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Markets welcomed the European Union’s decision in April to push the Brexit deadline back to October 31 in order to provide the UK with more time to reach agreement on the terms of a withdrawal treaty. The risk that the UK would fall into an unwanted “hard” no-deal exit appeared to be substantially reduced. However, […]
May 1, 2019 – Jeremy Schwartz and Liqian Ren from WisdomTree Funds hosted an investment strategy discussion that covered factor investing, U.S. sector trades and the global outlook with Matt McAleer, Director of Equity Strategies at Cumberland Advisors. Read about or listen to their discussion here: https://www.wisdomtree.com
The European Central Bank (ECB) left its monetary policy stance unchanged at its September 13 meeting. Net asset purchases will end in December, but with the Bank’s maintaining its stock of assets, the reinvestment of redemptions will maintain substantial stimulus. No increase in policy interest rates is signaled until at least after the end of […]
Excerpt from “Fed’s solo act faces tremors in Turkey and a slower Europe” The Turkish lira’s slide has little in common with the Thai baht devaluation in the late 1990s that preceded a larger crisis in emerging markets, or to the debt problems in Greece that raised the spectacle of the euro zone breaking apart. […]
My colleague Bob Eisenbeis recently described the improved communications from the Fed and offered his current thoughts on Fed policy. His post-Fed-meeting notes are here: http://www.cumber.com/the-fed-decides/. Today we want to take a longer view of interest rates and offer some observations on what lies ahead. I write this after the FOMC June meeting and after […]
Eurozone equity markets have encountered significant headwinds in the second quarter of this year despite continued robust economic growth above estimated potential for most Eurozone economies. The continued strength of the Eurozone economies is emphasized in this month’s “OECD Economic Surveys: Euro Area.”[i] These economies have been growing since 2014. “GDP growth is expected to […]
We are back in Southern France, in the town of Bonnieux, perched on a hilltop in the Luberon region of Provence, far from the hustle of Paris. The country has recently endured a record number of thunderstorms, which have caused some serious flooding, and continues to experience a series of rail and airline strikes. However, […]
“Monday there was first relief in European governments and in financial markets that a populist government in Italy had been prevented, but this reaction soon was overtaken by the fear that the populist parties could emerge strengthened by these events if there is a new election. The drama thus continues.”
Economic expansion continues in the Eurozone but at a more moderate pace than at the beginning of the year. The increase in the HIS Markit Flash Eurozone Composite Purchasing Manager’ Index (PMI) for May was the weakest in one-and-a-half years. Markets do not like uncertainty.
Eurozone equity markets have declined in step with global markets in a widely expected market correction. While there has been some recovery in the first two days of this week, it is not yet clear that the correction has run its course. Concerns that interest rates in both the United States and Europe will rise […]
