Unlike 2007 and 2009 the rally in Chinese markets does not appear to be a function of loose monetary policy. Despite recent cuts, monetary policy in China remains tight, suggesting still more room for manoeuvre. Meanwhile fiscal stimulus through the … Read More
The Rubik’s cube of Chinese reform continues to click into place, and it was interesting to see an article in the Economist this week focussing on reform rather than the traditional obsession with the GDP number. Over the last few … Read More
After a necessary correction, the dollar looks to have stabilised, while commodity markets remain very weak, which is good for consumers but bad for dollar debtors. In Europe, the Greek saga continues and looks unlikely to settle anything before Easter, … Read More
Post the derivatives expiry, noise traders began obsessing about the Federal Reserve (Fed) and whether it would drop the word ‘patient’. The fact that it did so was seen as enough of a reason to sell the dollar, triggering a … Read More
Two Friday the 13th’s in a row, and the “ides” of March thrown in for good measure, not a good few weeks for the superstitious perhaps, and equities generally have certainly seen a pickup in volatility, while US equities have … Read More
Technology’s advance making GDP look even more redundant / Apple the carmaker? Engine and transmission no longer barriers to entry
The European Central Bank (ECB) finally came out with the details for QE to start on Monday and last through until September, with purchases running at an estimated 60bn a month. Only around a fifth of these will be asset … Read More
The market no longer fears contagion from ‘Grexit’ and continues to follow the QE playbook of buying assets and selling the euro. Investors need to be wary however of growing anti-business rhetoric from politicians across Europe. Those complaining that in … Read More
Visiting Australia last week I was presented with the almost impossible task (for me at least) of giving a presentation on my view on the world in only 10 minutes. The occasion was a conference known as the Chief Economists’ … Read More
Forecasting GDP, unemployment and inflation is largely pointless. But what should investors be looking at instead?
Forecasting GDP, unemployment and inflation is not only difficult, but largely pointless. Even if we could do it successfully they tell us little about existing let alone future corporate profitability and in a world of QE nor do they have … Read More
At the beginning of the year, the consensus was that this year would be all about the dollar. So far it has been all about the Euro. As 1700 private jets flew into Davos so that their gilded occupants can … 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.