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Market Analysis

  • Turk Telekom- looking past short term challenges

    Turk Telekom is a large Turkish telecom conglomerate controlling a number of companies with distinct specializations (broadband, mobile services, TV etc); the parent company on the other hand is the incumbent fixed line operator. Turk Telekom has...

  • Equity market opportunities; past and present

    Equity market opportunities; past and present

    Investing is sometimes about being in the right place at the right time. This is especially true for those equity investors that are not strictly in for the very long term, enjoy following their investments and partake in the occasional trade. In...

  • The best of the IBEX

    The best of the IBEX

    When we talk about how the markets are doing throughout the trading session, we normally refer to the DAX, the FTSE or the S&P 500. However, this does not mean that they are the only market indices out there. An index worth looking into is the...

  • H2-2015 credit outlook at a glance

    H2-2015 credit outlook at a glance

    Over late-June and early-July, European high yield underwent a rapid spread widening, undoing the gains experienced over the first trimester. With the Greece crisis seemingly resolved (or kicked down the road), much of the weakness should be...

  • Investing with a conscience

    There is no doubt that people invest to make money. However how investors set up their portfolio to achieve their goal can differ amongst investors even with similar objectives. Like any other challenge in life, morals play a big part in the...

  • Europe is no Japan (yet)

    Europe is no Japan (yet)

    As low as the yields on European credit may seem, the asset class seems to have defied (at least for now) fears of Japanification. To start with, whereas the 10-year German yield tested (over Q1 2015) levels that were lower than those experienced...

  • Coming out alive from another crisis

    The Greek drama has occupied most of my thoughts in the past few weeks. Since I mainly base my investment decisions on fundamentals, an outlier of this magnitude disrupted most of the logic behind my thinking. Through the years I have accumulated...

  • Shipping movements

    The following ships are expected in Malta: The Merito from Algiers to Algiers (Thomas Smith Shipping Ltd), the Emanuela from Port Said to Valencia (John Ripard & Son Ltd) and the MV Eurocargo Venezia from Genoa to Genoa (Sullivan Maritime)...

  • Euro area banks slowly ease their credit standards

    Yesterday, the ECB released the results of its latest Bank Lending Survey (BLS) which was conducted between 9th and 24th June 2015. While recognising the caveats common to all qualitative surveys, I am routinely checking the results of this...

  • Habemus a paciscor (We have a deal)

    Habemus Papam is the announcement given in Latin by a Vatican official upon the election of a new Roman Catholic pope. Habemus a paciscor is the title I decided to give this article, a day after a Donald Tusk, President of the European Council,...

  • Not all QEs are alike

    Not all QEs are alike

    Quantitative easing generally refers to a type of central bank policy which seeks to increase the liquidity in the financial markets by purchasing securities, most often government bonds. The practice was first adopted by the Bank of Japan (BoJ)...

  • Another stress test for the euro

    Another stress test for the euro

    There is a consistent argument among analysts that highlights the flawed structure of the Eurozone. Most of these analysts covering Grexit must have British blood in their veins, which is understandable given the relative success of the UK economy.

  • Kroger; an attractive long-term investment

    Kroger; an attractive long-term investment

    I had never heard of Kroger until it appeared as a top pick on my equity screening model results. Probably the main reason is that The Kroger Company operates mainly on the west coast and southern states of the United States and is therefore not...

  • Fresh wave of Greek negotiations keep investors waiting

    Fresh wave of Greek negotiations keep investors waiting

    With the outcome of the weekend referendum known and markets grappling with the result and possible implication in the short-to-medium term, Greece’s government scrambles for a fresh wave of negotiations with its creditors, with a new finance...

  • SX5E: Top equity performers in H115

    The Euro Stoxx 50 (SX5E) is a widely used benchmark for European equities. The index returned 11.73% to investors in the first six months of the year. This is lower than that 17.93% returned to shareholders in the first quarter of the year. The...

  • A name with chemistry

    A name with chemistry

    Ineos is one of the top petrochemical companies worldwide, with operations in Europe and North America. It was founded in 1998 by chemical engineer Jim Ratcliffe who continues to own 71 per cent of its shares. Other two individuals, Andrew Currie...

  • Equity investing under crisis conditions

    A side effect of market turmoil is the creation of opportunity in equity markets as the price of even the strongest companies get dragged down with the weakest. Looking back with the comfort provided by hindsight we can now declare the great...

  • Shipping movements

    The following ships are expected in Malta: The Stjerneborg from Tripoli to Tripoli, the HH North (ex-Connorth) from Al Khums to Al Khums, the CMA CGM Opal from Damietta to Genoa, the CMA CGM Titus from Port Kelang to Valencia, the Nicola from...

  • Looking back at credit markets in H1-2015

    In our H1-2015 Credit Outlook report issued six months ago, we had clearly portrayed our concerns about slowflation in the Eurozone on the back of a sliding price of oil and low growth expectations. Back then, we had mentioned the following...

  • Loxam – A French name for the high yield investors

    Loxam – A French name for the high yield investors

    Loxam is the leading European equipment rental group, boasting a sizable market share (18 per cent) in its core market, France. It is now present in 13 countries after having first entered the international market in 1996. The business model is...

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