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Market Analysis

  • Macy’s Inc – An exciting experience for both shoppers and shareholders

    For those of you travelling to New York City (NYC), the probability of visiting the Macy’s store on the 34th Street is in my opinion equivalent to that of going to Staten Island to see the Statue of Liberty.  Macy’ is the US’s largest department...

  • Should the negative yields silence the bond bulls?

    Should the negative yields silence the bond bulls?

    Yesterday was a strong day for European government bonds as the approach of the European Central Bank bond buying programme (better known as QE) nudged investors to overlook the low yields on offer. The price gains were so strong that the yield on...

  • It not all about the money

    Working in financial services has its funny moments although I must admit that some anecdotes are difficult to relay to someone from outside the sector. The following are just a few that I heard or experienced myself. The penny-share manA man...

  • HSBC impairments surge and dividends decrease

    HSBC impairments surge and dividends decrease

    The financial reporting season commenced on a negative note as HSBC Bank Malta plc announced a 42 per cent decline in pre-tax profits to €52.1 million – the weakest performance since 2002. The single largest contributor to the drop in profits was...

  • Shipping movements

    The following ships are expected in Malta: The Xin Lian Yung Gang from Port Klang to Koper, the HH North (ex-Connorth) from Tunis to Algiers (both Carmelo Caruana Co. Ltd) and the MV Eurocargo Malta from Genoa to Genoa (Sullivan Maritime)...

  • Managing a USD bond portfolio in the current environment

    One of the most controversial topics over 2014 and so far in 2015 has been the timing of the first interest rate hike in the US and the negative implications of such movements for the US government prices (UST).  In 2014, such bearish forecast...

  • It’s all about the Fed, no bubble?

    Today marks the beginning of US Federal Reserve’s Chair Yellen’s semi-annual testimony on the economy and monetary policy before Congress in front of the Senate Banking Panel followed by testimony in front of the House Financial Services Committee.

  • Renault SA – Excels on the road and in equity markets

    Renault shares were up 50.00% in 2014 and 12.70% year-to-date. This excellent performance was a result of the company’s capability of beating the market’s expectations mainly due to the success of its Dacia brand which targets the low cost...

  • The US fixed income is luring investors

    The US fixed income is luring investors

    In an article published at the beginning of the month I was discussing the performance of the fixed income markets and I pointed out that some of the movements look like trading opportunities. Besides the preference for European sovereign paper...

  • Towards the Apple Watch

    Towards the Apple Watch

    Apple will launch its Watch in the coming months. From the Apple investor’s point of view this will be an important date as the share price already reflects the expectations of a series of successful new products. The Watch is the first of these...

  • Europe or Greece, who will blink first?

    Europe or Greece, who will blink first?

    Life is often a game and politics often the showcase. In a game the players typically have a fair chance of winning, otherwise they would not play; and the players need to interact otherwise the game cannot proceed. Greece and the rest of the...

  • EU bailout deal talks stall – what next for Greece?

    EU bailout deal talks stall – what next for Greece?

    Ever since the much anticipated ECB QE announcement (and subsequent market moves following the announcement) last month and the Greek parliamentary elections a few days later, there have not been any major, market moving or market changing events...

  • Equity performance in top gear

    Equity performance in top gear

    Experience has taught me that adopting a top-down approach to investing will increase your probability of generating excess returns (over and above the market) in a portfolio. To do this, you need to adopt three important steps. The first involves...

  • More liquidity and less drama push markets higher

    Investors’ risk appetite increased yesterday after headlines on a ceasefire agreement in Ukraine provided markets with a respite and the Swedish Central Bank (Riksbank) cut its policy interest rate to -0.1% and introduced a bond buying program.

  • Managing trading losses – an important part of the game

    Larry Williams starts-off his benchmark contribution to trading, “Long-Term Secrets to Short-Term Trading”, with an immensely important concept that all too often is ignored by traders; managing your losses is more important than managing your...

  • The search for yield

    The search for yield

    While the European Central Bank reduced eurozone interest rates last summer on two occasions and in January 2015 announced a quantitative easing programme that will commence next month, two other major central banks have different circumstances to...

  • Shipping movements

    The following ships are expected in Malta: The MV Eurocargo Malta from Genoa to Catania (Sullivan Maritime) and the Maersk Sofia from Port Tangier to Port Said (Thomas Smith Shipping Ltd) today. The Antwerp from Bejaia to Skikda, the DS Patriot...

  • Positive US HY momentum overshadowed by Greece-Troika showdown

    Momentum has been slowly building up in the US high Yield market, particularly last week whereby the uptick in the price of oil resulted in energy names to be better bid, from 2-8 points overall, with the lower-quality less liquid names...

  • European companies announce share buybacks

    European equities started the year on a positive note. The Euro Stoxx 600 returned 7.30% to shareholders year-to-date. An excellent start to the year after the ECB announced Quantitative Easing. Whereas many investors question whether European...

  • The fixed income markets are gradually delivering on expectations

    The fixed income markets are gradually delivering on expectations

    The steady drop in European sovereign markets made the headlines this year as the anticipated Japanification of the European credit took hold of the markets. Specifically, the mix of persisting deflationary fears and the aggressive bond-buying...

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