archive-ca.com » CA » A » ABERDEEN-ASSET.CA

Total: 347

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Global Economic News and Stock Market News with Analysis
    last The Bigger Picture Commentary 22 Dec 2015 Other people s money panel discussion The Bigger Picture Commentary 21 Dec 2015 The death of pensions The Bigger Picture Commentary 18 Dec 2015 US Monetary Policy welcome to a new era The Bigger Picture Commentary 17 Dec 2015 US interest rate rise worth the wait The Bigger Picture Commentary 17 Dec 2015 New risks new rules panel discussion The Bigger Picture Commentary 16 Dec 2015 High Yield Points to Ponder The Bigger Picture Commentary 16 Dec 2015 Reasons to be cheerful Part 1 2 3 The Bigger Picture Commentary 15 Dec 2015 Bubbles The Bigger Picture Commentary 10 Dec 2015 Olympus what have we learnt The Bigger Picture Commentary 09 Dec 2015 A fiscal bazooka The Bigger Picture Commentary 08 Dec 2015 Draghi speaks spooks and then leaves The Bigger Picture Commentary 08 Dec 2015 Governance in a globalised world The Bigger Picture Commentary 07 Dec 2015 Mario in Wonderland The Bigger Picture Commentary 02 Dec 2015 UK monetary policy lessons learned The Bigger Picture Commentary 30 Nov 2015 Autumn Statement and Spending Review 2015 Squaring circles The Bigger Picture Commentary 25 Nov 2015 Autumn statement the pensions perspective The Bigger Picture Commentary 25 Nov 2015 Governance new risks new rules The Bigger Picture Commentary 23 Nov 2015 Week in review Mergers are the inn thing The Bigger Picture Commentary 20 Nov 2015 ECB all options on the table The Bigger Picture Commentary 06 Nov 2015 The mystery of successful investing lessons from Sherlock Holmes The Bigger Picture Commentary 04 Nov 2015 Week in review The writing s on the wall The Bigger Picture Commentary 30 Oct 2015 28 weeks later a European zombie apocalypse The Bigger Picture Commentary 30 Oct 2015 In search of the Phillips curve The Bigger Picture Commentary 28 Oct 2015 International Monetary Fund Man Bites Dog The Bigger Picture Commentary 26 Oct 2015 UK Pensions are savers in the dark The Bigger Picture Commentary 22 Oct 2015 More marshmallows in the age of asset management The Bigger Picture Commentary 21 Oct 2015 Looking out for Icebergs in the global economy The Bigger Picture Commentary 12 Oct 2015 Week in review Brewtal negotiations The Bigger Picture Commentary 09 Oct 2015 China matters The Bigger Picture Commentary 06 Oct 2015 Week in review Hung drawn and third quartered The Bigger Picture Commentary 02 Oct 2015 Central banking Realms of fantasy The Bigger Picture Commentary 01 Oct 2015 Week in review Engulfed by noxious fumes The Bigger Picture Commentary 25 Sep 2015 Some perspective on China The Bigger Picture Commentary 24 Sep 2015 US interest rates it s complicated The Bigger Picture Commentary 24 Sep 2015 Financial services place too much faith in flawed risk models The Bigger Picture Commentary 23 Sep 2015 Week in review When will the Fed take a hike The Bigger Picture Commentary 18 Sep 2015 Quantitative tightening QE s evil twin The Bigger Picture Commentary 15 Sep 2015 Better the devil the Fed knows

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/the-bigger-picture (2016-04-26)
    Open archived version from archive


  • Investment News and Market News with the Latest Insights
    from the mainstream Investment Clarity Commentary 18 Nov 2015 Welcome to China s financial markets Investment Clarity Commentary 17 Nov 2015 An Indian summer for property Investment Clarity Commentary 17 Nov 2015 Ctrl Alt Del Investment Clarity Commentary 16 Nov 2015 Funding Chinese infrastructure privately optimistic Investment Clarity Commentary 13 Nov 2015 Don t watch this space the UK office rental market Investment Clarity Commentary 11 Nov 2015 Benvenuti to the negative yield party Investment Clarity Commentary 10 Nov 2015 Indian PM eyes the Premier League Investment Clarity Commentary 10 Nov 2015 A fly on the boardroom wall Investment Clarity Commentary 02 Nov 2015 Markets are likely to keep investors on the edge of their seats Investment Clarity Commentary 28 Oct 2015 Modi fying India Investment Clarity Commentary 26 Oct 2015 Argentina there is no hand of God Investment Clarity Commentary 22 Oct 2015 Renminbi internationalisation an opportunity for hedge funds Investment Clarity Commentary 22 Oct 2015 The Seven Deadly Sins of Multi Asset Investing Investment Clarity Commentary 21 Oct 2015 Just what the doctor ordered Investment Clarity Commentary 21 Oct 2015 A home run for winning cities Investment Clarity Commentary 08 Oct 2015 Recreating a tiger making Indian infrastructure work Investment Clarity Commentary 05 Oct 2015 Governing the ungovernable Investment Clarity Commentary 01 Oct 2015 Age quake the fault lines of the UK property market Investment Clarity Commentary 29 Sep 2015 All consuming Asia a retail revolution story Investment Clarity Commentary 28 Sep 2015 Two routes for Zambia and Nigeria one wiser than the other Investment Clarity Commentary 18 Sep 2015 Bringing the house down London s private rental market Investment Clarity Commentary 15 Sep 2015 Sometimes the old ones are the best Investment Clarity Commentary 09 Sep 2015 Property market trends it s not you it s structural Investment Clarity Commentary 09 Sep 2015 Impressive imperfection European residential property Investment Clarity Commentary 08 Sep 2015 Rise of the machines Investment Clarity Commentary 03 Sep 2015 Treating all EM bonds the same is completely irrational Investment Clarity Commentary 02 Sep 2015 The beautifully diverse fixed income garden Investment Clarity Commentary 01 Sep 2015 Don t feed the bears Investment Clarity Commentary 25 Aug 2015 Malaysia when bad can also be good Investment Clarity Commentary 25 Aug 2015 The alternative balanced investment diet Investment Clarity Commentary 11 Aug 2015 Securitisations leave rehab Investment Clarity Commentary 06 Aug 2015 Remembrance of Things Past and The Way We Live Now Investment Clarity Commentary 28 Jul 2015 China s bubble trouble a case of missing fundamentals Investment Clarity Commentary 13 Jul 2015 Chinese stocks the inevitable cooldown Investment Clarity Commentary 09 Jul 2015 Germany s innovation zeitgeist Investment Clarity Commentary 06 Jul 2015 Happy homes Investment Clarity Commentary 01 Jul 2015 Corporate Governance is for life not just AGM season Investment Clarity Commentary 01 Jul 2015 Build them and they will come Investment Clarity Commentary 25 Jun 2015 Time to diversify Investment Clarity Commentary 25 Jun 2015 South Africa still a world in

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/investment-clarity (2016-04-26)
    Open archived version from archive

  • Corporate Social Responsibility Examples and Inspiration
    calm and learn from the All Blacks Culture and Inspiration Commentary 22 Sep 2015 Beauty and the brain why we love Beethoven Culture and Inspiration Commentary 11 Sep 2015 Where and why has giving become core business Culture and Inspiration Commentary 28 Aug 2015 Google simplicity that works Culture and Inspiration Commentary 19 Aug 2015 Corporate culture needs a carrot not a stick Culture and Inspiration Commentary 13 Aug 2015 Wrestling with the Greeks a building lesson in Berlin Culture and Inspiration Commentary 07 Aug 2015 Transforming the lives of children and young people in Brazil Culture and Inspiration Commentary 30 Jul 2015 Paid to be paranoid Culture and Inspiration Commentary 24 Jul 2015 How Auguste Escoffier revolutionised French cuisine Culture and Inspiration Commentary 16 Jul 2015 Tackling education inequality in northern Ghana Culture and Inspiration Commentary 09 Jul 2015 Laugh when you can it is cheap medicine Culture and Inspiration Commentary 02 Jul 2015 Female progress is not set in stone Culture and Inspiration Commentary 25 Jun 2015 Diversity could deliver a new Scottish economic powerhouse Culture and Inspiration Commentary 12 Jun 2015 The Da Vinci glow Culture and Inspiration 08 Jun 2015 LEGO the building blocks of an iconic brand Culture and Inspiration Commentary 22 May 2015 From canker to culture Culture and Inspiration Commentary 14 May 2015 World 24 Hour Champs Turin 2015 Third time unlucky Culture and Inspiration Commentary 07 May 2015 It s a marathon not a sprint Culture and Inspiration Commentary 10 Apr 2015 The ABC of business failure Culture and Inspiration Commentary 20 Mar 2015 Gender parity shouldn t take 81 years Culture and Inspiration Commentary 13 Mar 2015 Sounding clever Culture and Inspiration Commentary 03 Mar 2015 With jazz less is more Culture and Inspiration Commentary 13 Feb 2015 Perhaps money doesn t make the world go around When will the penny drop Culture and Inspiration Commentary 20 Jan 2015 Mind games Culture and Inspiration Commentary 16 Jan 2015 Reading fast and slow Culture and Inspiration Commentary 13 Jan 2015 Cowes Week a history Culture and Inspiration Commentary 12 Jan 2015 Sowing the seeds of friendship and peace Culture and Inspiration Commentary 07 Jan 2015 Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2016 Important Information The value of investments and the income from them can go down as well as up and you may get back less than the amount invested Past performance is not a guide to future results Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future We recommend that you seek financial advice prior to making an investment decision The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/culture-and-inspiration (2016-04-26)
    Open archived version from archive



  • Keep In Touch
    Investor Adviser Intermediary Other Please Select Country United Kingdom Only United Kingdom Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2016 Important Information The value of investments and the income from them can go down as well as up and you may get back less than the amount invested Past performance is not a guide to future results Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future We recommend that you seek financial advice prior to making an investment decision The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein and does not constitute investment research as defined under EU Directive 2003 125 EC Aberdeen Asset Management does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of the information may contain projections or other forward looking statements regarding future events or future financial performance of countries markets or companies These statements are only predictions opinions or estimates made on a general basis and actual events or results may differ materially No information contained herein constitutes investment tax legal or any other advice or an invitation to apply for securities in any jurisdiction where such an offer or invitation is

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/keep-in-touch (2016-04-26)
    Open archived version from archive

  • Thinking Aloud - Investment Insights and Latest Financial News
    but some are more equal than others Investment Clarity Commentary 18 Apr 2016 Week in review mixed fortunes The Bigger Picture Commentary 15 Apr 2016 EM corporate bonds what happened to the apocalypse Investment Clarity Commentary 15 Apr 2016 German property the value of hybrids Investment Clarity Commentary 13 Apr 2016 This Content Component encountered an error Risk Warning The value of investments and the income from them can go down as well as up and you may get back less the amount invested Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2016 Important Information The value of investments and the income from them can go down as well as up and you may get back less than the amount invested Past performance is not a guide to future results Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future We recommend that you seek financial advice prior to making an investment decision The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein and does not constitute investment research as defined under EU Directive 2003 125 EC Aberdeen Asset Management does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of

    Original URL path: http://www.aberdeen-asset.ca/thinkingaloud/ (2016-04-26)
    Open archived version from archive

  • Aberdeen Asset News, Opinions and Insights
    Inspiration contains softer content and explores Aberdeen s philosophy personality and brand Keep in touch To keep up to date with the latest Thinking aloud articles subscribe to our regular email updates and follow us on Twitter LinkedIn YouTube Google or Facebook We hope that you enjoy Thinking aloud with us and welcome any feedback on how we can improve Social media Download share or print this page Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2016 Important Information The value of investments and the income from them can go down as well as up and you may get back less than the amount invested Past performance is not a guide to future results Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future We recommend that you seek financial advice prior to making an investment decision The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein and does not constitute investment research as defined under EU Directive 2003 125 EC Aberdeen Asset Management does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/about (2016-04-26)
    Open archived version from archive

  • Accessibility policy
    Web Content Accessibility Guidelines once available If an error has occurred and the page or portion of the site does not meet the required standard please contact content management aberdeen asset com Social media Download share or print this page Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook This Content Component encountered an error Promo Item Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2016 Important Information The value of investments and the income from them can go down as well as up and you may get back less than the amount invested Past performance is not a guide to future results Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future We recommend that you seek financial advice prior to making an investment decision The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein and does not constitute investment research as defined under EU Directive 2003 125 EC Aberdeen Asset Management does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of the information may contain projections or other forward looking statements regarding future events or future financial performance of countries

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/accessibility (2016-04-26)
    Open archived version from archive

  • Search Results
    strong balance sheets attractive valuations rising gross domestic product GDP per capita and improving demographics frontier markets have significant potential In this video Kevin Daly Senior Investment Manager takes a look at the opportunities for investing in up and coming economies and describes his practical approach to managing risk Welcome to China s financial markets In the second in a three part series on China Julien Calavia Analyst Hedge Funds explores the country s liberalisation of its interest rate and derivatives markets An Indian summer for property After having their fingers burnt when the Indian property market opened up to foreign capital investment ten years ago overseas investors have understandably been wary ever since But times have changed and by continuing to avoid Indian property they risk losing out on potentially lucrative opportunities Ctrl Alt Del It s been a fascinating couple of months in the world of technology particularly in the United States There has been some headline grabbing company specific news and a continuation of the merger and acquisition theme which has implications for the broader US stock market Funding Chinese infrastructure privately optimistic Perhaps more than any other emerging nation China has recognised the critical role infrastructure plays in an economy s development Do you see what I see The benefits of diverse views Don t watch this space the UK office rental market There is a running theme in the British comedy television series W1A a satire of working life at the BBC The central character Ian Fletcher Head of Values who one would expect to have a cushy corner office with a city view is instead forced to find a new desk each day The fictional company s aim to boost creativity by installing hot desks 1 ends up misfiring Benvenuti to the negative yield party At the start of the year I wrote of the phenomenon of negative interest rates At the time Finland had become the first country in the Eurozone to sell five year government debt on a negative yield Indian PM eyes the Premier League More than 70 000 people are expected to gather in Wembley Stadium on Friday Nov 13 to celebrate the Hindu festival of Diwali and to welcome a man they hope will launch India into the economic premier league ECB all options on the table European Central Bank ECB President Mario Draghi opened the door to further easing of monetary policy when following the bank s 22 October meeting he announced that the degree of monetary policy accommodation will need to be re examined at our December monetary policy meeting Two important questions for the next few months are what form will further ECB easing take and what are the implications for the US Federal Reserve The mystery of successful investing lessons from Sherlock Holmes If there s anyone who can solve a mystery it s Sherlock Holmes Biology could be simpler than we thought We are huge believers in the value of simplicity Unnecessary complexity wastes time A fly on the boardroom wall If you could have one superpower what would it be We all no doubt played this imaginary game for fun when we were younger but for us as equity investors it still has some relevance Week in review The writing s on the wall This week s release of the latest film in the Bond franchise has captured the imagination of moviegoers and film critics alike Unfortunately the nation s oil companies are currently operating with much less licence to drill BP released third quarter earnings which revealed that its replacement cost profits a standard measure used in the oil industry have fallen 40 compared to the same three months the year before 28 weeks later a European zombie apocalypse A hypothetical being that responds to stimulus but that does not experience consciousness To be treated with extreme caution In search of the Phillips curve The Phillips curve is the guiding light of the world s central bankers but lately it has been missing in action Markets are likely to keep investors on the edge of their seats In the weeks before the US Federal Reserve s 17 September monetary policy meeting there was genuine excitement over what it might do For the first time since the credit crunch began there seemed a fighting chance that it might raise interest rates As in the best movies the audience genuinely had no idea about what might happen Traders waited anxiously their tubs of popcorn at their desks Modi fying India The 21st century belongs to India The quoted prophecy from Narendra Modi India s prime minister speaking on a trip to the US in September was bold and emphatic The speech was a triumph among the largely Indian American crowd But it is events at home that will determine whether Modi s prediction becomes reality International Monetary Fund Man Bites Dog What keeps the International Monetary Fund IMF awake at night Despite some of the alarmist headlines accompanying its new global forecasts earlier this month its central projections suggest not much While acknowledging that the world economy is at the intersection of at least three powerful forces China s economic transformation falling commodity prices and prospective US interest rate rises the IMF s baseline view is that after a disappointing 2015 global activity will accelerate next year as both the emerging markets EMs and the developed economies pick up a little speed Argentina there is no hand of God Things in Argentina aren t as bad as they were in 2001 But they re not far off UK Pensions are savers in the dark The kaleidoscope has been shaken and the pieces are in flux This is one way to describe the UK pensions system as the implications of pensions flexibilities auto enrolment and indeed the Government s consultation on pensions tax relief are absorbed by savers and providers alike Renminbi internationalisation an opportunity for hedge funds In the first of three articles on China s financial market opportunities Julien Calavia Analyst Hedge Funds discusses China s attempts to make the renminbi a truly international currency and the potential opportunities for hedge fund investors More marshmallows in the age of asset management If there is one issue I regard as crucial to successful investment it is the need for a long term approach When the credit crunch overtook us in 2008 we saw the disastrous consequences of a short term fast buck mentality in markets It was one of the starkest lessons ever given to investors but many failed to learn from it The Seven Deadly Sins of Multi Asset Investing Don t be led astray or make decisions for the wrong reasons Watch Aberdeen Asset Management s guide to the seven deadly sins of multi asset investing now Just what the doctor ordered Looking after the nation s health is a big business these days With a growing and ageing population in the UK there is a high demand for all types of medical care NHS statistics indicate that it treats around one million patients every 36 hours in England alone And we all know how short that ten minute appointment feels with the local GP Mind your language Conversing in our native tongue is second nature something almost as instinctive as drawing breath But while conscious thought may be required to frame a sentence or present an argument very little effort is required actually to produce speech itself Looking out for Icebergs in the global economy The story of the Titanic shows us that despite their size icebergs can be surprisingly difficult to spot That s because while all may appear calm on the surface danger may lurk beneath the waves Spotting risks in the global economy can be just as tough and our tools for finding potential hazards even less evolved Week in review Brewtal negotiations Investors were in a giddy mood this week snapping up unloved shares from the recent sell off and helping the FTSE 100 index to a weekly gain of more than 3 Part of the reason for their cheer was the prospect of more merger and acquisition activity A home run for winning cities Human needs have always been the best drivers of change and innovation And finding somewhere safe and comfortable to live is one of our most essential needs of all It is no surprise therefore that the success of residential property at a global scale is inextricably linked to the needs of an expanding population to have somewhere that they can call home China matters Last month the Federal Reserve held off raising interest rates Despite encouraging signs of recovery at home US policymakers are clearly worried about what s going on overseas Top of their list of concerns is China Recreating a tiger making Indian infrastructure work India is renowned for its assortment of wild and wonderful wildlife The national animal is the majestic Royal Bengal Tiger but the country is also known for its eponymous elephant The two animals are apt metaphors for the state of the country s economy and politics over the last thirty years Week in review Hung drawn and third quartered Following their worst quarterly performance since 2011 equities are bruised Investors have been flustered by continued uncertainty over US Federal Reserve policy China s slowing economy the rout in commodity prices and negativity surrounding corporate earnings The International Monetary Fund IMF cautioned on Tuesday that corporate disappointments were expected to increase in the developing world and this rattled investor cages even more Sniffs of simplicity If something doesn t smell right then we won t invest This was a strapline from a recent brand campaign we ran that sought to highlight the simplicity of our investment process and overarching ethos Our senses ultimately shape our perceptions and ultimately investing is all about perception Governing the ungovernable Mark Twain once said If two people agree on everything one of them is unnecessary Good governance is all about the quality of the interaction between the individuals within the boardroom and making the most of the limited time they have together If those individuals always agree they are wasting everybody s time and adding no value as a board Central banking Realms of fantasy George Osborne UK Chancellor of the Exchequer could not be clearer The exit from very loose monetary policy is going to come Bank of England Governor Mark Carney seems to agree he has suggested that the Bank s Monetary Policy Committee MPC should turn its attention to raising rates around the turn of the year Other MPC members have backed up this view pointing to the strength of UK domestic demand diminishing spare capacity and a pick up in wage growth as reasons to start raising UK interest rates after more than six years on hold Age quake the fault lines of the UK property market Changing consumption in the UK among younger and older generations is going to open fissures across the retail property market That is going to have significant implications for retail property investors All consuming Asia a retail revolution story Did you know that Chinese online shoppers spent some 5 7 billion on a single day in November last year that more and more well heeled Indian consumers prefer to buy their tea from a pharmacy or that urban Thais visit a hypermarket at least once a week and spend around half their monthly bills on groceries Week in review Engulfed by noxious fumes German newspaper Die Welt called it the most expensive act of stupidity in the history of the car industry Scandal hit Volkswagen the second largest carmaker in the world this week as it admitted manipulating emissions tests on 11m diesel models Some perspective on China In the past few months everyone has begun to doubt the Chinese economic miracle and wonder if it is built on the same sand as the boom in the West of the last decade US interest rates it s complicated The US Federal Reserve the Fed left interest rates at historic lows following this month s policy meeting Why After all the US economy is in good shape 2 9 million jobs have been created over the past year This has pushed the unemployment rate down to 5 1 a seven year low and in the view of many policy makers close to full employment Housing sales have rebounded and consumer spending the main driver of the economy has remained robust as wage growth has begun to pick up Indeed Fed Chair Yellen herself declared that We are looking at a US economy that has been performing well and impressing us by the pace at which it is creating jobs and the strength of domestic demand Financial services place too much faith in flawed risk models Life is full of things that work in theory but not in practice Sadly the way financial services assess risk is one such example And ultimately our one dimensional approach to risk could well sow the seeds of the next crisis Stay calm and learn from the All Blacks I ve often remarked on the similarity between what team players have to do to win on the sports field and the strategies businesses need to adopt to achieve commercial success But the parallel has been brought home to me more forcibly by reading James Kerr s book about the legendary New Zealand rugby team Legacy What the All Blacks Can Teach Us About the Business of Life Two routes for Zambia and Nigeria one wiser than the other Often what sets countries apart is not so much whether they are hit by a crisis all are but how they react The differing approaches of Zambia and Nigeria to drops in the price of copper and oil respectively amply illustrate this Week in review When will the Fed take a hike Global markets spent the week in the grip of speculation surrounding the US Federal Reserve s latest interest rate setting decision Pundits were split while market indicators suggested only a 30 chance of a rate hike Quantitative tightening QE s evil twin Quantitative tightening may be the latest market buzzword but it could have important implications for investors Following an era of unprecedented loosening by global central banks in the form of quantitative easing buying bonds in exchange for newly created money thereby expanding the money supply and easing monetary conditions a new era of foreign exchange selling has been christened quantitative tightening QT Bringing the house down London s private rental market When a man is tired of London he is tired of life for there is in London all that life can afford Almost 240 years after English writer Samuel Johnson penned these words the capital s private rented property sector does indeed offer all that life can afford From penthouses in Hyde Park to bedsits in Barking London has a multitude of residential properties catering to its diverse and multicultural population Better the devil the Fed knows It was only a matter of weeks ago that a September interest rate rise from the US Federal Reserve Fed seemed more than likely The balance of probability has now shifted to the Fed pushing back the decision yet again In recent weeks the US stock market has sold off corporate borrowing costs have increased and the dollar remains strong All of this amounts to a tightening in financial conditions that will have a similar effect on the economy to raising interest rates In spite of the cost of living it s still popular We are in the midst of another year characterised by massive moves in global currency markets Central bankers hope their policies of quantitative easing and induced currency weakness will prove the essential ingredients in producing the growth that has proved so elusive since the onset of the global financial crisis Week in review Riding the Royal Wave In the week that Queen Elizabeth II celebrated her entry into the record books as the UK s longest reigning monarch the stock market also enjoyed a right royal knees up Despite the descent of some data driven gloom later in the week the FTSE 100 index enjoyed a gain of nearly 2 as at the close on Thursday Beauty and the brain why we love Beethoven Patterns matter to us not least in investment In a seminal work on investing wisdom there s a great quote Technical analysis of the stock market is largely based on many repetitive observations and the truths revealed often can be shown to have parallels in such things as music medicine physics etc So what makes certain classical music compositions resonate so powerfully across the centuries The answer may lie in the brain and our behavioural responses Just like so much else The pitfalls of One Size Fits All monetary policy You shall have your sunset I shall command it But according to my science of government I shall wait until conditions are favourable Le Petit Prince Antoine de Saint Exupéry Sometimes the old ones are the best Periods of volatility such as the one currently being experienced by global equities make for many column inches in the financial and wider press Every market pundit has his or her own view on the driving forces behind such market capriciousness And once they ve finished sounding forth on the causes they invariably turn to dispensing counsel for the investors who try to make money in such an environment Long to reign over us This week Queen Elizabeth II will become the UK s longest serving monarch overtaking Queen Victoria s reign of 63 years seven months and two days Property market trends it s not you it s structural It can be easy for property investors to be distracted by short term noise Factors like how much stock is coming to market being taken or is available are important but there are far bigger structural changes happening which will have a much greater impact on investments over the long term Impressive imperfection European residential property Perfection isn t always what it s cracked up to be Markets that are imperfect typically offer more opportunities than free markets that are pure and unalloyed Western Europe s residential property sector is a classic example demand is growing but the natural growth in supply that is supposed to follow has been bottled up by unnatural forces New residential space is leaking rather than gushing onto the market Week in review delicate as China The global economy that is Following the recent extreme volatility in worldwide equity markets Christine Lagarde head of the International Monetary Fund IMF warned that the decline in Chinese stocks could spill over with negative repercussions for growth on a much wider scale Rise of the machines A quiet revolution is taking place in China Few people will have heard of Shenzhen Everwin Precision Technology but this company is making history Earlier this year the electronics components manufacturer announced plans to build the country s first fully automated factory Some 1 000 industrial robots will replace humans on production lines as the company seeks to boost productivity and find a lasting solution to a shrinking labour pool and rising wages Asian Giants India versus China From Roman times until the early 19th century China and India constituted at least half of world economic output This proportion fell dramatically in the 19th and 20th centuries as the Industrial Revolution led to rapid growth and development of the West In the last thirty years or so China and India have begun an ascent that has led to their re emergence as world powers Furthermore current economic indicators suggest that India may eventually overtake China as the world s largest economy When examining some of the underpinning fundamentals of each country it makes sense that the outlook for India may be slightly stronger than that of its titan counterpart Treating all EM bonds the same is completely irrational Old habits die hard as the adage goes So it is with emerging market bonds at the moment Investors have reverted to type and sold emerging market assets without distinguishing between their vast differences The beautifully diverse fixed income garden To everything there is a season and a time to every purpose under the heaven a time to be born and a time to die a time to plant and a time to pluck up that which is planted Ecclesiastes 3 Where and why has giving become core business Edward Shuttleworth CEO of SeeBeyondBorders that Aberdeen is proud to support tells us why he thinks giving has become a core business Week in review China the Fed Hays and Ben Nevis A bull and bear walk into a china shop China the whys and wherefores Global stock markets lost more than 5 trillion in the fortnight following China s devaluation of the renminbi on 11 August and commodity prices fell on one measure to their lowest this century On an economic level the worldwide reaction was not surprising China now accounts for more than 15 of global activity and an even higher share of global growth around 25 on International Monetary Fund IMF calculations Furthermore China s response to its economic challenges has lacked clarity and at times faltered This has created two uncertainties which have played on the minds of market participants First have China s government and central bank lost control of their economy And second could events in China and their market fallout derail the gradual pick up in global growth pencilled in for 2016 Don t feed the bears Asian markets are getting mauled In recent years the emerging markets have looked vulnerable at times but not to this extent So what s going on Malaysia when bad can also be good Things look bad in Malaysia In fact things haven t looked this bad for quite a while Cheap oil has slashed revenues from crucial oil and gas exports while awkward questions over the inner workings of a government investment fund have further damaged investor confidence The stock market is down as is the ringgit and capital has flowed out of the country Alpha Ex Machina What do healthcare self driving cars voice recognition and search engines have in common with the investment industry Well for one thing they all involve analysing vast swathes of data in order to achieve their objective another is that they along with countless other areas are beginning to leverage the power of Machine Learning to do so In this article we give some background on the concept and explore how it is beginning to transform industries all over the world including finance and investment Deciphering the smoke signals from the Federal Reserve There was no smoking gun in the minutes from the July meeting of the Federal Open Market Committee which would make it inevitable that the US Federal Reserve Fed will raise interest rates in September Week in Review FTSE oil slip Lidl the yuan and Aliens FTSE slips on Oil Google simplicity that works Google is probably the most successful technology company of our age Their homepage is the gateway to the internet for many their Maps feature helps us to get around and their company name has become a verb in its own right don t believe us Google it There are plenty of other sites offering a similar product so what is it that sets Google apart from the rest The key is simplicity Menisis horribilis commodities continue to struggle To the annus horribilis in the occasionally peculiar world of commodities has been added a mensis horribilis In the last four weeks oil is down 20 copper down 10 corn 10 and even gold is down 7 Week in Review The yuan Google Greece and Miss Piggy Killing two birds with yuan stone Corporate culture needs a carrot not a stick The 14 years jail sentence handed down to Tom Hayes formerly of UBS for manipulation of Libor rates with 11 more people due to stand trial has once again brought into public focus the serious flaws in the corporate culture of many financial institutions Despite Shanghai turmoil the EM case still holds These are strange times in the investment world and indeed the whole global economy when many of the certainties that have driven stock and bond prices over the past decade and more appear to have been thrown out of the window The alternative balanced investment diet When I was young my mother told me to eat my greens they helped give me a balanced diet alongside the meat and potatoes It was certainly better than no other vegetables at all but today we know that relying on a few green vegetables isn t enough for a long life The British Government tells us that we need five a day the Australians drive for a mix of eight different fruit and vegetables Week in Review Libor rigging BoE RBS and a sheep The week began with the culmination of a momentous trial The jury in the case of Tom Hayes the alleged ringmaster in one of the most notorious scandals in recent financial history delivered a resounding guilty verdict Wrestling with the Greeks a building lesson in Berlin In the construction site that is modern Berlin there is a beacon Museum Island comprises five separate buildings Together they make up one of the best public collections of art and antiquities on earth Securitisations leave rehab Misuse of securitisation was seen by regulators as one of the main causes of the financial crisis Their reaction was to put Asset Backed Securities ABS into involuntary regulatory rehab The securitisation world has worked hard to shake its bad habits and the regulatory world is gradually adapting constraints that should allow securitisation to play more of a role in financing growth UK economy lifting off The UK economy picked up speed heading into the summer months just as the Monetary Policy Committee MPC is about to hold a crucial meeting on interest rates In July the MPC voted unanimously to hold interest rates at 0 5 where they have been for over six years but committee members seem increasingly minded to raise rates Indeed had it not been for the turmoil in Greece at the time of the vote a number might have voted differently So with the Greek situation in abeyance could the latest data showing gross domestic product GDP expanding by 0 7 in 2015 Q2 up from 0 4 the previous quarter bring a rate rise nearer Week in review China Crisis The week began with a precipitous slide in the Shanghai stock market down 8 5 on Monday That was the second biggest fall in its history and the sharpest slide since 2007 Analysts struggled to identify a trigger some suggested the threat of a US interest rate increase others said it was a weakening of sentiment toward the market and the economy Others even ascribed it to a rise in Chinese pork prices Transforming the lives of children and young people in Brazil I like it here I like my friends I like doing my homework going on the outings with the team and to the project s celebration events Maria Santos Central banking auto pilot a rule based recipe for disaster Would you be happy if the cabin crew announced that the plane you were about to take off in had no pilot and was going to be flown solely on auto pilot My guess is no Remembrance of Things Past and The Way We Live Now Thousands of waves wash around us without cease Often delighted sometimes pleased we re whirled From joy to grief and so from hour to hour Our restless feelings waver change and sway Our senses know a strange tumultuous power And in the turmoil find no place to stay Goethe UK interest rates on the up What will it take to make the Bank of England raise interest rates UK interest rates have after all been stuck at 0 5 since the Monetary Policy Committee MPC voted to lower them to this level 77 monthly meetings ago in March 2009 Recently a number of MPC members have given their thoughts on when that first rate rise might come and what might be the catalyst But as those same MPC members are quick to remind us a number of tailwinds remain suggesting that even looking 3 5 years ahead rates are unlikely to return to past norms Week in review Digging in Falling commodities prices once again hit UK shares this week The FTSE 100 index contains a relatively high proportion of mining and energy stocks so any fall in commodities prices leads to a correspondingly severe slump in index levels Paid to be paranoid As a chief executive I m paid to be paranoid Any CEO who says they are not worried about their business and what s around the next corner is either lying or not doing their job properly Week in review Nothing to see here Given the many many column inches taken up by Greece and its cashflow problems over the last few days weeks months years we thought it would be more interesting to begin the Week in Review with a précis of the events that affected financial markets closer to home Some holiday reading the BIS annual report In these days of balmy summer sunshine it is unlikely that the first thing that comes to mind will be a desire to peruse the 120 pages of the Bank for International Settlements BIS annual report However a read of this large tome is often rewarding After all the authors represent the body which serves central banks in their pursuit of monetary and financial stability fosters international cooperation in these areas and acts as a bank for central banks This is a group worth listening to when they have something to say This year they certainly do and it doesn t make for particularly cheery reading How Auguste Escoffier revolutionised French cuisine He was known as the king of chefs the chef of kings but how can a chef who died in 1935 continue to influence restauranters and gourmets today Greek bailout déjà vu all over again Greece and its creditors have finally reached a deal So the immediate threat of Grexit has been averted and talks are due to begin shortly on the country s third bailout Is this grounds for relief and celebration The short answer is no and this note explains why in three parts Resist short term temptations and think long term American academic Walter Mischel conducted one of the most famous experiments in the history of psychology back in the 1960s Nursery school children were each given a choice they could have a reward immediately marshmallows were popular or if they waited alone in the room for a few minutes they could eventually have two treats when a researcher returned China s bubble trouble a case of missing fundamentals Following a shorter more reactive piece last week on Chinese stock market turmoil we felt the situation warranted more in depth attention Week in review destination unknown UK Budget work trumps welfare It s fair to say many people were pleasantly surprised by UK Chancellor George Osborne s Summer Budget In the first fully Conservative budget in 19 years Osborne announced help for low middle income earners and the self employed Perhaps the biggest game changer is for over 25s on the minimum wage who will see a rise to 7 20 hour from April 2016 reaching 9 hour in 2020 Those on higher incomes will also benefit from an increase in the 40 tax rate threshold and an increase in the inheritance tax threshold to 1m Tackling education inequality in northern Ghana Ghana s Upper East Region UER is home to just over one million people 65 of the population are classified as poor using multi dimensional poverty indicators compared with 8 in its capital Greater Accra It s a region where 22 of households have children failing to attend school compared to 3 in Greater Accra Challenging the disparity in poverty levels between the north and south of Ghana requires persistent effort and a holistic approach Chinese stocks the inevitable cooldown Market conditions in China have been volatile for some time A key driver has been the uncertainty over Greece s potential exit from the Eurozone although a Grexit seems unlikely to have as large an impact on economic fundamentals in Hong Kong or Asia as market movements suggest Another more significant factor is the slump in Chinese equity markets triggered by fear and an unwinding of margin financing At its peak margin financing accounted for more than 8 5 of China s total market capitalisation compared to 3 4 in countries such as the US or Taiwan Although the level of margin financing is down sharply from around 2 5 trillion yuan at its peak to about 1 6 trillion yuan it is still high These are official statistics the amount could be much higher if we take into account shadow financing and other underground borrowing activity Germany s innovation zeitgeist Germany s economic success hides its longer term productivity challenge which the country s new wave of innovative companies could answer Laugh when you can it is cheap medicine This trip is different Those were the words used in the blog written in the run up to a charity trip to Malawi in which a group of Aberdeen colleagues took part in June They were intended to describe the purpose of the trip for many to remember two colleagues lost in a tragic accident Andrew and Toby and to build a lasting legacy in their memory Now writing from the vantage point of recollection after a successful trek the prophetic accuracy of those words is even clearer Happy homes Taking a look at Danish residential property Corporate Governance is for life not just AGM season Japanese annual general meeting AGM season reached its peak on the 26th June as 40 of Japanese companies with March fiscal year ends hosted their meetings With companies from Nintendo to Nikon Takeda to Tokyo Gas meeting it was a key moment in the year for investors focussed on corporate governance Risk it s a balancing act Despite the best efforts of some of the brightest minds from the world s top universities the ability to quantify and measure risk still eludes us That s because risk is more than just a number The careful investor needs to consider many types of risk counterparty liquidity bankruptcy risk of fraud to name a few Perhaps another reason why risk is so hard to pinpoint may be because it means different things to different people Week in review Grexit stage left If you ve been living under a rock for the past few months you may be unaware that the Greek government has been locked in fierce negotiations with the European Central Bank ECB and various other agencies This week prime minister Alexis Tsipras was warned again that Greece s future in the Eurozone depends on a deal being struck imminently But Mr Tsipras continues to play hardball and his Wednesday overnight meeting with Greece s creditors failed to produce a deal Nor did Thursday afternoon s gathering of Eurozone finance ministers Build them and they will come The UK housing market requires bigger solutions than are currently being debated they need to be supply oriented Female progress is not set in stone Few people who have walked past the statues of great engineers like Isambard Kingdom Brunel George Stephenson or Joseph Bazelgette are likely to have stopped to consider where all the statues of female engineers are In the City of London less than a

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloud/search (2016-04-26)
    Open archived version from archive



  •