2014

Here is a chart showing the number of transactions that involve acquisitions of an asset management business by year. It tells us about a couple of trends developing in recent years.

News links for 8 Mar 2014

Capital outflows from Russia seem to be picking up steam. These outflows - combined with the central bank's "weaker ruble" policies and the Ukrainian tensions - are all fueling the ruble sell-off. The ruble resumed its slide this week,…

Themes for today: The US faces political constraints in a cyclical downturn that will limit government response The US private surplus is under assault Europe is improving and upgrades to bank stocks are bullish The Fed tends to…

News links for 7 Mar 2014

Since October I have been saying that the US growth was probably going to decline for the remainder of this business cycle. In contrast, I have believed Europe would recover ever since data last June confirmed a broad based phase shift…

News links for 6 Mar 2014

There is mounting evidence, from valuations being paid in M&A deals, junk bond yields, margin debt and price extensions from long term means, "irrational exuberance" is once again returning to the financial markets. However, that does…

Business lending in the Eurozone is very poor - flat in the major core countries and falling in the periphery. There is a desperate need to ease credit conditions for SMEs in periphery countries. The slight easing of interest rates on…

In trying to assess the trajectory of the US economy, one is struck by the recent divergence between the manufacturing and the services sectors. Most analysts blame the weakness in the service sector and the resulting softness in the labor…