New era in capital after (US) QE and AQR draws a line.

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.

Questions, Questions…

There are many questions to ponder this week. From the strength of the US recovery to why markets seem only periodically concerned with geopolitical turmoil – is everything a buying opportunity these days? Are junk bonds our canary? Is Banco Espirito Santo the last European bank casualty or a taste of things to come? US … More Questions, Questions…

Pushmi-Pullyu

Pushmi-Pullyu Conflicting narratives continue to drag markets hither and thither. Increasing levels of M&A highlight increasing corporate confidence, buoyed again by improving growth figures. However, the Ukraine-Russia conflict and dashed Q1 earnings expectations add uncertainty and disappointment. It all adds up to a volatile, but not inflammatory mix since the quest for yield continues to … More Pushmi-Pullyu