Watch central banks and U.S. ISM and payrolls
Genevieve Signoret
Macro Views Events in red are those most likely to shake markets. Monday 1 September Global: Manufacturing PMIs (Aug). Japan: Inflation expectations implicit in bond yields (Jul). Korea: Foreign trade (Aug). Brazil: Foreign trade (Aug). Mexico: Ordinary legislative session begins, family remittances (Jul), IMEF manufacturing and nonmanufacturing PMI (Aug). Tuesday 2 Korea: Consumer prices (Aug). […]
RV de energéticos, México y mercados emergentes son categorías líderes
Genevieve Signoret
Nuestro Desempeño 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 energéticos (+7.4%), la de México (+7.3%) y la de mercados emergentes (+7.1%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-7.8%), una amplia gama […]
US energy, EM, and Mexico equity are winners
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 US energy equity (+7.4%), emerging market equity (+7.3%), and Mexico equity (+7.1%). Producing the lowest returns (in dollar terms) were Germany equity (–7.8%), broad commodities (–4.8%), and European developed market equity (–3.7%). Over […]
Watch for U.S. personal income and spending, Merkel in Kiev, Putin in Minsk
Genevieve Signoret
Macro Views Next week, watch especially for the U.S. personal income and consumption, and savings report, Chancellor Angela Merkel’s visit to Kiev, and Putin–Poroshenko talks in Minsk. Scroll down for a complete calendar of events apt to move markets next week. We summarize our reaction to Janet Yellen’s speech delivered today at Jackson Hole in […]
RV de México y mercados emergentes y bienes raíces de EE UU son líderes
Genevieve Signoret
Nuestro Desempeño 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 mexicana (+7.3%), la de mercados emergentes (+6.4%) y bienes raíces estadounidenses (+6.3%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-6.1%), una amplia gama de […]
Mexico and EM equity and US real estate lead the pack
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 Mexico equity (+7.3%), emerging market equity (+6.4%), and US real estate (+6.3%). Producing the lowest returns (in dollar terms) were Germany equity (–6.1%), broad commodities (–5.5%), and European developed market equity (–3.2%). Over […]
Long position in 7–10-year USTs has been a winner
Genevieve Signoret
Fixed Income We thought that the U.S. Treasury yield curve would steepen this year. It has done so on the short end but on the long end it has flattened. So the positions we took for clients in 7-10 Treasuries, designed to be a hedge to moderate portfolio losses during risk-off moments, has instead been […]
European equity dip is an opportunity
Genevieve Signoret
Equity Most European stock markets are down in euro and, especially, dollar terms from three months ago. Because we hold to our positive view on European equity, we see this dip as a buying opportunity. China’s and Brazil’s stock markets have attractive valuations and upward momentum both. Our clients with long-term investment horizons have exposure […]
GBP is up, USD even more
Genevieve Signoret
Currencies Probably thanks to central bank minutes published earlier in the week, the Great Britain pound sterling (GBP) and, even more so, the U.S. dollar (USD), continue to strengthen against the other world currencies. Monetary policy meeting minutes published this week by the last Bank of England (BoE) and the Fed monetary policy meetings show […]
¿Deberías vender tu negocio?
Genevieve Signoret
Carta de la Presidente Ayer di una conferencia en Ciudad de México en la que uno de los asistentes levantó la mano y dijo, “Tengo un comprador para mi negocio. ¿Debería venderlo e invertir en el mercado?” Obviamente mi interlocutor no esperaba que le diera la respuesta correcta, sino más bien un enfoque de cómo llegar […]