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March 2018
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Bloomberg (January 12)

2018/ 01/ 14 by jd in Global News

“Since Kuroda took office five years ago, bank stocks have underperformed the broader market by more than 50 percentage points,” but there are signs that  Japanese banks will soon lose their “cheapest in the world” status. Despite a 5.7% average ROE, large Japanese financial institutions trade at just 0.69 of book. If, as widely expected, the BoJ relaxes its yield curve control, these large financial institutions would receive a welcome boost.


Wall Street Journal (January 9)

2018/ 01/ 10 by jd in Global News

“The S&P 500 inched higher Monday, extending this year’s run of records. Stocks have begun 2018 on an upbeat note, buoyed by investors’ optimism over the global economy and bets that central banks are unlikely to pressure markets by raising interest rates faster than expected.”


Wall Street Journal (December 31)

2017/ 12/ 31 by jd in Global News

“Global stock benchmarks have surged to multiyear highs or records this year, boosted by a rally in shares of technology companies, a synchronized pickup in growth around the world, and unexpectedly benign inflation readings that have kept central bank policy ultraloose.”


Bloomberg (December 6)

2017/ 12/ 07 by jd in Global News

“Every bull market is unique, but the one in China right now looks downright strange. The Shanghai Composite Index has climbed 24 percent from its January 2016 low, and yet a majority of stocks in the benchmark gauge have fallen during the period.” China has become a global outlier. “For all 45 of the other national equity gauges that have climbed at least 20 percent since last January, a majority of index members have recorded gains.”


Nordic Business Insider (November 17)

2017/ 11/ 19 by jd in Global News

“Norway’s $1 trillion pension fund wants to ditch all oil and gas stocks.” The irony of the proposed move is that the Government Pension Fund of Norway has become the world’s largest sovereign wealth fund by investing Norway’s oil and gas revenue. The move is not being proposed as a bet against petroleum, but rather to mitigate risk through diversification. “The fund’s exposure to fossil fuel markets is currently double that of a standard global fund.”


Wall Street Journal (August 21)

2017/ 08/ 23 by jd in Global News

“Investors are running out of reasons to keep buying U.S. stocks, exposing a growing number of warning signs. The historic calm that enveloped U.S. stocks for much of this year has been upended twice in the past two weeks…. It is too soon to call the end of the eight-year bull market, investors, traders and analysts say, but many agree the indiscriminate optimism that characterized the postelection rally is evaporating.”


Bloomberg (June 22)

2017/ 06/ 23 by jd in Global News

“In the culmination of a long-running saga, MSCI Inc. yesterday announced that it would include some Chinese stocks in its widely used benchmark indexes, starting next year.” The decision beggars belief. “China is undeniably an increasingly important market…. But lowering the standards of what constitutes a market and obfuscating real problems just exposes unknowing foreign investors to elevated risks. If Chinese investors and even regulators are so wary of Chinese stocks, why encourage foreigners to enter the fray?”


Bloomberg (May 22)

2017/ 05/ 24 by jd in Global News

“Investors dumped Brazil’s stocks and currency Thursday as the country’s ever-proliferating corruption scandal spread to President Michel Temer. This latest twist in a seemingly endless saga not only threatens to stall vital economic reforms but also comes close to showing that the corruption in Brazil’s government is literally beyond control.”


Bloomberg (May 11)

2017/ 05/ 14 by jd in Global News

“It’s not making headlines yet, but wages in Japan are rising the fastest in decades, in a shift that’s poised to divide the nation’s companies — and their stocks — into winners and losers…. Consumer-focused sectors with low salary bills as a percentage of revenue are best positioned. Logistics and some health-care companies will be most negatively impacted,” according to a report from Morgan Stanley.


Washington Post (February 8)

2017/ 02/ 10 by jd in Global News

“Nordstrom broke the curse of the Trump tweet.” Donald Trump may have been able to tank some stocks with critical tweets, but shares in the upscale department store are up. Nordstrom “seems largely immune to the president’s public bashing. On Wednesday morning, he criticized the retailer for dropping Ivanka Trump products — and its stock value climbed.”


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