Last week, the U.S. Federal Communication Commission (FCC) announced the results of the latest $20 billion, 600Mhz spectrum auction. Communication companies were bidding for spectrum over which they provide wireless services to their customers. The largest bids came from wireless mobile operator, T-Mobile USA, which spent $8 billion, and U.S. satellite TV provider DISH Network, which spent $6….Read the article
Guest contributor – Maria Municchi (Fund Manager, M&G Multi-Asset Team)
Despite the partial realignment of European long-dated government bond yields following the Euro crisis in 2012, there has been renewed divergence in yields i…Read the article
Switzerland has made headlines of late as a potential candidate to be labelled a currency manipulator by the U.S. Treasury. For those countries at risk, a report recently published by the U.S Treasury sets out three key criteria the U.S. Treasury will use in order to assess whether a country is “pursuing unfair practices”. Firstly, the country would have a significant bilateral trade surplus wi…Read the article
Bond markets are behaving like the Trump reflation trade isn’t going to happen, whilst equities seem to believe in 4% GDP growth 4evah. Today I’m joined by M&G multi-asset fund manager and author Eric Lonergan to discuss Trump’s first hundred days in office, and to think about this seeming disconnect in asset valuations.
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This week it’s the high yield market’s turn under the microscope, as James Tomlins joined me this morning on BVTV. And there was plenty to discuss:
- Thoughts on Europe’s latest restructuring story
- Last year’s energy risk premium has disappeared – is this justified?
- All change: which sector has taken over as HY’s most distressed?
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The Czech National Bank (CNB) has removed its cap against the Euro, which I blogged about earlier this year. Though the signs had been pointing to an early removal (headline inflation had been within the target range since October last year and the CNB had hardened its signalling language), the timing of yesterday’s move at the central bank’s extraordinary meeting did come as a surprise. Curren…Read the article
It is hard to remember a time when there was so much disagreement around the outlook for corporate bond markets and risk assets. Some investors remain sceptical about the underlying strength of the rally and are uneasy at the pace at which secular stagnation concerns were washed away by the election of Donald Trump. Other investors, hesitant to hold cash or in negative yielding short-dated gove…Read the article
I’m three months into my attempt to climb 100 iconic hills, bergs, kops and mountains on my bike in 2017. So far I’ve ridden up 28 of them, mostly in torrential rain.
The purpose of all this is to raise money for Cancer Research UK, as part of the asset management industry’s goal of donating over £1 million to the great cause this year. So far we’ve collectively raised over £300,000 as part …Read the article
The German federal election in September still seems far away. However, for the first time in years, it appears possible that Angela Merkel could actually lose the election. Martin Schulz, Chancellor candidate and chairman of the Social Democratic Party, is having some early signs of success in the polls and is gaining momentum. As a result, investors in European (and UK ) debt might want to re…Read the article
After a momentous week for the UK last week, Matthew Russell joined me this morning to discuss what the much-anticipated start of Brexit negotiations hold for gilt markets. Tune in to our latest edition of BVTV to hear us discuss:
- Gilt markets’ journey since the EU referendum last year
- What signs we’ll be looking out for from the Bank of England
- Where to find pockets of value in sterling credi…