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Bloomberg (February 7)

2019/ 02/ 09 by jd in Global News

Stock buybacks are under attack in Congress, but the market has already “soured on the strategy. Last year’s trillion-dollar splurge didn’t stop the stock market from falling for the year.” Furthermore, the S&P 500 Buyback Index shows that firms conducting buybacks have been outpaced by the market two years in a row. “With stocks expensive, using shareholders’ money to buy at inflated prices is a bad deal. The buyback phenomenon could die a natural death.”

 

MarketWatch (December 28)

2018/ 12/ 28 by jd in Global News

“The market’s post-Christmas climb appeared to come from nowhere in holiday-thinned trading, leading some to point the finger at pension funds who need to tweak their portfolios before the end of every month and every quarter. Pension funds need periodic readjustment as outperformance or underperformance in one corner of the pension fund’s assets can put its allocation out-of-kilter with its target weighting.”

 

Wall Street Journal (November 5)

2018/ 11/ 06 by jd in Global News

“A wave of stock-picking firms are stepping up their fight against cheap exchange-traded and index funds with new offerings that dial back fees if they can’t beat the market.”

 

Financial Times (October 21)

2018/ 10/ 23 by jd in Global News

“Investors should expect decades of selling pressure on Japanese stocks from the most implacable bears in the market: the recently deceased…. The relentless sell-off, which threatens to intensify until the year 2040 as the huge, wealthy postwar baby boom generation expires, arises from an estimate that about 80 per cent of inherited shares are immediately sold by heirs.”

 

Institutional Investor (October 9)

2018/ 10/ 11 by jd in Global News

In the U.S. many “asset management stocks are trading like ‘junk equity,’” despite the relatively buoyant market. And “given the lackluster potential for growth, traditional asset managers’ cheap valuations are unlikely to change soon.”

 

Equities.com (May 30)

2018/ 06/ 01 by jd in Global News

“Ultimately, we believe at present that the majority of important economic, financial, and market indicators, as well as the established historical pattern, suggest that a final period of rally and exuberance lies ahead before the bull market that began in March 2009 finally ends. It may be that this rally is led by smaller U.S. companies, by non-U.S. companies, or by commodity-oriented stocks. The culmination of the rally could take place later this year, or more probably be delayed until 2019 or 2020.”

 

South China Morning Post (April 2)

2018/ 04/ 03 by jd in Global News

Banks and regulators in China have engaged in a delicate dance between reducing non-performing loans (NPLs) and maintaining profits. “That’s why the NPL ratios of the nation’s key banks all hover at about the same level–now around 1.7 per cent of loans,”  though “Fitch estimates that the real ratio could be as high as 20 per cent, implying total NPLs of 19 trillion yuan (US$3 trillion).” But the regulator is now becoming more demanding in NPL reduction and unforgiving of gimmicks previously employed to hide NPLs. “Given Beijing’s focus on the stability of the financial system, the flow of NPLs into the market should pick up considerably in the next two to three years, providing ample opportunity for new investors.”

 

Financial Times (March 8)

2018/ 03/ 10 by jd in Global News

“The best trade agreement for the City of London with Europe is the one it has now. EU membership gives the UK unfettered access to a huge market and a voice in making its rules. The results of the Brexit referendum makes this happy situation unlikely to continue. Britain must therefore decide how to protect one of its vital industries.”

 

Gizmodo (January 26)

2018/ 01/ 28 by jd in Global News

“We can’t rely on the market to create an ‘electric car revolution’ in Australia. Funding infrastructure, creating industry standards, legislating to reward and cheapen less-polluting cars, and educating the public are all part of the challenge.”

 

Barrons (December 30)

2017/ 12/ 30 by jd in Global News

“Largely absent during the economy’s eight-year recovery from the financial crisis, inflation is on track to pick up in 2018—and it might just catch investors off-guard.” Even a return to modest inflation, e.g. 2.5%, would be a jolt that “could reshuffle the market.”

 

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