News & Events Archive
February 2010 - Market Commentary: "From Hope to Growth"
February 8th, 2010Even the most bearish of economists will acknowledge economic growth has returned. Early in 2009, investors were in a state of hoping for growth. In the final months of the year, this hope became a reality as economic expansion, although tepid in many parts of the world, returned.
Early economic data for 2010 shows the global economy further expanding. The graph on the following page highlights one widely followed index of economic activity, the Global Purchasing Managers Index. A reading above/below 50 indicates an expansion/contraction in the economy. The latest data point has a reading of 56.1.
Please see the complete commentary attached below:
Please see the complete commentary attached below:
January 2010 - Market Commentary: "2010 Outlook and Themes"
January 7th, 2010Economy: Our view for 2010 is the world will continue to recover from a very deep recession and financial crisis and although there are many challenges facing the global economy, (large deficits, high unemployment rates are but two examples) the challenges, in our view, will not be as difficult as the financial crisis we have just emerged from.
The global economy is on the mend and better times lie ahead. The economic recovery looks to be an uneven one with the developing/emerging economies leading the way. One lesson we are reminded of again and again is that world economic growth is no longer solely dependant on North America/Europe/Japan. Although trading among nations is the “glue” that binds us as a global community, many of the emerging countries that have traditionally relied on this for their economic growth have shown a remarkable ability to detach from this. In particular, we illustrate this point with the graphs below, as we show how well house prices and retail sales have done in the traditional exporting Asian countries (ex Japan) versus the developed (North America and Europe) countries.
Please see the complete commentary attached below:
Please see the complete commentary attached below:
