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.
Macro News
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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.
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Split MPC votes eight to one to keep rates steady
The Bank of England’s monetary policy committee voted eight to one to keep interest rates on hold at 0.5%, it said on Thursday.
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Risk appetite healthy as portfolio stability rises
Despite growing concerns about the threat posed to portfolios by the eurozone crisis, investors remain willing to add risk to their portfolios, NN Investment Partners said on Thursday.
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MPC hawks expected to vote against the flock
The hawks on the Bank of England’s monetary policy committee are expected to vote for a rate rise at the next meeting on Thursday, against the majority.
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GDP rebound strengthens case for UK rate hike
UK GDP is estimated to have grown 0.7% in the second quarter the Office for National Statistics said on Tuesday, up from 0.4% reported for Q1.
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Bank of England getting nervous about inflation
The Bank of England monetary policy committee is getting more concerned about the possibility of inflation coming through into the British economy, minutes from the July meeting revealed today.
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Asian exports flash amber for Fed hike hawks
The recent fall in Asian exports should raise a few alarm bells for market watchers, say UBS economists Joshua McCullum and Gianluca Moretti.
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Fund selectors shift preference to large caps
Fund selectors in Europe have changed tack. A year ago they were strongly in favour of small caps, but now they believe it’s large caps that have the better return prospects, according to data gathered at EIE events across Europe this year.
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China’s Q2 growth fails to impress
China beat market expectations with a 7% year-on-year growth for the second quarter. But in the second half, fund houses are concerned about the financial sector.
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UK interest rate rise due in November but it should be August – F&C
The first UK interest rate rise is likely to arrive in November, says F&C’s Steven Bell, but cannot come soon enough.
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Soft numbers further muddy UK rate rise waters
Softer than expected unemployment and wage growth numbers have further muddied the waters in terms of forecasting when the Bank of England will raise interest rates.