January proved to be a solid start for markets in 2019 as a softening in the Fed’s rhetoric and strong(ish) Australian CPI data encouraged sentiment. Fed Chairman Jerome Powell announced the Fed would be “patient” on any future rate changes and signalled flexibility in its balance sheet normalisation policy, which tempered volatility for the time being. Brexit and US-China trade [...]
An eventful month for financial markets saw initial de-risking globally with late dovish sentiment clawing markets back to an even position. Emphasised commentary centred on rates, oil, politics, leverage and earnings. APRA took centre stage with its announcement of TLAC reforms which we discussed in detail in our November 2018 Monthly Market Review. We view the reforms as credit positive [...]
In what was an eventful month for commentary surrounding the state of the Australian economy, the Reserve Bank of Australia (RBA) released its bi-annual Financial Stability Review. In its review, the RBA noted a supportive global economic environment for growth, however, the central bank cited elevated levels of household debt and ongoing trade tensions as key risks to both the [...]
The month of September presented us with many of the same recurring themes, namely the ongoing US-China trade war rhetoric, whilst the RBA continue to hold the overnight cash rate at 1.50%. Commissioner Kenneth Hayne also released his scathing interim report from the Royal Commission, making recommendations including better enforcement of the law by regulators and a simplification of those [...]
The US-China trade war continues to remain the focal point of global markets, with the latest talks between the two economic powerhouses failing to progress as another $16 billion of like-for-like tariffs were imposed during August. At this stage, it is becoming increasingly likely that tensions will continue to worsen, with the majority of the impact on economic growth occurring [...]
Globally, the US-China trade war rages on with US President Donald Trump threatening additional tariff measures on a further $US200 billion of Chinese imports as tensions continue to soar. However, US-European relations have improved with both parties agreeing to work together to avert a trade war. Meanwhile, it is widely anticipated that the Fed will keep rates on hold at [...]
Last month saw the highly anticipated summit between North Korean dictator Kim-Jong Un and President Trump come to fruition in Singapore, as the looming US-China “trade war” looks set to take place with tariffs placed on $50 billion of Chinese and American imports coming into effect from July 5th. In the domestic market the Royal Commission has continued on and [...]
With the US-China “trade war” fears fading away, the month of May 2018 became mostly a month of tit-for-tats between the US and North Korea with the possibility of a summit remaining quite high. US 10-year yields in response, dropped back below the important 3% level at the end of the month and credit fundamentals remain solid. The domestic market [...]
In the current low-growth, low-yield environment, there is no question investors are finding it difficult to generate short-term returns with an acceptable level of risk. For this reason, there has been a push for new products that represent an alternative to traditional cash investments (i.e. term deposits). For this reason, ‘Cash’ Exchange Traded Funds (Cash ETFs) have gained traction among [...]
Last month, the Reserve Bank of Australia (RBA) cut the official cash rate by 0.25% to 1.50% with many Australian banks deciding not to pass on the full rate cut to mortgage holders and instead partially maintaining (and in some cases improving) some term deposit rates. In response to media criticism the banks cited regulatory reasons for these actions but [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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