Managers’ View – Junio 2019

6 Ago 2019

Adjuntamos algunos informes de análisis y opiniones de nuestros gestores que consideramos de gran interés.

Please find below interesting market views from our Managers. We hope you find them interesting.

Weekly Briefing June 10th

Market volatility has been on the rise, with concurrently positive (low unemployment, high consumer confidence) and negative (declining ISM
PMI, downward revisions to GDP growth estimates) economic releases. Amidst further setbacks in trade resolution, investors have become increasingly convinced that multiple rate cuts will materialize in 2019, all while the economy celebrates its 10th year of economic expansion. In this Weekly Briefing, we summarize implied market expectations in the aftermath of additional tariff threats, weaker manufacturing data and Federal Open Market Committee (FOMC) member speeches.


Weekly Briefing June 17th 

After a sharp May selloff, risk assets recovered through the first two weeks of June. At first glance, the pointed change in directionality was
reminiscent of the Q1’19 rally that followed historical weakness in Q4’18. In this Weekly Briefing, we compare the two periods, with a focus on key differences and what such differences may suggest about investor thinking for the balance of 2019…


Q2 ’19 Commentary

During the quarter risk assets were heavily influenced by geopolitical events and despite a selloff in May, Q2 produced another strong quarterly return. The period was dominated by the breakdown in US‐China trade negotiations and escalating actions. Economic data continued to deteriorate throughout the quarter and the market seemed to be pricing in a higher probability of near‐term recession…


Where have the economic unicorns gone?

After a tumultuous Q4 ‘18, 2019 began with great optimism at the prospect of yet another central bank reflation. Indeed the market grew palpably giddy when January’s aggregate social financing numbers were released in China. If this was a sign of things to come then the global economy was back in business. Such optimism, we felt (and in fact wrote at the time – Global Reflation Fades, March 2019) was misplaced…





Aviso Legal: Los comentarios recogidos en el presente documento no representan asesoramiento financiero alguno y su uso es meramente informativo. Es posible que los comentarios aquí expresados no sean aplicables a su perfil de inversión o a su situación patrimonial personal. En caso de duda, le recomendamos contactar con un profesional financiero.

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