News & Views

Weekly Market Review

21/06/2019 - Product News
Rising tensions between Iran and the US superseded by expectations of monetary easing Despite Iran downing a United States surveillance drone on Thursday, and unqualified reports of President Trump having been on the brink of authorising retaliatory air strikes, both equity and bond markets rallied this week, as central banks laid the path to monetary easing should the global economy continue to weaken. Hopes were also raised of a resolution to the US China trade war, as Trump is scheduled to meet with President Xi Jinping of China at the G20 meeting in Japan next week. The US dollar, having been stubbornly strong year to date, finally showed some early signs of easing, providing a further fillip to emerging markets
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Weekly Market Review

14/06/2019 - Product News
Markets rise as trade tensions ease and weak US inflation data raises rate cut expectations Both equity markets and bond markets made further gains this week, as President Trump of the US reached a deal with Mexico on migrant flows, rowing back from tariff threats. Added to this, weaker than expected inflation data gave weight to a July interest rate cut in the US. However, markets were looking to finish the week on a weak footing after the latest Chinese factory output data showed the weakest growth in 17 years, coupled with the US blaming Iran for attacks on oil tankers in the Gulf of Oman, heightening tensions in the region.
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Weekly Market Review

07/06/2019 - Product News
Global Equities Decline on Regulatory Concerns Global stocks suffered their worst month of the year in May as trade tensions amplified global growth concerns, sending investors piling into the government bond market and these woes continued into Monday as markets were rocked by concerns the Department of Justice was considering anti-trust action against Alphabet, the owner of google, and anti-competition probes against Facebook and Amazon. Technology shares tumbled as a result, dragging the rest of the market down which was already reeling from Donald Trump’s new tariff threats on Mexico over migration.
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Weekly Market Review

31/05/2019 - Product News
Growing trade tensions between the US and China has led to continued weakness in global equity markets this week, as President Trump tweeted that he was in no rush to sign a trade agreement with China. Seemingly in response, China’s powerful planning body mooted using rare earths as a negotiating tool, a group of seventeen metals of which China dominates global supply, that are critical for the manufacture of many high-technology products.
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Weekly Market Review

24/05/2019 - Product News
The ongoing trade dispute between China and the US dominated market moves this week. Earlier in the week, the stand off between the two countries centred on China’s technology giant Huawei. The US blacklisted Huawei as a security threat, banning the Chinese company from selling its telecoms equipment in the US. Markets faltered with the Technology sector taking the brunt of the news as the tech-heavy Nasdaq Composite declined by 1.5% on Monday alone. In a bid to contain the fallout, the Trump administration immediately announced the following day a 3-month reprieve, allowing US companies to keep doing business with Huawei.
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Weekly Market Review

17/05/2019 - Product News
The US China economic trade war dominated markets once again this week, as the Chinese responded in kind to Trump increasing tariffs, by raising tariffs themselves on $60bn worth of US imports. Markets tumbled sharply on Monday, with technology one of the worst hit sectors, and government bonds rallied. Markets then bounced on Tuesday, as in a series of Tweets, Trump said “when the time is right we will make a deal with China”, followed by “it will happen, and much faster than people think!”. So as not to draw Europe and Japan into the fray, midway through the week the US announced it was putting proposed auto import tariffs on hold for six months. However, markets fell again on Friday, not helped by the Chinese renminbi, which has weakened by nearly 3% over the past two weeks, heading back towards Rmb 6.70 versus the US dollar, a level that has previously unnerved investors.
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Smartim Highlights and Lowlights - April 2019

16/05/2019 - Product News
Highlights and Lowlights: what caught our eye in April 2019 The ‘risk-on’ period seen since the start of the year continued in May, with all major equity markets rising in local currency terms. Bonds were largely flat whilst the gold price fell in line with decreased demand for safe haven assets. As we have commented many times in recent months, none of the major long-running issues were resolved, although both sides of the US/China trade negotiations indicated that a deal was in sight (a view that has since proved to be overly optimistic). Of the other long-term issues, the UK Parliament appeared as far away as ever from agreeing what sort of Brexit it wanted, with MPs continuing to vote down any and all options put before them. The upheaval that this is causing in UK politics was illustrated when Nigel Farage, ex-leader of the UK Independence Party and the man arguably most strongly associated in the public mind with the campaign for the UK to leave the EU, launched his new Brexit Party. Its stated intention is to create a “democratic revolution” and, whilst it remains to be seen whether a party named after a single issue can have long-term traction with voters, the fact that it is the second new political party to launch in the UK within two months is noteworthy in a country that has, for many generations, seen its politics dominated by a small number of long-established parties.
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Weekly Market Review

10/05/2019 - Product News
US tariffs increased to 25% on $200bn worth of Chinese exports Following a tweet from Donald Trump last weekend, markets were dominated by the threat of US tariffs being increased from 10% to 25% on $200bn worth of Chinese exports on Friday, if trade negotiations failed to progress. This led to a sharp reversal in sentiment, with most equity markets falling over the week, and a rally in government bonds. On Friday, it was finally announced that tariffs would be increased, yet counter to expectations, markets rose on Friday morning, following a further a tweet from Trump late on Thursday, having received a “beautiful letter” from Xi Jinping, his Chinese counterpart, urging the two countries to “work together” to resolve their differences on trade.
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Weekly Market Review

03/05/2019 - Product News
A little cold water was poured on markets this week, as the chairman of the US Federal Reserve (Fed), mid-way through the week, suggested that soft inflation data in the US may prove to be transitory and short lived. Equity market gains for the week were subsequently erased, having started the week in positive territory, with the US equity market closing at a record high on Tuesday.
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Do your models float?

30/04/2019 - Feature Articles
For those advisers that have made the switch to discretionary fund management, the benefits are clear – reduced administration, easier compliance management and more time to spend with clients to name just a few. What they might not know is that the discretionary management is only as good as the platform it’s managed on, and they might not be getting the best out of the discretionary experience.
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