Shopping Cart -

Your cart is currently empty.
Continue Shopping
This website use cookies and similar technologies to improve the site and to provide customised content and advertising. By using this site, you agree to this use. To learn more, including how to change your cookie settings, please view our Cookie Policy
Pocketmags Digital Magazines
IT
Pocketmags Digital Magazines
   You are currently viewing the Italy version of the site.
Would you like to switch to your local site?
Digital Subscriptions > The Hedge Fund Journal > Issue 139 – Mar 2019 > Man FRM Early View

Man FRM Early View

February 2019

MAN FRM

Markets

Those of us in the UK, as the stereotype goes, enjoy nothing more than talking about the weather. February has proved a fertile environment in this regard – shifting from snow at the start of the month to record temperatures of over 20 degrees Centigrade as the month draws to a close. Financial markets seem similarly disjointed. Government bonds have continued to rise through 2019 in much the same way as they did in the fourth quarter of last year. By mid-February there was a record USD7.9 trillion of government bonds trading on negative yields, much more than at any time during QE. Looking at the bond market since the start of the year you’d be forgiven for thinking that we were in a ‘flight-to-quality’ regime – but not many of those come with an 11.5% return to the S&P 500 Index.

So what’s going on, and what has changed since Q4? There’s not much of an answer in the fundamentals. Global growth (as shown in PMIs) has been fairly weak, and the corporate landscape is generally one of falling earnings expectations (though, in our experience, this tends to lag the market rather than lead). We have pressure on both sides of the price to earnings multiple, and the CAPE Shiller PE Ratio for US equities is now back above 30x.

READ MORE
Purchase options below
Find the complete article and many more in this issue of The Hedge Fund Journal - Issue 139 – Mar 2019
If you own the issue, Login to read the full article now.
Single Issue - Issue 139 – Mar 2019
€129,99
Or 12999 points
6 Month Digital Subscription
Only € 140,00 per issue
€699,99
Or 69999 points

View Issues

About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.