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14 matches for " valuations":

18 May 2018 Are Valuations a Silver Lining for Eurozone Equities Into Year-End? (Publication Centre)

"Disappointing" is probably the word that most EZ equity investors would use to describe their market so far this year.

28 Jan. 2015 QE will boost equities this year, but valuations will be stretched to the extreme (Publication Centre)

The ECB will receive most of the credit for the recent gain in stock markets, but the main leading indicator for the stock market, excess liquidity, was already turning up late last year. With the MSCI EU ex-UK up 21%, in euro terms, since October, a lot is already priced in, but in the medium term the outlook is upbeat, and we look for further gains this year.

26 Feb. 2015 GDP growth will pick up in the Eurozone this year (Publication Centre)

Hard economic data for the first quarter will appear over the next few weeks, but the EC sentiment survey later today gives a useful overview of how the euro area economy started the year.

21 Dec. 2015 Corporations Still Over-leveraged, but Little Near-Term Danger? (Publication Centre)

The markets' favorite story of the moment, aside from the Fed, seems to be the idea that overstretched corporate finances are an accident waiting to happen. When the crunch comes, the unavoidable hit to the stock market and the corporate bond market will have dire consequences, limiting the Fed's scope to raise rates, regardless of what might be happening in the labor market. We don't buy this. At least, we don't buy the second part of the narrative; we have no problem with the idea the finances of the corporate sector are shaky.

5 Oct. 2015 Bravery will be Rewarded on Eurozone Equities in Q4 (Publication Centre)

Headwinds from global growth fears have weighed on Eurozone equities in recent months, leaving the benchmark MSCI EU ex-UK index with a paltry year-to-date return ex-dividends of 1.7%. We think bravery will be rewarded, though, and see strong performance in the next six months. Equities in Europe do best when excess liquidity --M1 growth in excess of inflation and nominal GDP growth--is high.

8 March 2018 Will President Xi's Power Grab Scare Capital out of China? (Publication Centre)

China's FX reserves fell to $3,134B in February, from $3,161B in January, after a year of gains.

9 July. 2015 Steep Wall of Worry in EZ Equities, But Macro Indicators Say "Buy" (Publication Centre)

Bond market volatility and political turmoil in Greece have been the key drivers of an abysmal second quarter for Eurozone equities. Recent panic in Chinese markets has further increased the pressure, adding to the wall of worry for investors. A correction in stocks is not alarming, though, following the surge in Q1 from the lows in October. The total return-- year-to-date in euros--for the benchmark MSCI EU ex-UK index remains a respectable 11.4%.

12 May 2017 Will Mr. Macron Unleash Animal Spirits in Eurozone Equities? (Publication Centre)

Emmanuel Macron's victory in France has lifted investors' hopes that the good times in the Eurozone economy and equity markets are here to stay. On the face of it, we share markets' optimism. Mr. Macron and his opposite number in Germany--our base case is that Ms. Merkel will remain Chancellor--will form a strong pro-EU axis in the core of the Eurozone.

12 June 2019 EZ Equities are at the Mercy of Multiple Expansion in H2 (Publication Centre)

Judging by the headline performance metrics, EZ equity investors have little cause for worry.

Asia Datanote: FX Reserves, China, April (Publication Centre)

In one line: Just a valuations drag; net capital outflows up modestly

ASIAN DATA WRAP 10 June 2019 (Publication Centre)

China's trade surplus rejoins previous uptrend. China's FX reserves; strong valuations boost outweighs sales. Japan's Q1 GDP gets an upgrade, at the expense of Q2. Japan's current account surplus.

23 November. 2016 Three Very Different Scenarios for the Eurozone Economy in 2017 (Publication Centre)

Political uncertainty has been a key theme in our recent conversations with clients, with many readers asking if it is time to step away, temporarily, from Eurozone assets. Valuations provide some support for that position.

21 March 2019 EZ Equity Investors Have Bought the Global Central Bank Put (Publication Centre)

The perfect world for equities is one in which earnings and valuations are rising at the same time, but in the Eurozone it seems as if investors have to make do with one or the other.

27 Jan. 2016 The Curious Case of Missing Equity Earnings in the Eurozone (Publication Centre)

Eurozone investors continue to look to the ECB as the main reason to justify a constructive stance on the equity market. Last week, the central bank all but promised additional easing in March, but the soothing words by Mr. Draghi have, so far, given only a limited lift to equities. Easy monetary policy has partly been offset by external risks, in the form of fears over slow growth in China, and the risk of low oil prices sparking a wave of corporate defaults. But uncertainty over earnings is another story we frequently hear from disappointed equity investors. We continue to think that QE and ZIRP offer powerful support for equity valuations in the Eurozone, but weak earnings are a key missing link in the story.

Consistently Right

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