Takeways: Robust M&A markets make this a great time to take a good hard look at corporate portfolios, work out what a business stands for and what it needs to divest. Do all of our assets represent what we’re about? Could these businesses have a better owner? Could we recycle capital and buy something that’s … More Let it go! Disposals, Greece and old models
Takeways: The rapid pace of change in today’s markets means companies need to be constantly reassessing their portfolios in order to stay on the right side of the ‘economic success line’. Luckily, this looks like a great time to sell with buyers coming back into the market in Europe. Many emerging nations, however, are finding … More Good time to buy, great time to sell?
Takeaways: The Eurozone, UK and ‘emerging markets’ have something in common: the sharp juxtaposition of optimism and concern. In varying degrees; but the contrast between opportunity and threat highlights the complicated patchwork of growth and risk companies are navigating. Was it ever thus? Risk isn’t new, but perhaps there is more flying in from ‘leftfield’ … More Eyes down for a fresh look…
Takeaways: Some of the trends for the year discussed last week are already apparent in events during the first weeks of 2015. Innovation is driving IP-centric M&A and divergent economic performances is showing where future stress points may appear.
Takeaways: Last year had its moments, but the last 12 months could look pedestrian compared to 2015. Of course change and even faster growth can bring challenge along with opportunity. Time to wheel out that old, but true, maxim that recovery can be the best, but also the worst of times for companies – and … More Buckle-up! Ten themes for 2015
All I want for Christmas… I’m not sure Santa will be able to deliver everything on central bankers’ lists this year. Mario must be wondering if he’s made the ‘naughty’ list as Eurozone inflation expectations dip again. Haruhiko got an early present in the form of an Abe election win – a green light for … More All I want for Christmas…
Takeways: The impact of dollar and oil trends on divergent emerging markets caught our eye this week. A timely reminder to check and update plans for different geographies and sectors and realign strategies. As with so much these days, past performance is no guarantee of future growth. Although some things don’t change: Greece is the word … More Crude dollar shakedown
Takeaways: A new era awaits. The Fed’s final QE hurrah was flagged, but we expect more market discretion, volatility, disruption and currency oscillation without this safety net. The cost of debt capital will rise. Weaker/exposed nations and companies can expect a rougher ride. Brazil and Turkey look exposed. AQR ran just about to script, but … More New era in capital after (US) QE and AQR draws a line.
Ifs, buts & mibbes It’s a truism that markets hate uncertainty. Flat calm brings its own complications – certainly for those who need volatility for margin and volumes. However, it’s hard to imagine many welcoming this week’s uncertainty play. The Federal Reserve and Scotland top the bill and the Fed isn’t even the main event. … More Ifs, buts & mibbes…
Serious season Was there a time when ‘news’ just stopped in summer? A time when only ‘silly season’ stories of crop circles, pigs on the run and killer chipmunks prevailed with little else to trouble us. If those halcyon days ever existed, they’ve not returned this year. In common with recent summers, markets have wobbled … More Serious season: high yield bonds remain in the spotlight