Years in the bond markets: 11
Specialist subjects: Macro economics and corporate bonds
Likes: Espresso, my dogs, wine tasting, entrepreneurship, sailing, meditation and Travelling
Heroes: Rosalen (my wife!), Iron Man, Larry Page, Sergey Brin, and the Ashoka Network
Tune in to our latest edition of BVTV, where this week I discuss:
- The Fed hiked again! How did markets react?
- The ride of EM currencies to date
Watch the video
Join us on Bond Vigilantes TV, where this week we discuss:
- Which developed market currency is behaving like an EM?;
- UK and US inflation data: fasten your seat belt (an interview with a special guest);
- Economic insights from Trump’s inauguration day.
We will also discuss about upcoming events for the week in the economic calendar. Tune in!
Watch the video
This week on BVTV Nicolo Carpaneda discusses what’s behind the recent sell-off in government bond yields. He takes a look at some surprising updates from the US and asks the question: who is suffering one of the hardest recessions in history? Nicolo also previews the week ahead in the bond markets. Tune in to find out more. Happy Halloween!
I recently visited Hong Kong and Singapore to attend some conferences and meet clients in the region. While travelling, I put together a short video to share some of our views on Asian emerging economies and emerging markets in general.
As recently reported in Claudia’s Panoramic outlook here, following both the 2013 sell-off and the recent EMFX volatility experienced earlier this year, investo… Read the article
2013 has offered another injection of both adrenaline and performance to fixed income investors. A rapid sell-off shook emerging markets just before the summer while the Fed was conducting a “tapering yes/tapering no” ballet that lasted for more than six months. European peripheral countries finally came out of recession, although unemployment levels remain alarmingly high. In parallel, global … Read the article
As Mike just reported, we remain concerned with a number of internal issues as well as external vulnerabilities facing emerging markets. With economic growth fuelled by excessive credit growth, deteriorating current account balances and potential contagion risk if the Fed tightens monetary policy (leading to capital flows back to the US and Europe), another big sell-off can certainly not be rul… Read the article
Italian politics has been in the international news, again. Markets tend to fear instability and Italy is always a creative and boundless source of uncertainty. We Italians have a wonderful ability to put ourselves into trouble. The good news is that markets in recent weeks have held up more than in the past.
1 – Political life in the peninsula
In the last few weeks, research from many well-kn… Read the article
Stefan took some time off over Easter for a quick holiday in Zimbabwe and, as always, he remained on the lookout for economic insights.
As the only country to experience hyperinflation this millennium, Zimbabwe can certainly provide valuable lessons. From late 2008 its inflation was estimated to be running at a staggering 489,000,000,000% on an annual basis. The economy collapsed, and the popul… Read the article
It is commonly believed that – thanks to shale oil and gas discoveries in the US over the past couple of decades – the US is on a path towards energy self-sufficiency. Subsequent cheaper gas prices are boosting competitiveness in some domestic industries, starting from bulk chemicals and primary metals, by lowering the costs of both raw materials and energy.
But will the US and its domestic … Read the article
Earlier this year, Stefan highlighted the potential for sovereign debt downgrades to push big European companies into high yield territory becoming “fallen angels”, issuers downgraded from investment grade to high yield. This is something the Financial Times has also recently picked up on. The chart below shows how near the average European sovereign ratings are to sub-investment grade.
Rating… Read the article