The VIX, which has been subdued for much of the year, jumped sharply last week to a level that is the highest December level for the last five years except for 2011. However, we suspect that much of the market … Read More
After 11 straight days of gains, the Shanghai Composite hit some volatility today on discussions about restrictions on margin financing. This is to be welcomed, leverage is always a destabilising factor in markets and there is no doubt that leverage … Read More
US shoppers have spent $50bn extra that would have gone on gasoline but watch out for a strengthening dollar
The Thanksgiving holiday always leads to lower volumes in markets and a seasonal focus on the US consumer as the ‘Black Friday’ and now cyber Monday consumption statistics are analysed for insights into the strength or otherwise of the US … Read More
The new Chinese Silk Road should bring a positive return on capital, drive trade and make the economy more efficient
Next week sees Thanksgiving in the US and effectively the start of ‘the holidays’, producing shorter trading weeks and lots of choppy data. The G20 summit in Brisbane produced more positive news from China on trade, in this case with … Read More
Japan set for snap election to help drive reforms / Will the mid terms force a decision on Keystone XL pipeline?
Another week and another surprise from Japan. This time we are led to understand there will be a snap election, probably on December 14th, to act as a referendum on the need to raise the consumption tax for a second … Read More
Last week the US ended their QE and the Japanese accelerated theirs, pushing the yen down and the Nikkei up. Some regard this as little more than a week yen policy, but it does have other direct impacts. Unlike the … Read More
After the October wobbles we saw a sharp bounce on Wall Street (S&P up almost 9%) before some technical activity retesting both recent highs and lows. Markets remain nervous but not panicky; the risk managers have done their bit and … Read More
This week in Hong Kong is one of the busiest of the year for the equity community. The giant CLSA conference is in town with hundreds of companies and literally thousands of investors attending from all over the world. This … Read More
In the last Market Thinking, I discussed the euro against the dollar, pointing out the likely conclusions that chart followers might draw from the apparent reversal of the euro strength from the lows of 2012. The moves by the European … Read More
The extended Labor Day weekend in the US traditionally marks the end of summer, and markets returning will find a very crowded calendar of US data this week, most of which is likely to surprise on the upside. However, the … Read More
Mark Tinker is head of AXA Framlington Asia, AXA Investment Managers. Mark moved to Hong Kong in September 2013 to support the expansion of the AXA Framlington franchise in Asia. His role involves working closely with the distribution teams in Asia to develop business in the region and supporting the development of our Asian equity capability. Mark joined AXA Framlington in November 2006 and managed the AXA Framlington Global Opportunities Fund from September 2007 to end of August 2013. Mark was previously Global Strategist at Execution Limited. He worked for Commerzbank as Head of Equity and Debt Strategy. Prior to this, he worked with HSBC James Capel as Head of UK Strategy and with UBS Warburg, where he ran their Pan European Equity Strategy team. Mark began his career as an Economist at Williams and Glynn (now RBS) after graduating with an honours degree from Durham University in 1983.