The winner takes it all…

What does the latest clutch of European earnings reports tell us? Revenues are under pressure and, whilst earnings are beating expectations, the bar was set very low. European companies still have a ways to go on improving their profitability and there’s certainly potential for all-round improvement. But in this low-growth, disrupted and polarized age, any … More The winner takes it all…

Central banks, corporate bonds and the growing growth dilemma

The ECB pulled out the big guns last week, including an extension to its quantative easing programme to encompass corporate bonds. The impact on the investment grade market has been immediate and dramatic, increasing fund flows, lowering spreads and creating record demand.  But even amidst this renewed passion for Eurobonds, one issue got left behind … More Central banks, corporate bonds and the growing growth dilemma

All about growth

The tumultuous start to 2016 has raised fears about US growth prospects – to the point where we need to address recession talk. Given the increasingly loose monetary outlook, a US recession and/or global downturn seem an unlikely scenario without a significant, systemic trigger. More of the same slightly sluggish growth is the most likely … More All about growth

It’s not what you said, it’s how you said it…from China to CGOs

Takeaways: Last week’s engineered fall in the Renminbi was actually pretty modest, certainly in the context of the currency’s recent appreciation. More significant is what the move signalled – or more pertinently the market interpretation of those signals in the context of the un-virtuous circle of weak Chinese demand,  falling commodities prices, a stronger dollar … More It’s not what you said, it’s how you said it…from China to CGOs