Jack Bogle’s last warning to the investment industry: “Don’t forget the little guy you serve”
In his last book, “Stay the Course,” Jack Bogle left investors and professionals a warning about a coming battle in investment management. He had been watching closely over the past few years as a growing number of academics raised questions...
Trade Optimism Lifted Stocks, Yields and Dollar
Brexit and US-China trade negotiation were the two major themes last week. After a week of drama, it’s still unclear exactly what kind of Brexit deal would get through the Parliament. There’s some anticipation for UK Prime Minister Theresa May...
ECB Preview: We Assign 60% Chance of ECB Hike in December 2019
Most interesting to us at next week’s meeting will be the growth risk assessment and more hints on liquidity operations. We expect growth risk to be on the downside and no formal announcement of liquidity operations. We expect Mario Draghi...
China Weekly Letter – More Signs a Trade Deal is Coming
Weak data confirms slowdown – but markets are calm US-China high-level trade negotiations confirmed for 30-31 January Wall Street Journal story adds to signs that a trade deal is coming China announced further opening up for inbound financial investments More...
Weekly Economic and Financial Commentary: Hanging in There
U.S. Review Available Data Show U.S. Economy Is Hanging in There Industrial production rose 0.3% in December, driven by a 1.1% jump in manufacturing output. Details of the Empire and Philly Fed manufacturing surveys, however, suggest that the factory sector...
The Weekly Bottom Line: Dysfunctional Governments on Parade
U.S. Highlights The government shutdown extended to its 28th day, making it the longest on record with no clear end in sight. The White House upped its estimate of the impact of the government shutdown to a 0.5ppt drag on...
Brexit: Betting Markets See Near Coin-Flip Odds of a Second Referendum, “Plan B” on Tap
Much like a rollercoaster ride, this week’s Brexit developments have been full of twists and turns…but have ultimately taken us right back to where we started the week. PM May’s Brexit deal was roundly rejected on Tuesday, but the Prime...
Strong US Data, Trade Solace, & Consistent Fed Speak Drive Strong Dollar and Risk Narrative
The US dollar rally continues to be supported by strong US data, accommodative comments from Fed officials, and a very strong US stock market. This week also saw big shifts in interest rate probabilities, the market shifted from seeing the...
Stocks getting a bit frothy after move higher, could pause as more earnings roll out
Stocks have gotten a boost from optimismfor U.S.-China trade talks, but earnings could take a bigger role in the week ahead, when reports roll in from a diverse group of companies in tech, railroads, pharma, airlines and consumer products. Stocks...
Disney is already losing over $1 billion in streaming, and its Netflix competitor has yet to launch
Disney isn’t launching its new streaming service until later this year, but investors are already learning the economic challenges of the business. The media company said in a filing on Friday that its investment in Hulu was the primary contributor...