2017 Investment Outlook: Filter Out Noise and Focus on Fundamentals
CEO Jan van Eck offers his investment insights:
”The commodities rally is likely to continue in 2017 given that most natural resources recoveries last much longer than six months…We are very bullish on global equities from a macro allocation perspective…and one of our top recommendations for fixed income investors is to lower duration and shorten maturity.”
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A fundamentals-driven way to invest in emerging markets fixed income
New fundamental way to invest in emerging markets fixed income from ETF Securities and Lombard Odier Investment Managers
A fundamentals-driven way to invest in emerging markets fixed income. With yields suppressed in the developed world due to central bank dominance, emerging markets may offer investors the yield they need. However, each emerging market is unique, and differences in fundamental drivers require each country to be evaluated on its own merits.
For more information contact
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
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What Happens When Fundamentals Reassert Over Sentiment
Commodity & FX Outlook What Happens When Fundamentals Reassert Over Sentiment
What Happens When Fundamentals Reassert Over Sentiment
Summary
The commodity cycle is turning – but commodity prices do not yet reflect the stronger underlying fundamentals. As sentiment realigns with fundamentals we believe there is scope for strong price gains.
Volatility has been a pervasive force in G10 currency markets with the ongoing Greek saga and prospect of tighter monetary policy in the US. Whilst sentiment has been a key driver of policy moves recently, we expect growth and policy fundamentals to become the focus in the upcoming quarter.
Tomorrow we will be hosting a webinar at 2pm (BST) to discuss these trends in commodity and FX markets. We will be joined by Sheryl King from Roubini Global Economics who will be looking at equity and fixed income trends for the quarter ahead. Register here
For more information contact
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
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This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).
When being made within Switzerland, this communication is for the exclusive use by ”Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (”CISA”)) and its circulation among the public is prohibited.
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This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
Guest Speaker: Sheryl King, Senior Director, Roubini Global Economics
Hosts: Nitesh Shah and Martin Arnold – Research, ETF Securities
Summary
We are joined by New York-based Sheryl King, Senior Director, Roubini Global Economics to explore what may happen in bond and equity markets when prices realign with fundamentals. Nitesh Shah and Martin Arnold, our in-house analysts will answer the same question from the perspective of the commodity and foreign exchange markets.
For a while now prices and yields have regularly departed from macro fundamentals and been driven more by the vagaries of sentiment. We are now seeing largely sentiment-driven bond market volatility spreading into other asset classes.
Examples include:
Recent sell-off in Bunds, which had little to do with economic surprises and more to do with potential easing of regulatory constraints that had led them to be over-bought
Oil price gains since March have run ahead of any material supply tightening, while overly bearish sentiment in industrial metals does not tally with the prospects for supply tightening.
Rapidly changing risk on and risk off sentiment is also impacting FX valuations.
In this webinar, we present the highlights from our joint Q3 Outlook, due to be published at the end of June, and will answer questions to help investors navigate an ever more complex and fast changing world.
Participation qualifies for 45 minutes of CPD credit
Learn more about the continuing professional development
Sheryl King, Senior Director of Global Country Research, Roubini Global Economics
Most recently, Sheryl was chief economist and strategist at Bank of America Merrill Lynch Canada, where she covered the Canadian and U.S. economies, along with the fixed-income and equity markets. Prior to that, she served as assistant chief economist at Merrill Lynch, where she headed the U.S. economics team overseeing its macro forecasting and leveraging her expertise on the equity and fixed-income markets. Sheryl was also the U.S. macro forecaster at TD Bank and served as the bond and currency strategist for TD Securities. Earlier in her career, she spent eight years working at the Bank of Canada. Sheryl has considerable on-air and print media experience and is a frequent guest columnist for the Globe and Mail. Bloomberg named her the top
sell-side macro forecaster for 2010. Sheryl is a member of the advisory board for the Center for Monetary and Financial Economics at Carleton University. She holds a Bachelor of Arts in economics from Concordia University (Montreal) and a Master of Arts in economics from Carleton University (Ottawa).
Nitesh Shah, Research Analyst, ETF Securities
Nitesh is a multi-asset Research Analyst at ETF Securities covering many markets from commodities to Chinese macroeconomics. Nitesh has 12 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team. Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis
University (USA).
Martin Arnold, Global FX & Commodity Strategist,
ETF Securities
Martin Arnold joined ETF Securities as a research analyst in 2009 and was promoted to Global FX & Commodity Strategist in 2014. Martin has a wealth of experience in strategy and economics with his most recent role formulating an FX strategy at an independent research consultancy. Martin has a strong background in macroeconomics and financial analysis – gained both at the Reserve Bank of Australia and in the private commercial banking sector – and experience covering a range of asset classes including equities and bonds. Martin holds a Bachelor of Economics from the University of New South Wales (Australia), a Master of Commerce from the University of Wollongong (Australia) and attained a Graduate Diploma of Applied Finance and
Investment from the Securities Institute of Australia.
Important InformationThis communication has been provided by ETF Securities (UK) Limited (“ETFS UK”). ETFS UK is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”).This communication is only targeted at qualified or professional investors.The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
While this communication is made by ETFS UK, certain content has been produced and provided for ETFS UK by Roubini Global Economics, LLC (“RGE”). RGE is an independent, unaffiliated third party to ETFS UK. No forwarding, reprinting, republication or any other redistribution of this content is permissible without the express consent of RGE and ETFS UK. RGE and ETFS UK reserve the right to enforce their respective copyrights and pursue any such other action as they deem appropriate in respect of any such unauthorised use, republication or redistribution of this communication.
