December 2013 Equity Investment Outlook Fundamentals Update as at 28 November 2013 by Lorenzo Beriozza Risk assets have risen further over the course of November, as political wrangling over the economy in the US has receded in the rearview mirror, while economic data has been encouraging and the US third quarter earnings season has come [...]
US Capital Goods Fundamentals Update as at 27 November 2013 by Lorenzo Beriozza New orders of capital goods have not progressed at all in 2013. Both orders and shipments reached their peak at the start of the year and since then have gone sideways. Moreover, after factoring in the speed bump that orders and shipments [...]
EU CPI Fundamentals Update as at 26 November 2013 by Lorenzo Beriozza October HICP inflation was the lowest in four years. On a quarterly basis, it looks as if price levels will fall in Q4. Declines are rare and usually followed by a reversal the following quarter. Overall, we do not think the factors that [...]
The US Fed in October Fundamentals Update as at 25 November 2013 by Lorenzo Beriozza Tapering of asset purchases could begin “in coming months” cried the minutes of the Fed’s October policy meeting. But the other message that rings loud and clear from both the minutes and recent remarks by Bernanke and Yellen is that [...]
US Consumer Price Index Fundamentals Update as at 21 November 2013 by Lorenzo Beriozza The Consumer Price Index (CPI) fell by 0.06% in October from the month prior surprising to the downside with economists expecting a flat reading. The YoY advance slowed to just 0.96% -- its lowest level in four years. Core CPI inflation [...]
Japan Inflation Fundamentals Update as at 20 November 2013 by Lorenzo Beriozza Upward pressures on CPI from energy inflation have started to soften, suggesting that the YoY CPI inflation rate should soften around the end of this year despite continuing modest price hikes for food products. Wage-related indicators remain sluggish. Without a material rise in [...]
UK Interest Rates Fundamentals Update as at 19 November 2013 by Lorenzo Beriozza The Bank of England (BoE) voted unanimously (9-0) to leave interest rates and QE on hold at 0.5% and £375 billion respectively at their November meeting, in line with market expectations. The broader tone of the debate was also quite balanced, consistent [...]
US Earnings Season Fundamentals Update as at 18 November 2013 by Lorenzo Beriozza Stocks slid lower from mid-September until the earnings season got underway with Alcoa, the company that traditionally marks the start of the reporting season, which released results after the stock market closed on October 8, 2013. The stock market then turned higher [...]
