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Market Analysis

  • There’s no place like KB Home

    The real estate sector is considered to be one of the most critical and sensitive sectors of a country’s economy, as it is a clear gauge of the state in which consumers within the economy of each country is in as well as an indication of economic...

  • Whitbread – A name worth remembering by investors

    When I mention the name Whitbread to an investor I get a blank look followed by ‘I have never heard about this company before.’ However, when I go on to explain that this Group owns the Premier Inns brand and the Costa Coffee chain, the investor’s...

  • The ECB is knocking at banks’ comfort zone

    The ECB is knocking at banks’ comfort zone

    The first week of the European Central Bank’s bond buying programme, dubbed expanded asset purchase programme but more often referred to as Quantitative Easing (QE) appears set to close its debuting week on a strong note. In fact, the market...

  • Saint-Gobain, Investing in a European recovery

    The sector whose performance mostly mirrors the state of an economy is the construction sector. Investing in direct property typically requires confidence in future income and access to bank credit. These two factors are highly correlated to the...

  • Shipping movements

    The following ships are expected in Malta: The Alexander Maersk from El Khoms to Misurata, the Eclips from Algiers to Algiers, the Thies Maersk from El Khoms to Misurata (all Thomas Smith Shipping Ltd), the BF Confianza from Ancona to Salerno...

  • What’s in it for me?

    How things change over a few months; just only a few months ago, the word on the street was that the large part of eurozone was debt-laden and had too much outstanding debt on the secondary markets. Now, with the ECB having already stated that it...

  • QE starts today - Tips on what you should be buying

    Today the European Central Bank (ECB) starts its long awaited bond buying programme. One of the goals of this exercise is to make people feel richer and get them to spend more money with the hope of increasing growth in Europe. The beneficiaries...

  • The liquidity hallmark

    The liquidity hallmark

    The European Central Bank (ECB) concluded its monetary policy meeting yesterday without surprises but with a renewed commitment of intervening as needed in the markets until “we see a sustained adjustment in the path of inflation which is...

  • Making the most of Quantitative Easing

    Making the most of Quantitative Easing

    Today marks the day that the European Central Bank will probably announce the start of its quantitative easing program. Assuming that the ECB starts purchasing Malta Government Stocks in March, the typical Maltese investor used to hoarding...

  • L’Oreal SA – Why it’s ‘worth it’ for shareholders

    L’Oreal SA – Why it’s ‘worth it’ for shareholders

    L'Oreal SA is a French company which manufactures, markets, and distributes health and beauty products. Brands owned by the Group which are well known by consumers include L’Oreal Paris, Garnier, Maybelline New York, Lancome and La...

  • More of that please

    More of that please

    Following the January 22 QE announcement by the ECB, January closed off the month positively, it would have been difficult to expect such a strong performance in credit markets in the successive month. February’s results topped markets...

  • 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...

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