Pivotal June

I don’t think we need to hype this up; June could herald fundamental changes to our capital landscape.  There is already a great deal to digest from last week’s ECB and OPEC meetings and even more to anticipate from pivotal votes on US interest rates (14-15th) and the UK’s EU membership (23rd) – in case … More Pivotal June

Greece: The Midnight Hour

Takeaways:  Efforts to limit direct exposure means Greece is increasingly morphing into a political, rather than a financial crisis; but that can quickly change if companies and markets freeze or the political crisis extends elsewhere. The ECB’s move today to extend QE asset eligibility was necessary in any case…and possibly pre-emptive.

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.