DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015

Size: px
Start display at page:

Download "DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015"

Transcription

1 DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 generali-worldwide.com

2 INDEX 1 Global Economic back-drop & Macro Situation UK Financial Markets The GBP Deposit Administration Fund Performance comparison chart Asset distribution by sector Asset distribution by credit rating... 6 DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 Page 2 of 7

3 1 Global Economic back-drop & Macro Situation 2015 was the year of growth and monetary policy divergence. The recovery in the advanced economies (AEs) progressed further while China and emerging markets (EMs) experienced a slowdown in growth. On the monetary side the Fed eventually tightened, raising its policy rate at the December meeting, whilst the ECB and many other major central banks continued to ease their stance further. The US economy grew by around 2.5%, thanks to a solid expansion in personal spending and real disposable income, with the latter benefitting from; a stronger labour market, plunging energy prices and the overall good state of households balance sheet. On the corporate side, the subdued growth in capital expenditure seen in 2015 was almost totally due to the oil sector, with profitability problems in exporting firms providing an additional drag. The appreciation of the US dollar was the main cause behind the contraction in manufacturing activity, the wider effects of which, however, has not yet spilled over to the rest of the economy. Euro area growth (1.5% in 2015) was boosted by falling oil prices (positive impact on real incomes) and a weaker euro stimulating export. Last year marked a turnaround in peripheral economies, with Italian real GDP turning to growth along with improving labour market dynamics. The reduction in financial fragmentation and a more benign fiscal stance were key drivers in this contest. Greece was a notable exception. After the victory of the left-wing SYRIZA party in January, it avoided an exit from the euro area only thanks to a last-minute third bailout package in the summer. Renewed political uncertainty also weighed on Portugal and Spain, but to a much lower degree. The different stage in the economic cycle led monetary policies to diverge. In December, the Fed began the long-awaited tightening with a 25 bps rate hike while the ECB embarked on outright QE at the start of the year and then later extended its duration until March It also lowered the deposit rate even deeper into negative territory (-0.3%). Emerging Markets, on the contrary, faced a growth slowdown, but conditions varied widely across countries. Brazil is mired in recession and it is likely to face a prolonged period of economic and political instability. However, the risk of a hard landing of the Chinese economy, which attracted a lot of attention during the summer, appears to be much lower now, also thanks to a significant easing of the monetary (cuts in policy rates and reserve requirements) and currency (depreciation of the yuan against the US dollar) stance. Other Emerging Markets suffered from the plunge in commodity prices and from currency and financial market turbulence related to higher expected US rates and the stronger dollar. The 2016 outlook for Advanced Economies looks broadly similar to last year s one. US growth will remain higher than the euro area s and the divergence in monetary policy will continue. Emerging Markets will remain under pressure due to weak commodity prices and tighter financial conditions. However, a 1997-style crisis seems unlikely. DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 Page 3 of 7

4 2 UK Financial Markets The UK bond market started 2015 with 5 year Gilt yields at 1.16% and 10 year Gilt yields at 1.76%. They ended the year slightly higher at 1.35% and 1.96% respectively. The rise in yields resulted in the 3-7 year UK Government bonds returning 1.18% vs s 6.29%. UK Gilts rallied strongly in January as the ripple effects of the European Central Banks quantitative easting program coupled with falling domestic growth and inflation to drive Gilts yields to their lows of the year. These gains proved short lived as an upbeat quarterly inflation report, released early February, projected inflation above their 2% target at the end of their three year forecast period. The losses were accelerated towards the end of the month when Bank of England officials, including Mark Carney Central Bank Governor, testified to lawmakers that the impact of lower oil and food prices were temporary. With 10 year Gilt yields approaching 2% markets received further guidance from Mark Carney. During his speech in Sheffield he warned of a risk that low inflation will become persistent. Factors mentioned were continued foreign low inflation and the protracted effects of sterling s strength on UK consumer prices. In May the UK Conservative party achieved a surprise election win which served to calm investor sentiment that have been concerned over potential political deadlock. Gilts initially rallied as investors anticipated lower public spending and borrowing. In the summer Gilts drifted lower, in sympathy with US Treasuries, as anticipation of the timing of a US interest rate hike grew. As Global equity markets tumbled in August government bonds were initially well bid. As signs of stabilisation began to emerge the premium began to erode and yields trended higher in the fourth quarter was a volatile year for equities with the UK FTSE 100 reaching an all-time high, closing above With commodity producers struggling for most of 2015, however, the index, with its high allocation to materials, struggled to hold on to the gains and the index closed under 6250 at the end of the year. Sterling s performance was once again impacted by US dollar strength with holders of the American currency outperforming holders of the pound by 5.8%. Against the Euro however the pound out performed with owners of the Euro experiencing losses for the year of 5.1%. DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 Page 4 of 7

5 3 The GBP Deposit Administration Fund As detailed in the following chart, the declared rate for 2015 on the Sterling Deposit Administration fund was 1.5%. This reflects another good performance by the fund as other shorter duration assets have lower yields as can be seen below. The bonds backing the fund remain extremely high quality with over 40% of the fund backed by AAA rated securities. The modified duration of the assets backing the Deposit Administration Fund is currently at 3.1 years, from 3.0 at the start of the year, giving some protection from potential increases in bond yields. We continue to actively manage the assets within the fund to provide the best outcome possible in PERFORMANCE COMPARISON CHART year Gilt Yield Cash Yield Deposit Administration Fund Yield DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 Page 5 of 7

6 3.2 ASSET DISTRIBUTION BY SECTOR Government Financial Covered Energy Transport Consumer, Cyclical Cash Industrial Consumer, Non-cyclical 3.3 ASSET DISTRIBUTION BY CREDIT RATING AAA AA A DEPOSIT ADMINISTRATION FUND ANNUAL REPORT 2015 Page 6 of 7

7 Registered Head Office address:, Generali House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Incorporated in Guernsey under Company Registration No T +44 (0) F +44 (0) generali-worldwide.com Regulated in Guernsey as a licensed insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). is part of the Generali Group, listed in the Italian Insurance Group Register under number 026. Websites may make reference to products that are not authorised or regulated and/or are not available for offering to planholders in certain jurisdictions.

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor

INFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate

More information

M&G Corporate Bond Fund

M&G Corporate Bond Fund Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

Euro Zone s Economic Outlook and What it Means for the United States

Euro Zone s Economic Outlook and What it Means for the United States WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy October 2015 Market Volatility likely to Remain Elevated on China Growth Concerns & Fed Rate Uncertainty. Stocks

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Heritage With Profits Fund Investment Report: UK Pension Business

Heritage With Profits Fund Investment Report: UK Pension Business Heritage With Profits Fund Investment Report: UK Pension Business Q1 2016 This leaflet gives information on the following factors that affect with profits plan values types of assets how these affect investment

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

A Checklist for a Bond Market Sell-off

A Checklist for a Bond Market Sell-off A Checklist for a Bond Market Sell-off New Zealand Fixed Income Monthly Commentary February 2013 Christian@harbourasset.co.nz +64 4 460 8309 Just like 2011 and 2012, the start of a new year has again prompted

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

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%) The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The

More information

MACROECONOMIC OVERVIEW

MACROECONOMIC OVERVIEW MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial

More information

Interest Rate Forecast

Interest Rate Forecast Interest Rate Forecast Economics December Highlights Fed normalization begins More policy moves in China Canada s uneven economy BoC on hold, lower CAD Per cent 6 4 3 2 1 U.S. Federal Funds Rate A continuation

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter Hit New Highs in a Volatile Quarter Stock investors in the U.S. and around the globe had plenty to cheer about during the first quarter of 2015 as at least 17 world stock indexes set news highs due to

More information

OVERVIEW. A cyclical upswing is underway favoured by several temporary tailwinds

OVERVIEW. A cyclical upswing is underway favoured by several temporary tailwinds OVERVIEW A cyclical upswing is underway favoured by several temporary tailwinds whose strength underpins an upward revision to the growth forecast this year The outlook for economic growth in the EU has

More information

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100 6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to be around its long-run average in 015 and 016 (Graph 6.1). Forecasts for 015 have been revised

More information

How To Get Through The Month Of August

How To Get Through The Month Of August London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Committee and Date Cabinet 10 June 2015 12.30 pm Item 9 Public TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Responsible Officer James Walton e-mail: james.walton@shropshire.gov.uk Tel: (01743) 255011 1.

More information

The Deloitte CFO Survey

The Deloitte CFO Survey The Deloitte CFO Survey Brexit tops risk list This quarter s CFO Survey is the first to be conducted since the announcement that the UK s EU membership referendum will take place on 23rd June. It shows

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

More information

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but

More information

2015Q1 INVESTMENT OUTLOOK

2015Q1 INVESTMENT OUTLOOK TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for

More information

Danske Bank May 4th 2016 Economic Update,

Danske Bank May 4th 2016 Economic Update, Monthly update: 4 May 2016 Danske Bank Chief Economist, Twitter: angela_mcgowan Local job and investment announcements during April 2016: Over the month of April 2016 there were no new job announcements

More information

Economy, Capital Markets & Strategy

Economy, Capital Markets & Strategy Sébastien Mc Mahon, CFA Economist Member, Asset Mix Committee Economy, Capital Markets & Strategy 2014 National Business Conference October 2014 1 October 23, 2014 Disclaimer Opinions expressed in this

More information

Global Agg REITS 34.4% REITS MSCI EM 35.8% MSCI EM 33.6% 4.8% Comdty. Small cap. Comdty MSCI EM 28.8% 16.2% -35.6% Growth 10.5% Value.

Global Agg REITS 34.4% REITS MSCI EM 35.8% MSCI EM 33.6% 4.8% Comdty. Small cap. Comdty MSCI EM 28.8% 16.2% -35.6% Growth 10.5% Value. Market Review 5 January 2016 Review of markets over the fourth quarter 2015 2015 was a busy year for investors. First, quantitative easing (QE) from the an Central Bank (ECB), then the spike in bond yields,

More information

Growth and volatility will define global economy in 2016, says PineBridge Investments

Growth and volatility will define global economy in 2016, says PineBridge Investments Growth and volatility will define global economy in 2016, says PineBridge Investments PineBridge Investments forecasts 2.7% GDP growth in the United States Eurozone growth projected to slightly improve

More information

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives

More information

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to

More information

Global Agg REITS MSCI EM MSCI EM 35.8% REITS 34.4% 33.6% 4.8% Small cap. Comdty. Comdty MSCI EM -35.6% 28.8% 16.2% Growth 10.5% REITS. Value.

Global Agg REITS MSCI EM MSCI EM 35.8% REITS 34.4% 33.6% 4.8% Small cap. Comdty. Comdty MSCI EM -35.6% 28.8% 16.2% Growth 10.5% REITS. Value. Market Review November 2015 Review of markets over October October was the month that equities came back. Stock exchanges across the globe had a great month, rebounding from the late summer drawdowns,

More information

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank Press Statement Embargo Delivery 19 May 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South Africa s

More information

EQUINOX PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN 105 989 231

EQUINOX PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN 105 989 231 PERFORMANCE REPORT SEPTEMBER QUARTER 2006 MACQUARIE LIMITED PARTICIPATING SHARES ARBN 105 989 231 Market Commentary Hedge Fund Industry The direction of financial markets in the third quarter was broadly

More information

DOLLARS & SENSE TD Economics

DOLLARS & SENSE TD Economics DOLLARS & SENSE TD Economics THE FED S MESSAGE IS CLEAR: GET READY FOR HIGHER POLICY RATES Highlights Economic data and hawkish commentary from Federal Reserve members have re-adjusted market expectations

More information

Brexit Reflections. June 28, 2016 by Burt White of LPL Financial

Brexit Reflections. June 28, 2016 by Burt White of LPL Financial Brexit Reflections June 28, 2016 by Burt White of LPL Financial KEY TAKEAWAYS The U.K. s unexpected decision to leave the EU sent markets reeling on Friday. We believe the Brexit s impacts on earnings

More information

FINANCIAL REPORT - MARCH 2015

FINANCIAL REPORT - MARCH 2015 FINANCIAL REPORT - MARCH 2015 SUMMARY OF THE MACROECONOMIC INFORMATION The macroeconomic scenario Deflation in Europe, the USA well. The passage of years is very positive for the United States: the positive

More information

TIMING YOUR INVESTMENT STRATEGIES USING BUSINESS CYCLES AND STOCK SECTORS. Developed by Peter Dag & Associates, Inc.

TIMING YOUR INVESTMENT STRATEGIES USING BUSINESS CYCLES AND STOCK SECTORS. Developed by Peter Dag & Associates, Inc. TIMING YOUR INVESTMENT STRATEGIES USING BUSINESS CYCLES AND STOCK SECTORS Developed by Peter Dag & Associates, Inc. 5 4 6 7 3 8 3 1 2 Fig. 1 Introduction The business cycle goes through 4 major growth

More information

Baring High Yield Bond Fund

Baring High Yield Bond Fund PROFESSIONAL ADVISERS ONLY Baring High Yield Bond Fund Quarterly Investment Review Q3 2015 Contents Summary Performance & Investment Strategy Market Review & Investment Outlook Scenarios Important Information

More information

Forex and Interest Rate Outlook 26th August 2015

Forex and Interest Rate Outlook 26th August 2015 Forex and Interest Rate Outlook 26th August 2015 Moderate recovery continues in advanced economies, but a weakening of activity in emerging economies is adding to global deflationary pressures Further

More information

Elite LJ Active Portfolio Fund

Elite LJ Active Portfolio Fund Elite LJ Active Portfolio Fund Short Report for the year ended 30 April 2015 Investment Objective and Policy The objective of the Fund is to achieve a total positive return in all market conditions, over

More information

Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook

Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Caucasus and Central Asia: Oil Price Decline and Regional Spillovers Darken the Outlook Economic activity in the Caucasus and Central Asia (CCA) will continue to decelerate in 215 mainly as a consequence

More information

Summary. Economic Update 1 / 7 May 2016

Summary. Economic Update 1 / 7 May 2016 Economic Update Economic Update 1 / 7 Summary 2 Global World GDP is forecast to grow only 2.4% in 2016, weighed down by emerging market weakness and increasing uncertainty. 3 Eurozone The modest eurozone

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6 South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

Mackenzie Private Wealth Counsel

Mackenzie Private Wealth Counsel Mackenzie Private Wealth Counsel Q1 216 Review Opportunities in a Challenging Macro Environment Todd Mattina, Chief Economist and Strategist, Mackenzie Asset Allocation Team Following one of the rockiest

More information

The current economic situation in Germany. Deutsche Bundesbank Monthly Report February 2015 5

The current economic situation in Germany. Deutsche Bundesbank Monthly Report February 2015 5 The current economic situation in Germany Deutsche Bundesbank 5 6 Overview Global economy German economy emerging from sluggish phase faster than expected The global economy looks to have expanded in the

More information

Monthly Economic Dashboard

Monthly Economic Dashboard RETIREMENT INSTITUTE SM Economic perspective Monthly Economic Dashboard Modest acceleration in economic growth appears in store for 2016 as the inventory-caused soft patch ends, while monetary policy moves

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Autumn 2013 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September

More information

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today. Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and

More information

Euro periphery: our favorite for now

Euro periphery: our favorite for now OUTLOOK Second quarter 2014 For professional investors Euro periphery: our favorite for now Fixed Income Allocation Outlook Q2 2014 Italian Prime Minister Matteo Renzi Kommer van Trigt, Head Fixed Income

More information

Market Review September 2015

Market Review September 2015 Market Review September 2015 Markets remained volatile in September, impacted by the ongoing concerns over slower growth in China and other emerging markets and fears over possible contagion to the global

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 Spring 2015 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

Investment Strategies for Pension Funds. Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK)

Investment Strategies for Pension Funds. Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK) Investment Strategies for Pension Funds Christopher Nichols Investment Director, Multi Asset Investing Standard Life Investments (UK) Pensions need consistency but markets deliver chaos Discrete Yearly

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016. Winter 2014/15

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016. Winter 2014/15 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 Winter 2014/15 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

International Trade Monitor

International Trade Monitor British Small and Medium-Sized Enterprises Split Over Health of the UK Economy Overall SME importer and exporter confidence sees dip in Q1 Increase in SMEs hurt by sterling volatility Eurozone concerns

More information

Greece Current trajectory & macroeconomic outlook

Greece Current trajectory & macroeconomic outlook Greece Current trajectory & macroeconomic outlook 2 η Διημερίδα Επίκαιρα Ζητήματα Φορολογικού Δικαίου 12-13 Δεκεμβρίου 2015 e-θέμις Dr. Platon Monokroussos Group Chief Economist Eurobank Ergasias S.A.

More information

FOREX WEEKLY REPORT. 4 March - 10 March 2013. Dieter Merz, Chief Investment Officer. Luciano Jannelli, Ph.D. Chief Economist

FOREX WEEKLY REPORT. 4 March - 10 March 2013. Dieter Merz, Chief Investment Officer. Luciano Jannelli, Ph.D. Chief Economist Dieter Merz, Chief Investment Officer FOREX WEEKLY REPORT Luciano Jannelli, Ph.D. Chief Economist Luc Luyet, CIIA, CMT Senior Analyst www.migbank.com DISCLAIMER & DISCLOSURES FOREX WEEKLY REPORT - An overview

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

Why Are Government Bond Yields Still Low, and Are They Going up Any Time Soon?

Why Are Government Bond Yields Still Low, and Are They Going up Any Time Soon? September 015 MONTHLY MARKET INSIGHT Why Are Government Bond Yields Still Low, and Are They Going up Any Time Soon? The fear of rising interest rates, which has clouded investors psyches for years, has

More information

The global economy and financial markets. Global growth remained moderate in 2012, restrained by the ongoing. The recession in many European economies

The global economy and financial markets. Global growth remained moderate in 2012, restrained by the ongoing. The recession in many European economies Financial year Market environment The eurozone debt crisis dominated financial market developments. High uncertainty and sluggish growth further lowered benchmark government bond yields. The global economy

More information

FOREX WEEKLY REPORT. 22 April - 28 April 2013. Dieter Merz, Chief Investment Officer. Luciano Jannelli, Ph.D. Chief Economist

FOREX WEEKLY REPORT. 22 April - 28 April 2013. Dieter Merz, Chief Investment Officer. Luciano Jannelli, Ph.D. Chief Economist Dieter Merz, Chief Investment Officer FOREX WEEKLY REPORT Luciano Jannelli, Ph.D. Chief Economist Luc Luyet, CIIA, CMT Senior Analyst www.migbank.com DISCLAIMER & DISCLOSURES FOREX WEEKLY REPORT - An overview

More information

CESEE DELEVERAGING AND CREDIT MONITOR 1

CESEE DELEVERAGING AND CREDIT MONITOR 1 DELEVERAGING AND CREDIT MONITOR 1 February 1, 1 BIS reporting banks continued to scale back their funding to Central, Eastern and South Eastern Europe () in Q3 13, at broadly the same pace as in Q 13,

More information

Gundlach s High-Conviction Investment Idea By Robert Huebscher December 26, 2012

Gundlach s High-Conviction Investment Idea By Robert Huebscher December 26, 2012 Gundlach s High-Conviction Investment Idea By Robert Huebscher December 26, 2012 Count Jeffrey Gundlach among those who expect Japan s currency to collapse because it can t service its debt. Japan s challenges

More information

Bond Market Momentum, Valuation and Risks

Bond Market Momentum, Valuation and Risks Bond Market Momentum, Valuation and Risks New Zealand Fixed Income Monthly Commentary August 1 christian@harbourasset.co.nz + 89 Global bond yields stabilised in July, as markets weighed up two opposing

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,

More information

Contributors from BlackRock Client Solutions

Contributors from BlackRock Client Solutions Contributors from BlackRock Client Solutions Alain Kerneis Head of Strategy & Market Views Vivek Paul Member of Strategy & Market Views John Dewey Member of Strategy & Market Views Jonathan Joiner Member

More information

Monetary Policy Matters

Monetary Policy Matters Monetary Policy Matters February 26, 2015 by Mark Mobius of Franklin Templeton Investments This year we expect the divergence in monetary policy among the world s central banks to be a key theme and a

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

Global Financials Update April 13, 2012

Global Financials Update April 13, 2012 Global Financials Update April 13, 2012 Global Market Update After posting a fairly strong and consistent rally over much of the last six months, the global equity markets have changed course over the

More information

OECD Interim Economic Projections Real GDP 1 Percentage change 2015 2016. September 2015 Interim Projections. Outlook

OECD Interim Economic Projections Real GDP 1 Percentage change 2015 2016. September 2015 Interim Projections. Outlook ass Interim Economic Outlook 16 September 2015 Puzzles and uncertainties Global growth prospects have weakened slightly and become less clear in recent months. World trade growth has stagnated and financial

More information

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 16 March 2016

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 16 March 2016 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 16 March 2016 Publication date: 17 March 2016 These are the minutes of the Monetary Policy Committee meeting ending

More information

General Certificate of Education Advanced Level Examination January 2010

General Certificate of Education Advanced Level Examination January 2010 General Certificate of Education Advanced Level Examination January 2010 Economics ECON4 Unit 4 The National and International Economy Tuesday 2 February 2010 1.30 pm to 3.30 pm For this paper you must

More information

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT

More information

Fresno County Employees Retirement System Core Plus & MSFD

Fresno County Employees Retirement System Core Plus & MSFD Fresno County Employees Retirement System Core Plus & MSFD November 2, 2011 PRESENTED BY Stephanie S. Lord, CFA, CIC Vice President, Client Portfolio Manager One Financial Center Boston, Massachusetts

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

Opportunity in High Yield Bonds

Opportunity in High Yield Bonds Research Opportunity in High Yield Bonds 2016 Q1 Quarterly Commentary Weyland Capital Management LLC - 22 Deer Street - Portsmouth, New Hampshire 03801 p. 603.433.8994 www.weyland.com This document reflects

More information

Monthly Review of ABLV Mutual Funds (December, 2015)

Monthly Review of ABLV Mutual Funds (December, 2015) Monthly Review of ABLV Mutual Funds (December, 2015) Management company comment The last month of the year 2015 was a big disappointment to almost all asset investors. Contrary to the traditional Santa

More information

How To Be Cheerful About 2012

How To Be Cheerful About 2012 2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.vancraeynest@petercam.be 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises

More information

M&G Corporate Bond Fund

M&G Corporate Bond Fund M&G Corporate Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2015 For the year ended 30 June 2015 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds

More information

Strategy Document 1/03

Strategy Document 1/03 Strategy Document / Monetary policy in the period 5 March to 5 June Discussed by the Executive Board at its meeting of 5 February. Approved by the Executive Board at its meeting of 5 March Background Norges

More information

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the Capital markets seminar, hosted by Terra-Gruppen AS, Gardermoen,

More information

April 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy

April 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy April 2015 Stocks to Stabilize & Post Gains with Further Rate Cuts & Easing Measures, ECB s QE, Gradual, Modest

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

SEPTEMBER 2015 ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1

SEPTEMBER 2015 ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 SEPTEMBER 2015 STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 1. EURO AREA OUTLOOK: OVERVIEW AND KEY FEATURES The recovery in activity in the euro area is expected to continue, albeit at a somewhat

More information

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013. ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing

More information

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 3 February 2016

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 3 February 2016 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 3 February 2016 Publication date: 4 February 2016 These are the minutes of the Monetary Policy Committee meeting ending

More information

Top 5 Best-Selling Stocks For 2013

Top 5 Best-Selling Stocks For 2013 Portfolio Comparison Report Prepared For John Vanderman By Pro Demo User June 17, 2013 John Vanderman: Top Holdings Global Diversified Model: Top Holdings Scenario Impact Summary Scenario: John Vanderman

More information

FIXED INCOME STRATEGY HIGHLIGHTS OCTOBER, 2015

FIXED INCOME STRATEGY HIGHLIGHTS OCTOBER, 2015 FIXED INCOME STRATEGY HIGHLIGHTS OCTOBER, 2015 IN BRIEF: The U.S. Fixed Income Markets During the third quarter, the U.S. economy showed continued progress coupled with a decline in the U.S. unemployment

More information

Treasury Management Annual Report and Quarterly Monitoring for the period ended 31 March 2014

Treasury Management Annual Report and Quarterly Monitoring for the period ended 31 March 2014 Report title Treasury Management Annual Report and Quarterly Monitoring for the period ended 31 March 2014 Meeting Resources Committee Authority Date 22 July 2014 2 October 2014 Report by Document Number

More information

SHORT DURATION BONDS

SHORT DURATION BONDS SHORT DURATION BONDS Our Short Duration Bond Fund range RL Short Duration Gilt Fund RL Short Duration Global Index Linked Bond Fund RL Short Duration Credit Fund RL Duration Hedged Credit Fund RL Short

More information

Thinking tactically: What really happens next?

Thinking tactically: What really happens next? Thinking tactically: What really happens next? Guy Monson March 2015 Since 2008, Central bank asset purchases have successfully protected markets from an array of global risks... A SHARP INCREASE IN CENTRAL

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2016 and 2017

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2016 and 2017 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2016 and 2017 Summer 2016 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

The Impact of Currency Wars

The Impact of Currency Wars The Impact of Currency Wars Risk Insights A fresh outbreak of currency wars (the manipulation of currencies to boost exports) will significantly increase risks for cross-border trade and investment. The

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Summer 2013 1 About the European Forecasting Network The European Forecasting Network (EFN) is a research group of European institutions,

More information

The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference

The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference Economic Outlook Spain June 9 2016 The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference The global economic scenario has improved

More information

U.S. Fixed Income: Potential Interest Rate Shock Scenario

U.S. Fixed Income: Potential Interest Rate Shock Scenario U.S. Fixed Income: Potential Interest Rate Shock Scenario Executive Summary Income-oriented investors have become accustomed to an environment of consistently low interest rates. Yields on the benchmark

More information