S&P lowers Japan’s sovereign rating on Abenomics concerns
S&P has lowered Japan’s sovereign credit rating from AA- to A+ on concerns about the strength of the ongoing economic recovery.
Macro News
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UK wage growth picks up steam
Wage growth in the United Kingdom economy has picked up, registering a 2.9% increase in average pay, according to the Office for National Statistics.
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UK inflation slide to zero means only the experienced will prevail
The 0% UK August inflation figure is indicative of wider uncertainty that lies ahead, say industry experts, and the market is now an arena for only the most experienced of managers.
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China in focus as BoE again votes 8 to 1 to keep rates on hold
The longer term implications of slowing Chinese growth on the global economy took centre stage during the latest Bank of England monetary policy meeting, the meeting’s minutes reveal.
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IMF issues bearish update on global growth
The International Monetary Fund has issued bearish commentary on the prospects for economic growth around the world in the near term.
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Asset manager pessimism on US and EM deepens further
Return expectations from US equities among asset management companies are at a post-financial crisis low. EM equities may look cheap after last week’s correction, but asset managers have their reasons to stay sceptical.
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Fund outflows hit record on market gyrations – BAML
The past week has seen the largest outflows on record from equity funds, the latest Bank of America Merrill Lynch Flow Show report shows.
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Investors rush out of EM equities and into Europe
The Great Rotation from emerging markets to developed market equities is now in full swing: while investors pulled out a record €7.1bn from global emerging market equities in July, net inflows into their developed market equivalents were at their highest since February 2014.
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A few bulls left after China shock
Apple’s 11% decline led the fall as US stocks followed Europe and Asia down. But amidst the selling there were some asset allocators that saw more reasons for positivity than for panic.
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Markets slump on Greece and China combo
Alexis Tsipras’s resignation last night and poor factory orders from China on Friday have seen red ink flow across global markets.
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The end of excess returns is upon us
Growth in earnings per share has turned negative everywhere but Japan, Bank of America Merrill Lynch pointed out on Thursday.
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Yuan SDR inclusion delayed to 2016
The IMF confirmed that it would delay a review of the yuan’s inclusion in its special drawing rights currency basket to September 2016, despite China’s latest move to relax control of the yuan exchange rate.
