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BVTV

BVTV: Tech in 2018 vs 2000 – ‘don’t look back in anger?’

Last time I was on BVTV, we touched on how Apple’s market cap is rapidly approaching that of all Europe’s banks combined, prompting me to focus in on the tech sector today, as I try to answer some of the questions that we are most frequently asked by clients. In particular, what are the similarities and differences between 2000 and 2018, and why is momentum (aka hope) currently winning out in t…

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BVTV: A Farewell to Shops?

Toys R Us and House of Fraser are some of the high street names that have faced tough competition from online retailers in recent years. Is the bricks & mortar model passé? Are some industries more resilient than others? And what does this mean for investors? Watch M&G’s Stephen Wilson-Smith explain how a French beauty giant sells more products online than in Latin America and how a US ice-crea…

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BVTV: 2018 YTD – meeting consensus expectations?

As we have now reached the halfway point of 2018, it seems like a good occasion to take stock and see whether the year has lived up to consensus expectations so far. With more news surprises and volatility so far than in 2017, how do the market’s predictions for which asset classes would perform best look today? Watch the latest episode of BVTV as I review year-to-date returns and look at why t…

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BVTV: Accessing credit – cash bonds or CDS?

We have already seen several corrections in credit markets so far this year, providing a good opportunity to analyse these episodes from a volatility perspective to see whether they have created good entry points into previously expensive markets. Finding a good entry point is just the first step though. Next, we must consider whether cash bonds, or CDS, look more attractive.

Tune in to this we…

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BVTV: did ‘super week’ justify its billing?

The combination of the US-North Korea summit, crucial Brexit negotiations in the UK, mounting trade tensions, and a raft of central bank activity led some commentators to forecast that this would be the biggest week of the year. In fact, the beginning of the week was rather underwhelming, and it took a dovish ECB to really move markets. See how it all unfolded on today’s episode of Bond Vigilan…

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BVTV: Carry, valuations and fundamentals – the pillars of currency investing

Emerging market currencies have been back in the spotlight in recent weeks after significant repricing – so it seems like a good time to lift the lid on how we think about currency trading. While there are many different aspects to take into consideration, there are three key factors – carry, valuations and fundamentals – that we keep front of mind.

With lower returns from bonds in recent years…

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BVTV: High drama for Italian high yield?

While political instability is nothing new for Italy, last week’s developments have triggered major market moves. The 10-year Italian government spread to Bunds jumped to as high as 288bps last week, which is an impressive move if you consider that investors were only asking for a risk premium of 122bps at the beginning of the month. Despite a rebound in markets towards the end of the week, the…

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BVTV: Time to add Argentina?

After a significant policy error at the end of last year, Argentina has once again found itself in trouble – and back in the headlines –  in recent months, suffering from dented credibility and a fast depreciating peso. This morning on BVTV, I look at whether current levels now offer a buying opportunity.

Also this morning: what’s behind EM FX market weakness, and is it actually a US dollar sto…

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BVTV: Why the banking sector picture is mixed

Having lagged the broader market somewhat last year, US banks are expected to see revenue gains in 2018 as interest rates continue their rise. By contrast, the picture in Europe is less rosy, and earnings catalysts remain hard to find.

Stephanie Betts, an investment specialist in M&G’s equities team, joined me this morning to discuss prospects for bond and equity investors. Tune in to hear us d…

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