A slew of March China data

Genevieve Signoret

Macro Views A slew of March China numbers will be the data highlight for markets this week. Politics Greece managed to make a €450 million payment to the IMF last week. But it’s almost out of money and has obligations to meet in coming seeks. The Eurogroup, which is composed of the finance ministers in […]

¿Cómo van nuestros portafolios modelo?

Genevieve Signoret

Nuestro desempeño (Datos corregidos 21 mayo 2015) En los últimos tres meses, las clases de activos en nuestros portafolios modelo[1] de mayor rentabilidad en términos del dólar estadounidense fueron la renta variable de Alemania (14.5%) la renta variable de desarrollados del Pacífico (12.8%) y la renta variable de desarrollados de Europa (10.8%). Las de peor […]

How are our model portfolios doing?

Genevieve Signoret

Our Performance (Data corrected 21 May 2015) In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Germany equity (14.5%), Pacific developed market equity (12.8%) and European developed market equity (10.8%). Producing the lowest returns (in dollar terms) were UST 1-12 month bonds (0.0%), US […]

Vigilar los datos con Yellen

Genevieve Signoret

Carta de la Presidente Perspectiva del mercado Todos estamos vigilando los datos con Janet Yellen. La inflación al consumidor es cero y la inflación subyacente se ha debilitado. Aunque la disponibilidad de vacantes ha aumentado, persiste un alto nivel de subempleo. La demanda en Estados Unidos se había fortalecido, pero en febrero la manufactura se […]

Watching the data with Yellen

Genevieve Signoret

Letter from the President Market outlook We’re all watching the data with Janet Yellen. Headline inflation is zero and core inflation has weakened. While jobs are more plentiful, underemployment remains vast. U.S. demand had been gathering strength, but, in February, manufacturing weakened. Greece is almost out of cash, and no deal is visible on the […]

Yellen spelled it out

Genevieve Signoret

Macro Views Policy For the Fed to start raising rates, core inflation need not and wage growth need not accelerate. But they cannot weaken, market-implied inflation expectations cannot drop further, and employment data has to keep improving. That’s our take from last Friday’s Yellen’s speech. We hold to our view: we expect the FOMC to […]

Renta variable alemana y de desarrollados del Pacífico están en primer lugar

Genevieve Signoret

Nuestro desempeño En los últimos tres meses, las clases de activos en nuestros portafolios modelo1 de mayor rentabilidad en términos del dólar estadounidense fueron la renta variable de Alemania (8.4%), la renta variable de desarrollados del Pacífico (8.2%) y la renta variable de desarrollados de Europa (4.1%). Las de peor desempeño (en dólares) fueron renta […]

German and Pacific developed market equity outperform

Genevieve Signoret

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Germany equity (8.4%), Pacific developed market equity (8.2%) and European developed market equity (4.1%). Producing the lowest returns (in dollar terms) were Mexico equity (–2.0%), U.S financial services equity (–1.4%), and US treasuries […]

No change in our oil price outlook

Genevieve Signoret

Alternative Assets We hold to our forecast for Brent crude: Data compendium

We still think bull market’s not over

Genevieve Signoret

Equity We hold to our view that, because rates will stay low for long, the stock market bull run is not yet over. China’s stock market continues to defy gravity. It shows what we have often mentioned here: macro performance and market performance need not coincide. Brazil’s stock valuations are a temptation, but we prefer […]