Investors need to recognise that the received narrative on markets is usually created by short term traders. On China this has swung from ‘uber bull’ to ‘uber bear’, while the reality has always been half way. The market moves in … Read More
Last week, we discussed how China was being criticised in the west for its attempts to stabilise its financial markets, often by the very same people who were all too keen for the G4 to intervene in previous market panics. … Read More
The situation in Greece continues to dominate the headlines in Europe and cause headaches for European officials, with the (honestly this time it really is final) deadline approaching. On balance it still looks like some form of ‘extend and pretend’ … Read More
When momentum stalls in a market, short term traders tend to become less greedy and more fearful and are thus vulnerable to profit taking – as well as to the stories the short sellers whisper in their ears to make … Read More
The spring bond market sell-off has been extremely painful for traders, particularly in European and emerging market bonds. It was clearly the ‘Sell in May’ trade that had strong echoes of the taper tantrum of 2013. Then, as now, we … Read More
While the majority of investors are worrying about things through the traditional western viewpoint, the real story is that China is building a financial system before our eyes. The balance sheet structures are being reformed and established to create a … Read More
The recent retreat in the dollar trade weighted index has been matched by a rally in commodity prices, particularly oil, but I suspect that these are pull backs in new long term trends rather than reversals. Just as the dollar … Read More
The sell-off in bond markets has elements of 1994 about it. So far other markets have been resilient, but the traditional role of equities as the ‘ATM’ for the leveraged fixed income traders is making them rightly nervous. China’s latest … Read More
Many markets, including Hong Kong, are operating a short week this week thanks to the May day bank holiday, which doubtless will leave Monday relatively quiet as well as many take the long weekend. Japan is effectively closed all week … Read More
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
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.
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