What moves if oil moves? Be aware of indirect oil exposure and make use of it

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "What moves if oil moves? Be aware of indirect oil exposure and make use of it"

Transcription

1 What moves if oil moves? Be aware of indirect oil exposure and make use of it DR BERND MEYER CFA HEAD OF CROSS ASSET STRATEGY commerzbank.com Large changes in the oil price and elevated oil volatility severely affect the performance of currencies, asset classes, regions and sectors. Investors need to be aware of this indirect oil exposure to steer their overall oil exposure. Indirect oil exposure is the only way for investors not in a position to buy commodities or commodity futures to gain oil exposure. Moreover, indirect exposure may be more attractive than outright investments in futures markets when oil futures are strongly in contango as is currently the case. Here, we discuss the transmission channels of oil price changes to the performance of other assets, analyse the correlations and sensitivities and suggest various ways of gaining indirect oil exposure. PAGE 2: WHEN OIL PRICES MOVE, OTHER ASSETS TEND TO MOVE, TOO PAGE 2: THE TRANSMISSION CHANNELS OF OIL PRICE CHANGES PAGE 3: HISTORICAL SENSITIVITIES PAGE 5: DISCLAIMER AND CONTACTS 1

2 WHEN OIL PRICES MOVE, OTHER ASSETS TEND TO MOVE, TOO Oil prices have moved considerably over the last year. The price of oil collapsed by 55% from June 214 to January 215 and rebounded by almost 3% in February. Oil-implied volatility, as measured by the CBOE Crude Oil ETF Volatility Index (OVX), skyrocketed from 14% to 63%, the highest level since 28/9. Large oil price moves tend to go hand in hand with moves of other assets. One example is the well-known negative relationship between the USD and the oil price, which results mainly from the fact that oil is denominated in USD but predominantly produced and consumed in other currency areas. However, we can observe many other relationships (see Chart 1 for some examples) that investors need to be aware of to judge and steer the overall oil exposure of their portfolios. Chart 1: The decline of the oil price over the last year went hand in hand with moves in other assets (1 June 214 = 1) Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 OVX Index (percent, right axis) NOK/USD MSCI Lat Am/MSCI Japan WTI MSCI World Energy/Airlines Dollar trade weighted In addition, indirect oil exposure is the only way for investors not in a position to buy commodities or commodity futures to gain oil exposure. If oil futures curves are strongly in contango as is currently the case indirect oil exposure may be an even more attractive way of gaining oil exposure. Losses due to roll costs over 12-month periods have reached levels of more than 6% in the last 2 years. Chart 2: Currencies of oil net exporters should be most strongly affected by oil price changes 1..5 THE TRANSMISSION CHANNELS OF OIL PRICE CHANGES Observed relationships between oil price moves and (relative developments of currencies, asset classes, sector and regions result either from fundamental relationships or due to the fact South Africa India Poland Eurozone Japan Turkey Sweden China New Zealand United States Indonesia Switzerland Australia United Kingdom Denmark Brazil Canada Russia Norway Venezuela Iraq Saudi Arabia. that oil and the assets are simultaneously driven by another driver (spurious relationship) such as an acceleration or Yearly net imports in litre/gdp USD (212) Yearly net exports in litre/gdp USD (right axis, 212) deceleration of global growth. Source: CIA, Commerzbank Research Fundamental relationships are either a result of the effect of oil price changes on inflation and inflation expectations or of the wealth transfer between oil producers and oil consumers when the oil price moves. The former affect the (relative) performance of assets such as inflation-linked and nominal sovereign bonds or gold. Moreover, sustained shifts in inflation or inflation expectations may trigger (expectations of) changes in monetary policy, which in turn again affect the performance of assets. The latter can be observed at the macro, corporate and endconsumer levels. Chart 3: EMEA and UK equity markets with particularly high weight of energy-related stocks Sector weight, in percent At the macro level oil net exporters (see Chart 2) tend to be most affected. Declining oil prices are a threat to their budgets and current account balances. Their currencies tend to depreciate with falling oil prices. On the flip side, energy intensive and energy importing countries, in particular, should see relief to their budgets and current account balances supporting their currencies if oil prices decline. Japan US Europe ex UK EM Asia Energy Material Energy & Materials Pacific ex Jap LatAm UK EMEA At the corporate level, both companies related to oil production and companies with energy-intensive production, such as 2

3 Chart 4: Correlation and sensitivity of currency vs the USD to oil price changes Chart 5: Correlation and sensitivity of asset classes to oil price changes RUB CHF.2 JPY -.2 USD trade-weighted -.4 AUD NOK BRL ZAR IDR SEK CAD NZD TRY DKK EUR GBP INR CNY Crude Oil.8 Energy.6.4 US Inflation Commodities Linker.2 US REITs US Treasuries Gold US Equities US Credit Cash US HY aluminium producers or airlines, are directly affected by shifts in the oil price. Regional equity and corporate bond markets have different exposures to these sectors. Therefore, the relative sector performance feeds through to relative regional performance of equity or corporate bond markets. Chart 3 illustrates that, in particular, the EMEA and UK equity markets have a high share of energy companies, while Japan has a particularly low share. As this is correlated with the currency effect of the oil price discussed above, the EMEA and UK regions should clearly suffer from falling oil prices while Japan benefits and vice versa. Regarding high yield corporate bonds, it is worth noting that the USD high yield market has a 12% share in the oil and gas sector, while this share is less than 1% in the EUR high yield market. Oil prices have moved considerably over the last year. The price of oil collapsed by 55% from June 214 to January 215 and rebounded by almost 3% in February Finally, at the consumer level, a change in the oil price usually means a change in disposable income available for other expenditures. Consequently, consumer-related equities and corporate bonds should be positively affected by declining oil prices and vice versa. This should be more pronounced for consumer discretionary areas than consumer staples and, in particular, for those related to oil, such as airlines or car manufacturers. HISTORICAL SENSITIVITIES Our analysis of historical sensitivities and correlations is based on weekly total return data over the last 2 years. The price of WTI crude oil in USD is used to measure the oil price. We analyse currencies, asset classes, as well as equity and REITs sectors and regions. 1. Currencies The first thing that Chart 4 reveals is that all currencies except JPY tend to appreciate versus the USD when oil prices rise. This is mainly due to the fact that oil tends to depend causally on the USD rather than the other way round. Oil prices are denominated in USD while oil is predominantly produced in countries with other currencies. An appreciation of the USD means that one USD buys more oil from other currency areas, and the oil price in USD declines. Chart 4 also shows the high sensitivities of the so-called commodity currencies to the oil price. In particular, Norway and Canada, but also Australia, were highly correlated with WTI moves in the last 2 years. On the other hand, net importers with defensive currencies like Japan and Switzerland, but also China, showed less sensitivity in the last 2 years. The latter should not just be because China is a major oil importer, but largely because the CNY has been a managed currency. As a special case, Japan has a difficult relationship. Surprisingly, the Russian rouble seems relatively unaffected to oil price changes of the last 2 years, but it is likely to be more strongly correlated to changes in the price of Brent rather than the price of WTI. 2. Asset classes Looking at correlations and sensitivities of asset classes to the change in the oil price, it is not surprising to find that the commodity asset class and, in particular, the energy sector within commodities, are the most strongly related (see Chart 5). The rest of the picture reveals a clear cyclical relationship. 3

4 As a result of the common driver, economic growth, oil price moves have a positive relationship with equities, REITs and high yield but a negative one with other fixed income. The inflation channel however, shows that gold and inflation-linked bonds have at least a slightly positive relationship with changes in the oil price. By equity region, EMEA and LatAm are most positively correlated with the oil price, both in local currency terms and in USD Chart 6: Correlation and sensitivity of the relative performance of equity sectors and industry groups to oil price changes ENERGY Div Financial. MATERIALS Automobiles CONS. DISCR. IT INDUSTRIAL CONS. FINANCIALS - STPL. UTILITY Insurance TELCO - HEALTH- Health Care -.15 CARE Equipment Equity sectors (in uppercase) Industry groups 3. Equity sectors and regions Looking at the relationship of the relative performance of equity sectors and oil (see Chart 6), the cyclical pattern again shows that the energy and material sectors are clearly positively correlated the energy sector tends to outperform the MSCI World index by 2pp when the oil price rises by 1% while defensive sectors such as health care, consumer staples and utilities show a negative relationship. It is worth noting, though, that the consumer discretionary sector, which is typically deemed cyclical, shows a negative relationship with the oil price. As argued above, this should be due to the fundamental effect of the oil price. First, a rising oil price is negative for the energy-intensive airlines in this sector; and second, a rising oil price lowers the disposable income of consumers for discretionary spending. By equity region, EMEA and LatAm are most positively correlated with the oil price, both in local currency terms and USD (see Chart 7). Among emerging markets, EM Asia seems less positively related. This clearly reflects the fact that Asian economies are predominantly oil importers and, at the same time, have a relatively low weight of the energy sector in their equity markets. Japanese equities show the lowest relationship with oil, both in USD and local currency terms. In the case of the former even less than in the case of the latter, as the JPY/USD is negatively correlated with changes in the oil price as discussed above. In local currency terms, Europe is only marginally more strongly correlated with the oil price than the US, which should be due to the high energy sector weighting of UK equities. In USD, the positive correlation with oil increases due to the positive correlation of most European currencies versus the USD with the oil price. Chart 7: Correlation and sensitivity of equity regions in local currency and USD to oil price changes Asia Local Japan Local Japan USD Pac ex Japan USD Asia USD Europe Local S&P 5 Pac ex Japan Local Europe USD Lat Am Local Lat Am USD EMEA USD EMEA Local Equity regions in local currency Equity regions in USD SUMMARY Observed relationships between oil price moves and the performance of other assets result either from fundamental relationships or are due to the fact that oil (and the assets) are simultaneously driven by another driver (a spurious relationship), such as an acceleration or deceleration of global growth. Investors aiming to gain indirect oil exposure should look for positions that are justified by both the cyclical relationship and the fundamental connection. Against this backdrop, positions such as EMEA and LatAm equity long and Japanese and EM Asia equities short, energy stocks long and airline or car companies short or a long basket of NOK / JPY, CAD / JPY and RUB / JPY, are examples of appropriate indirect oil exposure. 4

5 Disclaimer This document has been created and published by the Corporates & Markets division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document ( Commerzbank ). Commerzbank Corporates & Markets is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange. This is a financial promotion/marketing communication (together communication ). It is not investment research or financial analysis as these terms are defined in applicable regulations and has not been prepared by a research analyst. The views in this communication may differ from the published views of Commerzbank Corporates & Markets Research Department and the communication has been prepared separately of such department. This communication may contain short term trading ideas. Any returns or future expectations referred to are not intended to forecast or predict future events. Any prices provided herein (other than those that are identified as being historical) are indicative only, and do not represent firm quotes as to either size or price. This communication is for information purposes only. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire, or dispose of, any of the financial instruments and/or securities mentioned in this communication and will not form the basis or a part of any contract. Potential counterparties/distributors should review independently and/or obtain independent professional advice and draw their own conclusions regarding the suitability/appropriateness of any transaction including the economic benefit and risks and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. Levels, bases and relief from taxation may change from time to time. Any information in this communication is based on data obtained from sources believed by Commerzbank to be reliable, but no representations, guarantees or warranties are made by Commerzbank with regard to the accuracy, completeness or suitability of the data. The past performance of financial instruments is not indicative of future results. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. This communication is intended solely for distribution to Professional Clients and/or Eligible Counterparties of Commerzbank. It is not intended to be distributed to Retail Clients or potential Retail Clients. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication. Commerzbank and/or its principals or employees may have a long or short position or may transact in financial instrument(s) and/or securities referred to herein or may trade in such financial instruments with other customers on a principal basis. The information may have been discussed between various Commerzbank personnel and such personnel may have already acted on the basis of this information (including trading for Commerzbank s own account or communication of the information to other customers of Commerzbank). Commerzbank may act as a market maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. No part of this communication may be reproduced, distributed or transmitted in any manner without prior written permission of Commerzbank. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction. By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations. This communication is issued by Commerzbank AG and approved in the UK by Commerzbank AG London Branch, authorised by the German Federal Financial Supervisory Authority and the European Central Bank. Commerzbank AG London Branch is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct authority and Prudential Regulatory Authority are available on request. Italy: You should contact Commerzbank AG, London Branch if you wish to use our services to effect a transaction in any of the financial or other instruments mentioned in this communication. Japan: Not for distribution in Japan US: Not for distribution in United States Canada: Neither Commerzbank AG nor any affiliate acts, or holds itself out, as a dealer in derivatives with respect to any Canadian person, in Canada as a whole or in any Canadian province, and nothing contained in this document may be construed as an offer or indication that Commerzbank is or stands ready to (in each case, with respect to a Canadian counterparty or within Canada) intermediate derivatives trades, act as a market maker in derivatives of any kind, trade derivatives with the intention of receiving remuneration or compensation, solicit (directly or indirectly) derivatives transactions, provide derivatives clearing services, trade with a nonqualified Canadian party that is not represented by a derivatives dealer or adviser, or engage in activities similar to those of a derivatives dealer. Copyright Commerzbank 215. All rights reserved. Commerzbank Corporates & Markets Frankfurt Commerzbank AG DLZ Gebäude 2, Händlerhaus Mainzer Landstraße Frankfurt am Main Tel.: London Commerzbank AG London Branch 3 Gresham Street, London EC2V 7PG Tel.:

REITs: Liquid exposure to concrete gold with high yield sensitivity

REITs: Liquid exposure to concrete gold with high yield sensitivity REITs: Liquid exposure to concrete gold with high yield sensitivity DR BERND MEYER CFA HEAD OF CROSS ASSET STRATEGY dr.bernd.meyer@ commerzbank.com ULRICH URBAHN CFA, SENIOR CROSS ASSET STRATEGIST ulrich.urbahn@

More information

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

Market Overview EUR Relative Value

Market Overview EUR Relative Value EUR Interest Rates: The curve remained little changed from last week with only an upward movement of 4 to 5 bps. This comes after the decision from the ECB to cut the deposit rate by 1bps and the repo

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

More information

BLOOMBERG DOLLAR SPOT INDEX 2016 REBALANCE

BLOOMBERG DOLLAR SPOT INDEX 2016 REBALANCE BLOOMBERG DOLLAR SPOT INDEX 2016 REBALANCE 2016 REBALANCE OVERVIEW 2016 WEIGHTS Euro No currencies added or deleted in 2016 3.4% 4.4% 3.0% 2.1% Japanese Yen Canadian Dollar Euro has largest percentage

More information

Emerging Markets: a safe haven from Brexit?

Emerging Markets: a safe haven from Brexit? Emerging Markets: a safe haven from Brexit? Jakob Ekholdt Christensen Head of Emerging Markets Research jakc@danskebank.dk +45 45 12 85 30 +45 30 58 4714 Vladimir Miklashevsky Senior Economist vlmi@danskebank.com

More information

Market Overview USD Relative Value

Market Overview USD Relative Value USD Interest Rates: The curve has continued last weeks trend upwards, with all tenors increasing. The largest increases are seen in the 2y and 3y tenors (+4s), whilst the 1y increased by 1s. Market implied

More information

Market Overview EUR Relative Value

Market Overview EUR Relative Value EUR Interest Rates: The curve decreased by 4s in the 7y tenor and by 5s in the 1y tenor. Market implied probabilities indicate a less than 5% chance of an ECB rate cut in 216*. Credit Spreads: Last week

More information

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010 FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends

More information

PROTECTING YOUR PORTFOLIO WITH BONDS

PROTECTING YOUR PORTFOLIO WITH BONDS Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

CURRENCY HEDGED INDEXES

CURRENCY HEDGED INDEXES INVESTOR INSIGHT CURRENCY HEDGED INDEXES Why Do They Matter? March 2015 CURRENCY HEDGED INDEXES Currency exposure has substantially impacted the performance and the volatility of global equity indexes

More information

CIO Flash U.S. Fed tapering

CIO Flash U.S. Fed tapering CIO Flash U.S. Fed tapering 19 December 2013 The art of tapering without spoiling markets (I) Final decision and first reaction Taper light, with strengthened forward guidance The Federal Open Market Committee

More information

Do Currencies Have a Fair Value?

Do Currencies Have a Fair Value? Do Currencies Have a Fair Value? May 2011 George Saravelos European FX Strategist IMPORTANT: PLEASE SEE CONFLICT DISCLOSURES AND ANALYST CERTIFICATION IMMEDIATELY AT THE END OF THE TEXT OF THIS REPORT.

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

FTSE Global Bond Index Series

FTSE Global Bond Index Series FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

Equity Sell-off Continues, Bonds Affected

Equity Sell-off Continues, Bonds Affected Equity Sell-off Continues, Bonds Affected Executive Summary Portfolio Performance So Far The 1-month performance of all model portfolios have been affected by the recent sell-off in equities, with returns

More information

ETF Securities Weekly Flows Analysis Investors took record contrarian positions as the US dollar rallied

ETF Securities Weekly Flows Analysis Investors took record contrarian positions as the US dollar rallied Edith Southammakosane Director Multi-Asset Strategist research@etfsecurities.com 19 December 216 ETF Securities Weekly Flows Analysis Investors took record contrarian positions as the US dollar rallied

More information

Daily FX Focus. 31-Dec-2014

Daily FX Focus. 31-Dec-2014 Australia FX Pick:AUD/USD Nov private sector credit rose 5.9% YoY, as expected. AUD/USD was consolidating in a range of 0.8122-0.8203 levels. AUD/USD s short-term support is at 0.8070, and resistance is

More information

Axioma Risk Monitor Global Developed Markets 29 June 2016

Axioma Risk Monitor Global Developed Markets 29 June 2016 Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last

More information

Impact of QE on Fixed Income

Impact of QE on Fixed Income Impact of QE on Fixed Income David Greene, Client Portfolio Manager Pioneer Investments Unconstrained Approaches Potential returns mean investors have to be more opportunistic 5 0 Expected return based

More information

ANZ ETFS PHYSICAL RENMINBI ETF. (ASX Code: ZCNH)

ANZ ETFS PHYSICAL RENMINBI ETF. (ASX Code: ZCNH) ANZ ETFS PHYSICAL RENMINBI ETF (ASX Code: ZCNH) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund.

2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund. 2015 FUZZY DAY CONFERENCE Facts that are Not Facts The US dollar Safe Haven Myth and the United States Hedge Fund Alessio de Longis 1 The Role of Currency in Institutional Portfolios, edited by Momtchil

More information

Report of income for UK tax purposes

Report of income for UK tax purposes Report of income for UK tax purposes This document is addressed to all those investors in the reporting share es of db x-trackers as at 31 December 2014. The es of shares listed below are registered with

More information

Second Quarter and First Half 2015 Trading Update

Second Quarter and First Half 2015 Trading Update Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit

More information

Economic Data. October 01, 2015. September 30, 2015. October 01, 2015

Economic Data. October 01, 2015. September 30, 2015. October 01, 2015 Economic Data September 30, 2015 Country Economic Data Actual Expected Previous NZD Building Permits M/M Aug -4.90% 20.40% GBP GfK Consumer Sentiment Sep 3 5 7 JPY Industrial Production M/M Aug P -0.50%

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class? Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining

More information

Minimum Australia 0.10% AUD $7.00

Minimum Australia 0.10% AUD $7.00 CMC Markets s Schedule for CFD trades executed as a client introduced by Rivkin Securities Pty Ltd to CMC Markets are outlined below. These rates are current at the time of this email however may be subject

More information

Economic Data. International Market Recap. September 21, 2015. September 18, 2015

Economic Data. International Market Recap. September 21, 2015. September 18, 2015 Economic Data September 18, 2015 Country Economic Data Actual Expected Previous JPY BoJ Minutes EUR Eurozone Current Account (EUR) Jul 22.6B 21.3B 25.4B CAD CPI M/M Aug 0.00% 0.00% 0.10% CAD CPI Y/Y Aug

More information

Global Investing: The Importance of Currency Returns and Currency Hedging

Global Investing: The Importance of Currency Returns and Currency Hedging Global Investing: The Importance of Currency Returns and Currency Hedging There is a continuing trend for investors to reduce their home bias in equity allocation and increase the allocation to international

More information

Chapter 4.1. Intermarket Relationships

Chapter 4.1. Intermarket Relationships 1 Chapter 4.1 Intermarket Relationships 0 Contents INTERMARKET RELATIONSHIPS The forex market is the largest global financial market. While no other financial market can compare to the size of the forex

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

db Currency Harvest Deutsche Bank Global Currency Harvest Index Deutsche Bank Balanced Currency Harvest Index Deutsche Bank G10 Currency Harvest Index

db Currency Harvest Deutsche Bank Global Currency Harvest Index Deutsche Bank Balanced Currency Harvest Index Deutsche Bank G10 Currency Harvest Index GLOBAL MARKETS CURRENCIES & COMMODITIES db Currency Harvest Deutsche Bank Global Currency Harvest Index Deutsche Bank Balanced Currency Harvest Index Deutsche Bank G10 Currency Harvest Index Introducing

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Evaluating the Australian Outlook through a Global Lens

Evaluating the Australian Outlook through a Global Lens Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%

More information

Crude Oil Price Decline. January 2015

Crude Oil Price Decline. January 2015 Price Decline January 2015 Crude Oil Prices in the U.S. West Texas Intermediate Crude Oil Spot Price - 2014 $120 $110 $100 The price of WTI fell 49% in the second half of 2014 $90 $80 $70 $60 $50 $40 Dec-14

More information

Economic Data. October 30, 2015. October 29, 2015

Economic Data. October 30, 2015. October 29, 2015 Economic Data October 29, 2015 Country Economic Data Actual Expected Previous NZD RBNZ Rate Decision 2.75% 2.75% 2.75% JPY Industrial Production M/M Sep 1.00% -0.60% -1.20% AUD Import Price Index Q/Q Q3

More information

April 2012. The European Fund Classification. EFC Categories

April 2012. The European Fund Classification. EFC Categories April 2012 The European Fund Classification EFC Categories Table of Contents 1. Introduction... 1 2. Historical Background... 1 3. State of Play... 2 4. Overview of the European Fund Classification...

More information

The Growing Importance of Fixed Income Analytics

The Growing Importance of Fixed Income Analytics Trusted by the Market. Driven by You. www.yieldbook.com The Growing Importance of Fixed Income Analytics Susan Y. Lin Managing Director Regional Head, Asia Pacific The Yield Book and Citi Fixed Income

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE HEADLINE GOES ANZ HERE ETFS PHYSICAL ONE LINE GOLD OR TWO ETF ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE THE EXCHANGE TRADED FUND THAT S AS GOOD AS GOLD 1 WHAT IS ANZ ETFS PHYSICAL GOLD ETF?

More information

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition March 2015 Investment policy CH, DE, AT, IT, FR, FL and LU edition Further expansion of the equity exposure in Europe and the emerging countries. The Swisscanto equities barometer 0 neutral allocation

More information

Asset class Name Currency 1 year 3 years 5 years NAV Date. Equities CSI300 Transportation UCITS ETF 1D EUR % 45.18% 19.

Asset class Name Currency 1 year 3 years 5 years NAV Date. Equities CSI300 Transportation UCITS ETF 1D EUR % 45.18% 19. 08/10/2016 Performance Asset class Name Currency 1 year 3 years 5 years NAV Date Equities CSI300 Transportation UCITS ETF 1D EUR -30.24% 45.18% 19.74% 30/09/2016 Equities MSCI Japan Index UCITS ETF (DR)

More information

FX Strategies. in the Post-Crisis World. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2009

FX Strategies. in the Post-Crisis World. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2009 FX Strategies in the Post-Crisis World Eddie Wang Head of FX Structuring, Asia Hong Kong October 2009 Contents ONE Key Trends in the Post-Crisis World TWO FX Hedging Strategies THREE FX Investment Strategies

More information

Fixed Income Training Seminar Asset Management Experience

Fixed Income Training Seminar Asset Management Experience Asset Management Fixed Income Training Seminar Asset Management Experience Philipp Büchler, Chris Koslowski, Markus Kramer, Manuel Walker Credit Suisse Asset Management Core Fixed Income Group Zurich August

More information

Special Drawing Rights A Way out of Global Imbalances?

Special Drawing Rights A Way out of Global Imbalances? Special Drawing Rights A Way out of Global Imbalances? Stefan Bender Special Drawing Rights Definition Special Drawing Rights (SDR) are the monetary unit of the reserve assets of the International Monetary

More information

STANDARD TARIFF SCALE STOCK, ADR, ETF

STANDARD TARIFF SCALE STOCK, ADR, ETF ANNEX 1 TO BROKERAGE SERVICE AGREEMENT USA Canada Mexico Austria Belgium France NORTH AMERICA Fee EUROPE Germany SWB FWB (1) Chi-X/NURO/Turqoise DE Xetra ETFs Xetra - Stocks Italy Netherlands Spain Sweden

More information

Annual financial statements, distributions & tax issues

Annual financial statements, distributions & tax issues Portfolio Funds 2087605 CH0020876055 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF A CHF CH 31.12. Distributing 19955038 CH0199550382 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF

More information

Glovista Global Perspectives

Glovista Global Perspectives Issue 65 May/15 Monthly Newsletter for Global Investors Glovista Global Perspectives This issue : S&P Sector Performance P.2 Ccy and Cmdty Performance P.3 Important Interest Rates P.4 Carlos Asilis, Ph.D.

More information

IMM Positioning IMM positioning: Still room for short sterling positions

IMM Positioning IMM positioning: Still room for short sterling positions Investment Research General Market Conditions 25 February 213 IMM Positioning IMM positioning: Still room for short sterling positions The latest IMM data covers the week from 11 February to 19 February.

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 Important Information This presentation represents the opinion of Jeremy

More information

FxPro Education. Introduction to FX markets

FxPro Education. Introduction to FX markets FxPro Education Within any economy, consumers and businesses use currency as a medium of exchange. In the UK, pound sterling is the national currency, while in the United States it is the US dollar. Modern

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

THE US DOLLAR, THE EURO, THE JAPANESE YEN AND THE CHINESE YUAN IN THE FOREIGN EXCHANGE MARKET A COMPARATIVE ANALYSIS

THE US DOLLAR, THE EURO, THE JAPANESE YEN AND THE CHINESE YUAN IN THE FOREIGN EXCHANGE MARKET A COMPARATIVE ANALYSIS THE US DOLLAR, THE EURO, THE JAPANESE YEN AND THE CHINESE YUAN IN THE FOREIGN EXCHANGE MARKET A COMPARATIVE ANALYSIS ORASTEAN Ramona Lucian Blaga University of Sibiu, Romania Abstract: This paper exposes

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12

More information

Tariffs & Charges Schedule for Investment Services

Tariffs & Charges Schedule for Investment Services I. ADVISORY TRADING IN INTERNATIONAL SECURITIES EQUITIES, ETFs (Buy & Sell Orders) next (Belgium, France, Netherlands); Germany (Xetra); Italy (Borsa Italiana) minimum EUR 30.00 United Kingdom (London

More information

Seven-year asset class forecast returns, 2015 update

Seven-year asset class forecast returns, 2015 update Schroders Seven-year asset class forecast returns, 2015 update Craig Botham Emerging Markets Economist Introduction Our seven-year returns forecast builds on the same methodology which has been applied

More information

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly

More information

2013 Half Year Results

2013 Half Year Results 2013 Half Year Results Erwin Stoller, Executive Chairman Joris Gröflin, Chief Financial Officer Agenda 1. Introduction and summary of first half year 2013 2. Financial results first half year 2013 3. Outlook

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

Index Solutions A Matter of Weight

Index Solutions A Matter of Weight Index Solutions A Matter of Weight Newsletter No. 11 Our current newsletter is about weight, or more precisely the weighting of equities in an index. Non-market capitalization weighted indices are at present

More information

MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014

MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 INTRODUCTION Loved by many, reviled by others, multi-asset strategies are undeniably a key feature of the investment landscape. In the US they

More information

} } Global Markets. Currency options. Currency options. Introduction. Options contracts. Types of options contracts

} } Global Markets. Currency options. Currency options. Introduction. Options contracts. Types of options contracts Global Markets Currency options Currency options Introduction Currency options have gained acceptance as invaluable tools in managing foreign exchange risk. They are extensively used and bring a much wider

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

Justifying the investment budget

Justifying the investment budget Justifying the investment budget Professional Pensions DC Conference, 12 April 2016 Tim Horne DC Investment Solutions Manager, Schroders For professional investors only. This material is not suitable for

More information

Information on our MiFID order handling & execution policy

Information on our MiFID order handling & execution policy Public Information on our MiFID order handling & execution policy Product General Procedure - Foreign Exchange This is a supplement to the information on our MiFID order handling & execution policy July

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

Monthly European ETF Market Trends SEPTEMBER 2015 in brief

Monthly European ETF Market Trends SEPTEMBER 2015 in brief LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME

More information

BOURSE SECURITIES LIMITED

BOURSE SECURITIES LIMITED Price per barrel ($) Price per mmbtu ($) BOURSE SECURITIES LIMITED May 4 th, 2015 Oil prices up, Investors gain Today we at Bourse discuss the recent recovery in global oil prices and consider some of

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

2014 Risk Management Practices Survey

2014 Risk Management Practices Survey Foreign Exchange 2014 Risk Management Practices Survey FX Risk Management Practices Survey 1 Table of contents Executive summary...2 Risk management practices... 5 Survey participants...6 Risk management

More information

PRESS RELEASE. Frankfurt, May 2007

PRESS RELEASE. Frankfurt, May 2007 PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year 2006 1 : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing

More information

Monthly European ETF Market Trends OCTOBER 2015 in brief

Monthly European ETF Market Trends OCTOBER 2015 in brief LYXOR ETF BAROMETER NOVEMBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

CENTRAL BANKS, EUR & GEOPOLITICS Camilla Sutton l Chief Currency Strategist (416)866 5470 l camilla.sutton@scotiabank.com

CENTRAL BANKS, EUR & GEOPOLITICS Camilla Sutton l Chief Currency Strategist (416)866 5470 l camilla.sutton@scotiabank.com DIAL IN: 905 694 9451 (local to Toronto) PASSCODE: 942 044 097# CONFERENCE CALL COMMANDS Press 1 Skip backward 5 seconds Press 3 Skip forward 5 Press 4 Skip backward 5 minutes Press 6 Skip forward 5 minutes

More information

Signs of wage growth emerge in the US

Signs of wage growth emerge in the US 9 JANUARY 2017 Signs of wage growth emerge in the US By Florence Tan, Tae Hyon Ahn, Celestee Tan Average hourly earnings in the US rose to a post crisis high of 2.9% yoy in December. This is the first

More information

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund

For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme

More information

MERCER PORTFOLIO SERVICE MONTHLY REPORT

MERCER PORTFOLIO SERVICE MONTHLY REPORT MERCER PORTFOLIO SERVICE MONTHLY REPORT MAY 206 Mercer Superannuation (Australia) Limited ABN 79 004 77 533 Australian Financial Services Licence # 235906 is the trustee of the Mercer Portfolio Service

More information

STRUCTURED PRODUCTS. Weekly Ideas

STRUCTURED PRODUCTS. Weekly Ideas STRUCTURED PRODUCTS Weekly Ideas 00 2 222 Table of Contents 0/04/2009 New Issues USD Month Microsoft Reverse Convertible USD 2 Year Floating Rate Note 4 USD Year Floating Rate Note 5 Trade Ideas 6 USD

More information

Commodities not finding much traction despite USD weakness

Commodities not finding much traction despite USD weakness Commodities not finding much traction despite USD weakness Commodities continued to show weakness into the second week of 2013 despite rising stock markets and a falling US dollar. Investors are generally

More information

DAILY FX OUTLOOK. Thursday, October 08, 2015 Major FX Themes. FX Strategy/Trading Ideas. Asian FX

DAILY FX OUTLOOK. Thursday, October 08, 2015 Major FX Themes. FX Strategy/Trading Ideas. Asian FX DAILY FX OUTLOOK Thursday, October 08, 2015 Major FX Themes In spite of firmer UST yields, the USD ended mixed against the majors on Wednesday. Improved risk appetite saw the antipodeans gaining against

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Chapter 16: Financial Risk Management

Chapter 16: Financial Risk Management Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits

More information

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE ab UBS Investment Research Market View Market Outlook: Optimistic but Realistic Global Rebalancing A falling dollar and rising energy prices took a toll on stock market performance the S&P 500 fell 3.81%

More information

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate 6-Year USD Call Spread Notes on the 5 Year USD Swap Rate - NON-US INVESTORS ONLY - - PRIVATE PLACEMENT ONLY - NO PUBLIC DISTRIBUTION - Final Termsheet as of November 2, 2015 (Version 2.00) All material

More information

DSL Investment-Linked Plan Series Principal Brochure Investment Choice Brochure June 2011

DSL Investment-Linked Plan Series Principal Brochure Investment Choice Brochure June 2011 June 2011 SFC authorization is not a recommendation or endorsement of DSL InvestSmart Plus Investment-Linked Plan / DSL InvestSmart Investment-Linked Plan (collectively known as DSL Investment-Linked Plan

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

The benchmark portfolio for the Government Pension Fund Global

The benchmark portfolio for the Government Pension Fund Global Letter to the Ministry of Finance The benchmark portfolio for the Government Pension Fund Global 1. Background In its letter dated 20 June 2008, the Ministry of Finance asked for Norges Bank s recommendations

More information

The Volcker Rule. Implications for the FX Market

The Volcker Rule. Implications for the FX Market The Volcker Rule Implications for the FX Market Ulrich Leuchtmann Head of FX Research June 2012 The Volcker rule General idea: a new version of Glass-Steagall Glass-Steagall Bank Volcker Rule Bank Investment

More information

KONE s interim report for January March 2016 APRIL 21, 2016 HENRIK EHRNROOTH, PRESIDENT & CEO

KONE s interim report for January March 2016 APRIL 21, 2016 HENRIK EHRNROOTH, PRESIDENT & CEO KONE s interim report for January March 2016 APRIL 21, 2016 HENRIK EHRNROOTH, PRESIDENT & CEO Figures for January March 2016 Q1 2016 Key figures STRONG OPERATING PERFORMANCE; ORDERS DECLINED FROM A HIGH

More information

And this flight to safety is also evidenced in the G3 sovereign bond markets where long bond yields of Germany, Japan and US declined sharply in

And this flight to safety is also evidenced in the G3 sovereign bond markets where long bond yields of Germany, Japan and US declined sharply in The New Year started on a choppy note for global capital markets as a couple of Black Swan events buffeted risky assets globally. The rapid technical break-down of Crude Oil and Copper followed by the

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

More information