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Week in Review: Global Trade and Yield Curve Worries
It was another volatile week for global equity markets as trade and growth worries continued to unsettle investors. U.S. long-term bond yields moved sharply lower over the week sending a negative signal about the health of the global economy with the yield of the 10-year Treasury note falling below that of the two-year note, setting…
Read MoreWeek in Review: China’s Currency Devaluation Triggers US Charge of Manipulation
Global equities finished the week lower and U.S. bond yields fell to their lowest level in three years, while volatility remained elevated due to renewed trade tensions between the U.S. and China. Early in the week, financial markets sold off aggressively due to concerns that China may be embarking on currency devaluation measures as a…
Read MoreWeek in Review: U.S.- China Trade War Escalates
Stocks suffered their worst week this year on worries that escalating trade tensions could further slow global economic growth. On Thursday the U.S. announced a 10% tariff on $300 billion worth of Chinese goods starting in September. On Wednesday the Federal Reserve cut rates for the first time in a decade, citing uncertainty in the…
Read MoreWeek in Review: U.S. Economy Grows at 2.1% in the 2nd Quarter
GDP released on Friday, showed that the U.S. grew by 2.1% (annualised) in the 2nd quarter. Whilst this was slower than the 3.1% gain in the 1st quarter, it was ahead of expectations of a 1.9% increase. Importantly, details of the report show that parts of the economy were stronger in the 2nd quarter, especially…
Read MoreWeek in Review: Rate Cuts
The chair of the Federal Reserve, Jerome Powell, made it seem nearly certain that the Fed will lower interest rates at its meeting at the end of July, highlighting jitters over the global economic slowdown and the trade war with China. Futures markets are fully pricing in a 25-basis point rate cut and a 41%…
Read MoreWeek in Review: Rand breaks below R14/$ after Fed chair hints at U.S. rate cut
The rand broke below R14.00 to the U.S. Dollar this week after U.S. Federal Reserve Chairman, Jerome Powell reinforced the expectation for U.S. interest rate cuts in coming months, boosting the demand for risk assets across the globe. A proposal by the Public Investment Corporation (PIC) to convert its Eskom debt into equity, provided further…
Read MoreWeek in Review: Global Markets extend rally
Global equities rallied this week on the back of the ceasefire reached on the ongoing US-Sino trade war, which helped push the S&P500 close to record highs. The yield on the US 10-year Treasury note soared back above 2% on Friday after much stronger-than-expected employment growth in the June U.S. jobs report. Payroll growth rebounded…
Read MoreWeek in Review: U.S.-China trade talks back on track, says Trump
The much-anticipated meeting between the U.S. and China at the G-20 Summit has ended favourably, with President Trump stating that he had an excellent meeting with Chinese President Xi Jinping, and that negotiations with China are continuing. “We are right back on track” with China, he added. China’s official Xinhua news agency reported that the…
Read MoreCarrick Wealth rated highly in Intellidex Top Private Banks and Wealth Managers Awards
MEDIA RELEASE Leading South African wealth management firm Carrick Wealth has ranked in the Wealthy Executives category of this year’s Intellidex Top Private Banks & Wealth Managers Awards. Carrick, who will be celebrating five years since its inception this year was ranked second only to veteran industry giant, Investec and was rated ahead of other…
Read MoreWeek in Review: Fed holds rates steady but hints at future cuts
The U.S. Federal Reserve held interest rates steady on Wednesday but strongly suggested they would cut them in the months ahead if the economic outlook, clouded by uncertainty over trade policy, didn’t improve. The committee removed a previous statement about being patient in setting rates; and added that it will act appropriately to sustain the…
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