Week in Review Global equities remained on the back foot last week despite tentative signs of a thawing in US-China trade tensions. China has submitted a list of (modest) trade opening measures while Trump has hinted he may at least postpone planned tariff increases due to take effect in the New Year. Concerns over slowing
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Financial research suggests that so-called “quality” companies, i.e. those with high return on equity (or “ROE”), tend to be able to produce market-beating shareholder returns. But as this note demonstrates, it’s not enough to simply rank companies based on their current ROE – rather consideration must also be given to the likely sustainability of their
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Week in Review Global equities continued their recovery last week, helped by apparent relief that US mid-term elections restored “gridlock” to Washington. With the Democrats controlling the House and the Republicans controlling the Senate, it seems unlikely either side of politics will be able to push through regulations to seriously affect the outlook for a
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Global stocks took a tumble in October, reflecting ongoing concerns with regard to US interest rates and tech stocks. Gold was the best performing asset class in the month, as rising bond yields also limited returns from fixed-income markets despite the slump in stocks. Australian equities dropped in line with global stocks, while losses in listed
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Week in Review Global stocks and bond yields staged a rebound last week, reflecting strong US economic data and hopes that US and China could be edging closer to a trade deal. US 10-year bond yields and the $US appear close to breaking recent end-week highs. The US economy is humming: with solid consumer, employment
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The recent decline in equity prices has once again highlighted the importance of asset allocation and portfolio diversification. As will be demonstrated in this note, although corporate bonds and hybrid securities have some exposure to credit risk, their valuations have held up relatively well during the recent period of equity market turmoil. This highlights their
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Week in Review Global equity market weakness – led by NASDAQ’s tech darlings – was again the dominant market feature of the past week. That said, what was curious is that there seemed few obvious macro-events behind the market’s dive. It appears much ado about nothing. US GDP, for example, grew at an annualised 3.5%
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Many investors are aware of the benefits of international diversification. Unfortunately, adding global equity exposure to your portfolio also usually involve an income sacrifice, as dividend yields internationally generally tend to be lower than in Australia. As this note will demonstrate, however, it’s now possible to have your income and international diversification too, thanks to
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Week in Review An “uneasy calm” is perhaps the best way to characterise global markets last week – with little in the way of major events and investors only left with their nerves to deal with. The release of the latest Fed minutes only affirmed its intent to keep raising rates – which supported the
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The recent pull back in global equity markets has tended to fall most heavily on growth orientated stocks, which have also run the hardest in recent years. Given the maturing global equity bull market, this suggests it might be opportune to consider a tilt towards more value orientated stocks, as is possible through fundamentally-weighted indexing
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