Market Update

News this past week:

  • Macron becomes youngest ever elected French President
  • Strong April jobs report points to robust US labour market
  • Eurozone economy grows 0.5% in first quarter
  • Greece agrees bailout terms with creditors
  • Volatile week for commodity prices

Macron

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PortfolioMetrix Market Update

pmxFebruary went by in a blur, but what a month it was. PortfolioMetrix had their best month ever in terms of new money flows as well as, when combined with market performance, their best ever month over month AUM increase. And to cap it off, just after month-end, PortfolioMetrix picked up the Citywire Wealth Manager Regional Star Award. Learn more

Weekly Market Update

News this past week

  • Global equities fall despite a late week rally
  • “Brexit” polls suggest that the Remain camp has regained momentum
  • Central banks keep rates on hold, as bond yields reach historic lows
  • Greece attains additional bailout funding
  • Gold price rises amid broad commodity losses

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Brexit’s First 100 Days Promise Chaos, Fear, Damage Limitation

Bloomberg reports that “there’s no road map for European authorities facing the prospect of a British exit from their 28-nation union — by design.”

Incidentally that’s not true: as the CIO of JPM Private Bank reminded us today, “The Lisbon Treaty includes Article 50 which does contemplate the departure of an EU member. As messy as it might be, a Brexit would be managed by the parties involved, and be a far cry from dissolving a monetary and fiscal union to which member states had “pledged their lives, their fortunes and their sacred honor”.

If the UK votes for a Brexit next week, what could it mean for the UK, investors, and the EU itself?

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The Best And Worst Performing Assets In May

May was a month of decoupling: oil decoupled from the dollar, and global risk decoupled from the once again sharply devaluing Yuan, but most notably May was a month where Fed rate hike expectations repriced midway through the month.

As Deutsche Bank’s Managing Director, Global Head of the Fundamental Credit Strategy Group, and Strategist,  Jim Reid  points out, markets largely took the move in their stride and reversed a difficult start to the month. Having said that we saw evidence of the repricing with dollar strength and Emerging Markets/Gold weakness a theme.

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Growth vs Austerity

GreeceGreece is now officially back in recession after announcing its second consecutive quarter of negative growth; Q4’15 growth fell 0.6% qoq and growth for Q3 was revised down to -1.4% qoq from -0.9%.  As the assessment of Greece’s compliance with the latest 2015 bailout package reforms takes place (to release further funds) this raises a number of issues.

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