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Saga of Financial Markets

Fri12152017

Last updateSat, 29 Jul 2017 12am

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Local Currency Emerging Market Debts in Favour

Last year, emerging market debt denoted in ‘hard currencies’ such as US$ outperformed those issued in local currencies.  JPMorgan’s GBI-EM Broad index of local bonds returned 10.9% in unhedged, US dollar terms in 2012, while the hard currency EMBI Global Diversified handed investors 18.5%.  This year, the performance could be reversed.

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UK Small Caps Outperforms US

Smaller capitalisation stocks are setting new records in the UK and US.  UK small caps have beaten their US cousins in the past year. The Numis smaller companies index, excluding investment companies, returned 34% (including dividends) since the start of 2012. In the US, the Russell 2000 returned 21%.  Among major markets, only Brazilian small caps had better relative performance .

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The Implications of 200-day Moving Average Violation

According to technical analysts, if 200-day moving average is broken, it means the market is heading towards a major trend reversal.  However, how significant is this indicator? Add a comment

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如果美国不再进口石油

页岩气生产异军突起,改变了美国,甚至全球能源生产格局。据估计,美国2015年超越俄罗斯,成为世界最大的天然气生产国;在2017年超越沙特阿拉伯,成为世界最大的石油生产国。美国将于2025年达成石油自给自足,随后变为石油净出口国。2020年时,石油生产仅占美国能源生产的22%,剩下78%来自天然气、非常规石油和非常规天然气。非常规石油和非常规天然气更是从无到有,预计至2020年即可占到美国整个能源生产中的六成。 自从第二次世界大战结束,美国便成为石油净输入国,其需求占到全球石油贸易的25%。如果美国不再需要进口石油,这对世界意味着什么? Add a comment

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股市为何会大崩盘

1987年10月19日,“黑色星期一”,纽约股市在这一天惊人下跌。道琼斯工业股票价格平均指数跌去508点,跌幅达22.6%,相当于目前的道琼斯指数一天之内下跌3200点。当天跌去的总市值——5600亿美元,令人目瞪口呆。混乱中,6亿股股票被抛售。

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