Is retail property ripe for a boom
With the property sector posting its strongest quarterly returns in three years and retail sales and wages on the up, are the foundations being laid for a retail property boom?
With the property sector posting its strongest quarterly returns in three years and retail sales and wages on the up, are the foundations being laid for a retail property boom?
Emerging market equities have been suffering from investorss’ sell-off mindset for several months but where to next? Stay put or look elsewhere?
One reason for us seeing government and central banks' policy as such a major source of risk to our clients is that policy, particularly over the past five years, has led to a huge and arguably unsustainable increase in the incomes of the rich at the expense of the poor.
After a recent review of our economic and market outlook for 2014, with monetary policy settings still at emergency levels, it seems very premature to argue that the economic backdrop is anything other than unusual.
Europe may have started to show signs of economic recovery – investor awareness is certainly increasing – but relatively poor corporate earnings may put the dampeners on any sustained market growth.
Despite the last-minute nature of the compromise to reopen the government and suspend the debt ceiling until early 2014, markets powered higher across the board.
Given the bond bubble has not burst, equity markets have not collapsed, and even emerging markets are showing signs of improving, Max King explains to the doom-mongers what is really happening.
The past few months have seen a trend of rising bond yields that was broken in September. Developments at the Federal Reserve took a more dovish turn, easing the chief source of recent market concern.
We believe the opiate of investors for the moment remains central bank liquidity. The degree of stimulus since 2007 has been unprecedented: $13trn of FX reserve accumulation and financial asset purchases by central banks and 560 central bank rate cuts.
There is room for a further sell-off of emerging market currencies, because countries with large external imbalances, such as Turkey, India, Brazil, South Africa and Indonesia remain vulnerable to rising US yields.
October seems to be "crash month" – on 29 October 1929, the Dow fell 12.8%. On 19 October 1987, the Dow lost 22.6% of its value in one trading day.
Central banks have rarely been more powerful. After the financial crisis, they crashed interest rates to zero, promised to keep them there into the future and bought vast swathes of the bond market.