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Enslaved by interest rate volatility, we are all rates traders now
A corner of the UK market has provided one of the few pain trades so far since war broke out in the Middle East
Toto, I have a feeling we're not in EM anymore
Two lenders entering administration should signal to others: simplify the industry
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Sometimes, investors get hit by political events that come out of nowhere. Other times, they walk straight into an oncoming freight train, even though it's blowing its horn at top volume. -
Investors in emerging market assets have been caught short in the past fortnight, with many wrongly positioned for the rising dollar. The sharp fall in EM asset prices has caught many by surprise, but if two weeks of pain has taught them anything, it is that passive investing is not a good idea.
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Market pressure on Argentina in recent weeks drove President Macri to take what initially felt like a radical step by roping in the IMF. But what first seemed like a horrific déjà vu is actually a sign that things are getting better in the most underperforming EM nation.
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The central banks aren’t the only 800lb gorillas in the bond market. How tech companies choose to liquidate their investments and hand cash back to shareholders could drive the outlook for bonds just as much as monetary policy.
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Ever since European Central Bank president Mario Draghi announced corporate bonds were to be included in the central bank’s quantitative easing programme, there has been a cacophony of dissenting voices debating the rights and wrongs of the policy. Yet no one seems to be talking about the biggest concern as the end of QE nears: the valuation of bonds the policy has affected.
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A few brave souls at supranational institutions spoke out this week in favour of pricing green bonds inside vanilla deals — and rightly so. Investors’ conscience salving shouldn’t be free.
