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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Macro News
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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.
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EMs and energy out in the cold as managers go long on the dollar
Fund manager sentiment on emerging markets and energy stocks has hit a new low, according to Bank of America Merrill Lynch’s August Fund Manager Survey.
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Sterling sees kneejerk jump on confounding core inflation rise
Consumer price inflation rose slightly in July from 0% to 0.1% in July the Office of National Statistics said on Tuesday.
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Inflation-linked bond flows: up and down with the oil price
As the eurozone has been flirting with deflation this year, appetite for inflation-linked bonds has been understandably lacklustre. However, as the oil price started a surprise ascent in April, interest in the asset class rose accordingly. With the oil price now below $50 again, investors are once again abandoning the asset class.
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Risk-off trades thrive as investors walking scared
The latest fund flow report from Bank of America Merrill Lynch shows a clear move to the hills as investors rotated out of risky assets like high yield and emerging market debt into high quality government bonds and money market funds.
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PBOC: China to open FX market to foreigners
Yi Gang, deputy head of China’s central bank, said that qualified foreign institutions will be allowed to enter China’s FX market in order to bridge the gap between the yuan’s onshore and offshore rate.
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Miners slump, sterling slips on China, UK wage data
FTSE market watchers were hit with a one two punch on Wednesday morning as worse-than-expected UK wage data followed hard on the heels of the news that the renminbi had fallen to a four-year low.
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Renminbi devaluation stokes fears of future moves
The one-off depreciation of the yuan needs to be just that in order to avoid sparking a currency war and derailing the global recovery, according to industry experts.
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UBS cuts gold targets ahead of September FOMC meeting
UBS has cut its short term price target for gold 13%, citing a particularly challenging macro environment.
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Pictet builds cash holdings
Pictet Asset Management is reducing equity exposure and raising cash holdings as the expected US rate hike approaches.