Markets have largely shrugged off events in Catalonia. They are probably correct to do so.
After all, Catalonia is unlikely to become independent, at least for the foreseeable future. There does not appear to be a majority in the region in favour of independence (although that could change). Constitutionally, Spain is a unitary, indivisible state, so there is currently no legal route to independence. And international opposition to independence, at the margin, makes it more difficult.
The Mexican economy has essentially been a two-part tale lately: oil and services. The oil sector has been reformed for the better during President Pena Nieto’s term. But the reforms have nevertheless been overwhelmed by the sheer extent of the oil price drop. It is weakening exports, reducing tax revenues and hurting growth to the extent that the sector now accounts for around 4% of GDP, much less than in the past.
Central banks are moving towards the ‘QE exit’. The US Federal Reserve (the Fed) this month began reducing the total size of its asset holdings bought under successive rounds of quantitative easing (QE). The European Central Bank (ECB) has just announced a planned reduction in the value of its monthly asset purchases. And the Bank of Japan (BoJ) has been quietly reducing the pace of asset purchases since it began targeting bond yields.
During the last few months some central banks have done things which I applaud, while others have done things which I find both incomprehensible and incompetent. In the current climate, it’s easy to misread the markets.
Nobody knows for certain what cars will look like in 2050, but we can make some sensible guesses based on the research and development that companies are doing today.
There are several markets across the broader emerging market (EM) world that offer yield – India is no different in that sense – but very few match Indian bonds for their high yield and low volatility characteristics.
Aberdeen Asset Management is an independent management company listed on the London stock exchange since 1991.
Founded in Aberdeen, Scotland by Martin Gilbert, currently the group’s CEO, it now numbers 39 offices in 26 different countries with more than 2.700 employees. Aberdeen Group has become Great Britain’s most important listed independent operator, with CHF 392.9 billion AuM as of 30/09/2016.
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