 20, 2016 All in equities - is it worth the risk? Many investors have financial goals. These presume certain returns over defined time frames. To achieve this,
More informationMonthly Bulletin of Economic Trends: Households and Housing
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Housing November 2017 Released on 24 November 2017 Outlook for Australia 1 Economic Activity Actual
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationCurrency Market Outlook EMPRES-7173
Currency Market Outlook 1 Currency Markets Outlook certainly one lesson is that we should get used to periods of higher volatility Mario Draghi President of the European Central Bank ECB Press Conference
More informationThe Outlook for the Australian Residential Sector Presentation to Buildex
The Outlook for the Australian Residential Sector Presentation to Buildex Andrew Harvey HIA Senior Economist October 2010 Presentation Outline The economic backdrop global economy domestic economic outlook
More informationGlobal Themes and Risks
The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493
More informationGlobal Equites declined from Concern over Trade War
Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationGlobal Economic Prospects: Update Global Recovery in Transition
Global Economic Prospects: Update Global Recovery in Transition April 2015 M. Ayhan Kose 1 Global Prospects: Three Questions 1. How have global economic conditions changed since December? Broadly as expected;
More informationTURKEY: RECENT DEVELOPMENTS January March 2018
TURKEY: RECENT DEVELOPMENTS January March 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationTURKEY: RECENT DEVELOPMENTS January June 2018
TURKEY: RECENT DEVELOPMENTS January June 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationTrends & Long-Term Outlook for Fixed and Stable Value Funds
Trends & Long-Term Outlook for Fixed and Stable Value Funds CPPC Conference August 2013 Cathe Tocher CFA, Senior Vice President AGENDA Introduction: Short-term noise pay attention Preparing for the future:
More informationThe Outlook for the Housing Industry in New South Wales
The Outlook for the Housing Industry in New South Wales Dr. Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Sydney March 2011 Where are we heading? The economic backdrop is improving and...
More informationAustralian Dollar Outlook
Thursday, 12 July 2018 Australian Dollar Outlook Uncertainty Creeps In A multitude of factors have placed downward pressure on the Australian dollar in recent months. These include a lift in downside risks
More informationThe Outlook for the Housing Industry in Western Australia
The Outlook for the Housing Industry in Western Australia Dr Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Perth March 2011 Overview Policy measures and directions The global backdrop
More informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
More informationTURKEY: RECENT DEVELOPMENTS January September 2018
TURKEY: RECENT DEVELOPMENTS January September 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years
More informationEuro-QE at the end of the road for now
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.8 2.6 2.1 3.21 1.17 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationEuro Fixed Income. June Michael Krautzberger, Managing Director, Head of Euro Fixed Income FOR PROFESSIONAL INTERMEDIARIES ONLY
Euro Fixed Income Michael Krautzberger, Managing Director, Head of Euro Fixed Income June 2011 FOR PROFESSIONAL INTERMEDIARIES ONLY Numerous significant headlines in 2011 so far, but Financial markets
More informationChart 1 Productivity of Major Economies
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2013 2014 2015 2016 Chart 1 Productivity
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationZenith Monthly Economic Report December 2011
Zenith Monthly Economic Report December 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationNavigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationMonthly Market Snapshot
ly Market Snapshot OCTOBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Domestic and international equities (unhedged)
More informationPresentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya August 6, 2015 Outline 1. The Information basis for the MPC meeting 2.
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationThe Economic & Financial Outlook
The Economic & Financial Outlook James Marple Director & Senior Economist TD Economics May 3, 2018 Global Economies Break Pattern Of Serial Disappointment 4.0 World GDP, Year/Year % Change 3.9 3.8 3.7
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationMoving On Up Investing in Today s Rate Environment
Moving On Up Investing in Today s Rate Environment Presented by PFM Asset Management LLC Steve Faber, Managing Director Gray Lepley, Senior Analyst, Portfolio Strategies September 18, 2018 PFM 1 Today
More informationProgress Towards Strong, Sustainable, and Balanced Growth. Figure 1: Recovery From Financial Crisis (100 = First Quarter of Real GDP contraction)
Progress Towards Strong, Sustainable, and Balanced Growth Figure 1: Recovery From Financial Crisis ( = First Quarter of Real GDP contraction) 13 125 196-26 AE Recessions' Range*** 196-26 AE Recessions**
More information2018 MACRO OVERVIEW. More of the Same, Yet Less of the Same. March 9, 2018
2018 MACRO OVERVIEW More of the Same, Yet Less of the Same March 9, 2018 RICHARD FARR MERION CAPITAL GROUP 484-436-4764 rfarr@merioncapitalgroup.com Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Oct-07 Jul-08 Apr-09
More information