Currency Market Outlook EMPRES-7173
|
|
- Ashlie Gwendolyn Dennis
- 5 years ago
- Views:
Transcription
1 Currency Market Outlook 1
2 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 3 June 2015 Source: 2
3 Global Policy Uncertainty is rising Politics is making the world more uncertain Fiscal policy is more complex than monetary Source: Source: policyuncertainty.com: Global EPU calculated as the GDP-weighted average of monthly EPU index values for the US, Canada, Brazil, UK, Ireland, Germany, Spain, France, Netherlands, Italy, Russia, India, China, South Korea, Japan, and Australia using GDP data fromthe IMF s World Economic Outlook Database. National EPU index values are from and Baker, Bloom and Davis(2016). Each national EPU Index is renormalised to a mean of 100 from 1997 to 2015 before calculating the Global EPU Index. Source: Goldman Sachs Global Investment Research 3
4 GBP EU exit concerns remain the key concern The economic data post-brexit vote was surprisingly good, but now expectations have caught up with reality Large current account deficit (~6%/GDP) could drag the UK into a balance of payment crisis Substantially weaker pound will lead to import price inflation, likely leaving the Bank of England little room for manoeuvre Headline Economic Surprises have caught up to reality* Economic Surprise Index Data Index Consensus Index Large and Deteriorating Current Account Deficit** * Source: Citigroup as of 30 December 2016 ** Source: Bloomberg, UK Office for National Statistics (ONS) as of 30 September 2016 UK Current Account Balance as a Percent of GDP EMPRES
5 The US Dollar The US dollar rally is unlikely to have run its course based on history The Chair of the Federal Reserve, Janet Yellen s term expires February 2018 who will Trump replace her with? US Dollar Cycles After the Bretton Woods System From To Duration (Yrs) Return (%) ? Oct 78 Mar Mar 85 Apr Apr 95 Feb Feb 02 Aug Average 8.2 +/- 45 Current Aug 11 Sep USD Trade Weighted Effective Exchange Rate Index Average Source: Bloomberg Finance L.P., SSGA as of 30 December Past performance is not an indication of future results. EMPRES
6 The Euro The economic picture remains mixed some improvement in growth and employment, but inflation expectations are trending lower Significant political risk with elections this year in the Netherlands, France and Germany and potentially Italy Greece s bailout still not finalised while the European Central Bank must decide later this year whether to extend its QE programme can it be sure that deflation is no longer on the horizon? Some Signs of Improvement, if slow* Market Inflation Expectations ** * Source: Bloomberg Finance L.P., Eurostat as of 30 December ** Source: SSGA, Bloomberg Finance L.P., as of 30 December The expectations above are estimates based on certain assumptions and analysis. There is no guarantee that the estimates will be achieved Euro Area Real GDP (%) Euro Area Unemployment (%) EUR Inflation Swap 5y5y Forward EMPRES
7 Japanese Yen In September 2016, the Bank of Japan announced a shift of focus from rate cuts and QE to yield targeting aiming to achieve a yield close to 0% on the 10-year JGB This helped inflation expectations turn higher By keeping interest rates in a tight range, the currency could operate as the pressure valve for the economy The yen remains undervalued, limiting Japan s ability to conduct additional monetary easing, unless domestic conditions deteriorate Japanese Bond Yields and Inflation Expectations yr JGB yield Japan 5y5y fwd inflation swap Source: Bloomberg Finance L.P., SSGA as of 30 December Past performance is not an indication of future results. The expectations above are estimates based on certain assumptions and analysis. There is no guarantee that the estimates will be achieved. 7
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,
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 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 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 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 informationPotential Gains from the Reform Package
Chart 1 Potential Gains from the Reform Package GDP per capita, % 18 16 14 12 8 6 4 2 Ireland Germany Finland Portugal Spain France Greece Note: The estimated cumulative GDP impact from structural reforms
More informationTHE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE. 9 May 2012 Vicky Pryce
THE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE 9 May 2012 Vicky Pryce Contents Global and European economy UK economy Prospects for individuals and businesses Concluding remarks what next? Global and European
More informationAdvanced and Emerging Economies Two speed Recovery
Advanced and Emerging Economies Two speed Recovery 23 November 2 Bauhinia Foundation Research Centre Masaaki Shirakawa Governor of the Bank of Japan Slide 1 Japan s Silver Yen and Hong Kong s Silver Yuan
More informationThe Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 2009
The Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 29 Anoop Singh Asia and Pacific Department IMF 1 Five key questions
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 informationPRESS CONFERENCE 2 November 2012
PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income
More informationRecent Recent Developments 0
Recent Developments 0 Global activity has slowed noticeably World Trade (annualized percent change of three month moving average over previous three month moving average) Purchasing Managers Index (PMI)
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 informationThe European Economy. Simon Barry Chief Economist Republic of Ireland. December 2012
The European Economy Simon Barry Chief Economist Republic of Ireland December 212 Euro area economy now back in recession as GDP contracts in 3 of the past 4 quarters Euro Area Real GDP Growth, % 1.5 1..5.
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 informationTIGER: Tracking Indexes for the Global Economic Recovery By Eswar Prasad and Karim Foda
TIGER: Tracking Indexes for the Global Economic Recovery By Eswar Prasad and Karim Foda Technical Appendix Methodology In our analysis, we employ a statistical procedure called Principal Component Analysis
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 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 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 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 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 informationEconomic recovery and employment in the EU. Raymond Torres, Director, ILO Research Department
Economic recovery and employment in the EU Raymond Torres, Director, ILO Research Department Outline of presentation I. Situation in the EU versus Japan and the US II. Role of macroeconomic policies and
More informationKey Economic Challenges in Japan and Asia. Changyong Rhee IMF Asia and Pacific Department February
Key Economic Challenges in Japan and Asia Changyong Rhee IMF Asia and Pacific Department February 2017 1 Global and Asia Outlook 2 Global activity strengthening, with rising dispersion and uncertainty
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 informationUPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009
UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES April 26, 2009 This note provides an update of information in the paper, The State of Public Finances: Outlook and Medium-Term Policies After the
More informationFY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged -
REVISED to reflect the 2 nd QE for the Oct-Dec Qtr of 2017 FY2017, FY2018, FY2019 Economic Outlook - Firm outlook on both domestic and overseas economic growth remains unchanged - March 8, 2018 Copyright
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 information1st Quarter Revenue. April 22, 2010
1st Quarter Revenue April 22, 2010 Disclaimer This presentation contains forward looking statements. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)"
More informationItaly s Eurozone Trap
Italy s Eurozone Trap Ashoka Mody Based on EuroTragedy: A Drama in Nine Acts, New York: Oxford University Press, June 2018. Italy needed and needs the crutch of a depreciating currency to offset its abysmal
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 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 informationThe First Phase of the U.S. Recovery and Beyond
The First Phase of the U.S. Recovery and Beyond James Bullard President and CEO Federal Reserve Bank of St. Louis Global Interdependence Center Shanghai, China January 11, 2010 Any opinions expressed here
More informationECONOMIC BULLETIN - No. 41, NOVEMBER Statistical tables
ECONOMIC BULLETIN - No. 41, NOVEMBER 2005 APPENDIX Appendix Statistical tables The world economy Table a1 GDP at constant prices a2 Industrial production a3 Consumer prices a4 External current account
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 7.9 2.6 2.1 3.16 1.15 Trend Macrolytics, LLC Donald Luskin, Chief Investment
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 informationSecond estimate for the third quarter of 2008 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in services
STAT/09/12 22 January 2009 Second estimate for the third quarter of 20 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in According to the latest revisions1, the EU272 external
More informationThe ECB's drive to build purchased assets
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.8 2.6 2. 3.1 1.11 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationGLOBAL MARKET OUTLOOK
GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no
More informationThe ECB's drive to build purchased assets
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.6 2.5 1.9 2.86 1.11 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
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 informationNon-standard monetary policy in the euro area Economics Roundtable discussion (8 September 2017)
Non-standard monetary policy in the euro area Economics Roundtable discussion (8 September 2017) Gillian Phelan Outline Monetary policy action Interest rate policy Non-standard measures Monetary policy
More informationCapital Flows in the Euro Area: Some lessons from the last boom-bust cycle. Angel Gavilan, Martin Hillebrand December 2017
Capital Flows in the Euro Area: Some lessons from the last boom-bust cycle Angel Gavilan, Martin Hillebrand December 217 The last boom in capital flows was largely a global phenomenon Sum of current account
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 informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy March 2017 Global Stock Markets Rally likely to Continue, Driven by Strong Earnings & Strengthening GDP Growth.
More informationFY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track -
REVISED to reflect the 2 nd QE for the Apr-Jun Qtr of 2018 FY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track - September 10, 2018 Copyright Mizuho Research
More informationMNI Light At The End of The Tunnel? Euro Area Economy And the ECB. Johanna Treeck, Senior ECB Correspondent, September 2015
MNI Light At The End of The Tunnel? Euro Area Economy And the ECB Johanna Treeck, Senior ECB Correspondent, September 2015 MNI Deutsche Börse Group 1 Market Data + Services We advance markets Service lines
More informationThe Outlook and Challenges for Japan's Economy
The Outlook and Challenges for 's Economy Speech at a Meeting with Business Leaders in Osaka October, Masaaki Shirakawa Governor of the Bank of Chart The Bank of 's Economic and Price Forecasts A. Real
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 informationThe Greek. Hans-Werner Sinn
CESifo, a Munich-based, globe-spanning economic research and policy advice institution Forum june 215 Special Issue - Update The Greek Tragedy Hans-Werner Sinn This document contains updated graphs and
More informationEurozone Economic Watch. February 2018
Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available
More informationThe euro area in a globalized economy: An ESM perspective
The euro area in a globalized economy: An ESM perspective Rolf Strauch, Chief Economist, Member of the Management Board 3 rd Annual BBVA European Debt Conference New York, 4 October 217 The euro area:
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 informationMonetary Policy Report 1/12. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Percent. Q Q - - - - MPR / MPR / - - - - - 8 ) The output gap measures the percentage deviation between GDP
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy February 2017 Global Stock Market Rally likely to Continue with Solid Q4 Earnings & Stronger 2017 Earnings, ECB
More informationUK Economic Outlook July 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects UK housing market outlook Nowcasting current GDP growth PwC 2 Global growth in 2017 should be slightly stronger
More informationCurrent Situation, Outlook, and Challenges
's Economy: Current Situation, Outlook, and Challenges November 8, Masaaki Shirakawa Governor of the Bank of Chart The Bank of 's Economic and Price Forecasts A. Real GDP B. CPI (all items less fresh food)..
More informationUK Economic Outlook March 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects Consumer spending prospects after Brexit Will robots steal our jobs? 2 Global growth in 2017 should be slightly
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More informationPORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL
XV CONFERÊNCIA A CRISE EUROPEIA E AS REFORMAS NECESSÁRIAS PORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL FERNANDO FARIA DE OLIVEIRA AGENDA European Context: From the Actual Crisis to Growth
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? North American Conference San Francisco October 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationRisk Insight. The Central Bank Tightening Party: Who Will Be Next To Join? What are the chances... Volume 8, Issue th July 2017.
Inside this issue Big Picture... 1-2 GBPUSD... 3 GBPEUR... 4 Risk Insight Volume 8, Issue 31 24 th July 2017 EURUSD... 5 USDCAD... 6 Economic Data and Market Indicators... 7 Appendix... 8 The Central Bank
More informationPMI and economic outlook
PMI and economic outlook Chris Williamson Chief Business Economist, IHS Markit 1 st November 2017 2 PMI coverage Current coverage Expansion pipeline 40+ Countries covered 27,000+ Companies surveyed every
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 informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
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 informationCENTRAL BANK OF THE REPUBLIC OF TURKEY
CENTRAL BANK OF THE REPUBLIC OF TURKEY Growth and Financial System Durmuş YILMAZ Governor February, 211 1 Presentation Outline I. Recent Developments in the Turkish Economy II. III. Monetary Policy Policy
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? International Containerboard Conference Chicago November 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 7 MAY 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi UFJ,
More informationReview and Outlook. Review of 2011 and Outlook for the Coming Year
Review and Outlook Review of 2011 and Outlook for the Coming Year Overview Review of world economy in 2011 Review of world markets in 2011 Review of Eurozone conditions i and implications for investment
More informationTHE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking
THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking Institutional Money Kongress Frankfurt, 21 February 2017 300 Park Avenue South - 5
More informationExecutive Board meeting. 14 December 2011
Executive Board meeting December EU measures ECB Key policy rate has been reduced to. percent Measures: Liquidity operation with a maturity of months Reserve requirements reduced from to per cent Reduced
More informationIII. ACTIVITY: Informational Request for Direction Action Proposed Exploratory
333 Bush Street San Francisco, CA 94104 (415) 263-5400 www.statefundca.com Date: February 6, 2015 TO: MEMBERS, INVESTMENT COMMITTEE I. AGENDA ITEM # AND TITLE : Open Agenda Item 4 - Economic and Investment
More informationConference on Risk Management for Central Banks
Nomura Research Institute Conference on Risk Management for Central Banks Panel 2 Lessons from the Crisis for Central Banks a Policy View September 25, 217 Nomura Research Institute, Tokyo Richard C. Koo,
More informationBrexit Webinar. One week on - weighing up the outlook. Financial Advisory June 2016
Brexit Webinar One week on - weighing up the outlook Financial Advisory June 2016 Nick Edwards Head of Restructuring Services 2 Reaction To Date FTSE 100, 250 and 350 % change since 23 June 4.0% 3.0% 2.6%
More informationThe SunGard Retirement Benefits Scheme Quarterly Investment Monitoring Report to 31 March 2012
Quarterly Investment Monitoring Report to 31 March 2012 Executive Summary Scheme Asset Valuation The SunGard Section's assets increased in value over the quarter to 75,233,620. This is an increase of 5,188,852
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 informationThe World Economic & Financial System: Risks & Prospects
The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We
More informationSeptember 16, of 106. Appendix 1: Materials used by Mr. Kos
September 16, 3 96 of 6 Appendix 1: Materials used by Mr. Kos 2. 1.8 1.6 1.4 September 16, 3 97 of 6 Page 1 Current U.S. 3-Month Deposit Rate and Rates Implied by Traded Forward Rate Agreements May 1,
More informationINVESTMENT REVIEW Q2 2018
INVESTMENT REVIEW Q2 2018 OVERVIEW Surveys and hard data show the global economy growing at a healthy pace with minimal inflation risk. Activity accelerated in Q2 and our expectation of 3.4% GDP growth
More informationThe Global Economy Modest Improvement
Title line 1 Title line 2 The Global Economy Modest Improvement Name David Katsnelson, Director Title, date RISI Macroeconomic Service 3 June, 2015 1 Agenda 1. Global Snapshot 2. China 3. External Environment
More informationUS, by style US, by style US, by style US, by style
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Global Equity Risk Premia Monday, June 18, 2018 Global leader-board:
More informationUS, by style US, by style US, by style US, by style
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Global Equity Risk Premia Monday, May 7, 2018 Global leader-board:
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 informationRegional Economic Outlook
E U R Advanced Europe Emerging Europe Regional Economic Outlook Spring 18 Key Messages Strong economic growth but lead indicators point to a peak Much lower wage growth in most of advanced Europe than
More informationGlobal Macroeconomic Monthly Review
Global Macroeconomic Monthly Review August 14 th, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department 1 Please see disclaimer on the last page of this report Key Issues Global
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 informationPower of Travel Promotion Evolution
Power of Travel Promotion Evolution Promotion More Important than Ever Power of Promotion $7 million Median state = marketing budget FY 2014-15 OR 45 seconds worth of Super Bowl ads $100 million = Presidential
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationUS, by style US, by style US, by style US, by style
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Global Equity Risk Premia Monday, November 5, 2018 NOTE:
More informationGlobal Outlook and Policy Challenges. Olivier Blanchard Economic Counsellor Research Department
Global Outlook and Policy Challenges Olivier Blanchard Economic Counsellor Research Department February, 29 Global Outlook Has Deteriorated, but Modest Turnaround Anticipated with Policy Stimulus 1 WEO
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationMarket Briefing: European Interest Rates
Market Briefing: European Interest Rates September, 7 Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Mayura Hooper Phone: 973-367-7930 Email:
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 informationUS, by style US, by style US, by style US, by style
Data Insights: Global Equity Risk Premia Monday, January 7, 2019 Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist NOTE: In
More informationSummary. Economic Update 1 / 7 May Global Global GDP growth is forecast to accelerate to 2.9% in 2017 and maintain at 3.0% in 2018.
Economic Update Economic Update 1 / 7 Summary 2 Global Global GDP growth is forecast to accelerate to 2.9% in 2017 and maintain at 3.0% in 2018. 3 Eurozone The eurozone s recovery appears to strengthen
More information