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Markets
Serious turbulence in Emerging Markets as assets re-price globally
By Win Thin and Ilan Solot
from yesterday
What has changed? In short, pretty much everything. The FOMC meeting and the market reaction has fed into a deeper re-pricing of assets globally.
The selloff in the EM space has been…
Emerging Market underperformance is worsening
Emerging markets underperformance that started in late 2011 is continuing. While part of the gap has been due to US equities generally outperforming global shares, we now have some 60% dispersion between emerging markets and the S&P500.
Money markets are not benefiting from rising interest rates
Once again, savers are punished - they either have to take risk (such as rate or credit risk) or live with 5bp (or less). Money markets simply have not benefited from higher interest rates.
When will the rise in US mortgage rates hit consumer demand?
As mortgage rates in the US reach the highs not seen since early 2012, many are asking the key question: would this rise in rates impact the housing market or consumer sentiment?
Australia: Market not buying RBA’s optimism
Australia's central bank left rates on hold yesterday as was generally expected. The RBA continues to be quite hawkish as well as relatively optimistic on the nation's economy. Given the "cash rate" is at historical lows at 2.75%, the board…
What has changed in the emerging markets?
This is what has changed in the EM space in, our view. 1) Brazil is stepping up its defences against market volatility. 2) Signs that China is looking for more (and better) sources of external funding sources is mounting. 3) Turkish…
The Wisdom of Crowds
MPT is based on a number of assumptions, some of which are more restrictive than others. The question is whether the sum of those assumptions is so far off the mark that it renders the entire theory absolutely useless. Effectively the…
Chart of the day: Most undervalued and overvalued property markets in the world
The Daily Telegraph produced this chart based on OECD data on housing markets around the world. It shows which markets are most undervalued and which are most overvalued on a price to rent and price to income ratio basis. Take a look and…
Full text: Moody’s upgrades Turkey’s government bond ratings to Baa3, stable outlook
Editors note: Moody’s released the following press release yesterday in conjunction with a ratings action it took on Turkish sovereign debt. Moody's Investors Service has today upgraded Turkey's government bond ratings by one notch to Baa3…
Has house price deflation begun in Canada?
Yesterday, the Teranet-National Bank National Composite House Price Index for Canada was released. It showed that 12-month home price inflation in Canada was down to 2.0%, the lowest level since November 2009. And given the huge amount of…