The latest from HGi

Chinese September data more evidence of global resilience

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 Day ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
UKClick for moreClick to follow:UK
430 Following

Stronger-than-expected Chinese industrial output in September confirms that global production rebounded solidly last month, casting doubt on recent growth pessimism based partly on weak August data.

September data suggesting global industrial resilience

Simon WardClick for moreClick to follow:Simon Ward
275 Following
5 days ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
UKClick for moreClick to follow:UK
430 Following

A surprise August drop in global industrial output contributed to current market growth worries but incoming September data suggest a strong rebound.

Henderson Global Investors and Crux Asset Management announcement regarding Richard Pease and changes to the Henderson European Special Situations Fund

1 week ago
Press releasesClick for moreClick to follow:Press releases
22 Following
 
EquitiesClick for moreClick to follow:Equities
318 Following

Richard Pease will be leaving Henderson Global Investors (Henderson) to join Crux Asset Management (Crux), a new fund management company.

Why commodities may be signalling brighter economic prospects

Simon WardClick for moreClick to follow:Simon Ward
275 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following

The recent fall in commodity prices is widely viewed as evidence of a weak global economy. Relative commodity moves, however, may signal improving economic prospects.

A window of opportunities

Charlie AwdryClick for moreClick to follow:Charlie Awdry
204 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
Emerging MarketsClick for moreClick to follow:Emerging Markets
220 Following
 
EquitiesClick for moreClick to follow:Equities
318 Following

The mutual market access programme between the Hong Kong and Shanghai stock exchanges is another step towards capital market liberalisation in China. Charlie Awdry, Fund Manager of the Henderson China Opportunities Fund, gives a brief view on the potential impact from the programme.

When will global growth revive?

Simon WardClick for moreClick to follow:Simon Ward
275 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following

Global six-month industrial output growth was expected here to recover from mid-year, following a rise in real narrow money expansion in early 2014 and an accompanying firming of leading indicators.

Global money trends flashing amber

Simon WardClick for moreClick to follow:Simon Ward
275 Following
3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following

Global six-month real narrow money growth fell sharply in August, based on data covering 90% of the aggregate followed here. September / October data should be awaited to assess whether this represents a genuine change of trend; if so, the suggestion is that the global economy will lose momentum in early 2015.

Eurozone money numbers better, economic outlook improving

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following

Eurozone money measures rose solidly again in August, suggesting improving economic prospects and initial success for the ECB’s June easing measures.

UK job openings suggesting early earnings pick-up

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
UKClick for moreClick to follow:UK
430 Following

The August Inflation Report introduced a new reason for continuing to delay a rise in interest rates – the labour supply, it claimed, has been expanding faster than expected, explaining the recent puzzling combination of strong employment growth with weak wages, while implying still-significant economic slack.

Farewell UK Bank Return - BoE now least open of major CBs

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
UKClick for moreClick to follow:UK
430 Following

The Bank of England will this week cease publication of the Bank Return – a weekly summary statement of its assets and liabilities. The Bank claims that it needs to hide its balance sheet in order to fulfil its responsibility for maintaining financial stability.

Secured Credit Insight September 2014 - Europe and US: covenants, floors and flows

Colin FleuryClick for moreClick to follow:Colin Fleury
51 Following
 
David MilwardClick for moreClick to follow:David Milward
37 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
EuropeClick for moreClick to follow:Europe
384 Following
 
UKClick for moreClick to follow:UK
430 Following

The September 2014 edition of the Secured Credit Insight covers some of the recent trends seen in the secured loans market, and the degree of convergence between Europe and the US.

A shaky marriage?

Bill McQuakerClick for moreClick to follow:Bill McQuaker
368 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
EquitiesClick for moreClick to follow:Equities 
UKClick for moreClick to follow:UK
430 Following

As we and the market expected, Scotland rejected independence and voted to remain part of the United Kingdom (UK). Market reaction so far has been fairly muted, with mild support for UK assets within currencies and equities.

Rediscovering European loans

David MilwardClick for moreClick to follow:David Milward
37 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
EuropeClick for moreClick to follow:Europe
384 Following
 
Fixed IncomeClick for moreClick to follow:Fixed Income
264 Following

The European loan market has experienced something of a revival over the past 18 months. 2013 saw by far the largest volume of issuance for several years, while 2014 is on track to record an even higher total. David Milward, Head of Loans at Henderson, comments on the renewed interest in this market.

Global cycle resemblance to 1970s probably ending

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following

Previous posts extending back to 2009 suggested that the global economic recovery from the 2008-09 “great recession” would mirror the revival after the 1974-75 “first oil shock” downturn. Industrial output has indeed followed a similar path but is now starting to diverge – necessary if economic optimists are to be proved correct.

THINK/Bonds September 2014 - Is it normal to talk about neutral?

Phil ApelClick for moreClick to follow:Phil Apel
166 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following
 
USClick for moreClick to follow:US
226 Following
In the latest issue of THINK/Bonds, Phil Apel, Head of Fixed Income/ISG at Henderson, examines expectations by some market participants that in the future the neutral rate for the US Federal Reserve interest rate policy will be considerably lower than historical averages, and the central bank’s current projections. Is there a case for a lower neutral rate and what does it mean for asset prices?

Natural resources: two months in

1 month ago
GlobalClick for moreClick to follow:Global
338 Following
 
EquitiesClick for moreClick to follow:Equities
318 Following
True to his motto "We use the benchmark index to challenge rather than dictate our portfolio construction", the Henderson Horizon Global Natural Resources Fund shows a significant divergence from its benchmark. Fund manager David Whitten outlines what the portfolio looks like two months post launch and describes the breadth and depth of the fund’s natural resource universe that offers plenty of opportunities up and down the supply chain across Energy, Mining and Agriculture.

Global Snapshot September 2014

1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
GlobalClick for moreClick to follow:Global
338 Following

The latest issue of the Global Snapshot provides a round-up of the main developments in economics, bonds, currencies, and equity markets during August 2014. Plus Simon Ward, Henderson’s Chief Economist, discusses why the US stock market’s rise appears stretched relative to its history.

What would a ‘yes’ vote mean for markets?

1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
EquitiesClick for moreClick to follow:Equities 
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With the Scottish referendum fast approaching, James Ross, Co-Manager of the Henderson UK Alpha Fund, takes a look at the possible implications for investment markets.

ECB takes up the QE baton, decoupling Europe from the US

Phil ApelClick for moreClick to follow:Phil Apel
166 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
EuropeClick for moreClick to follow:Europe
384 Following
 
USClick for moreClick to follow:US
226 Following
At its 4 September meeting, the European Central Bank (ECB) unleashed a fresh round of monetary stimulus in response to weakening growth and inflation expectations for the region. What are the implications of the ECB actions and of the decoupling of the markets in the US and Europe?

US earnings pick-up suggesting less dovish Fed

Simon WardClick for moreClick to follow:Simon Ward
275 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
521 Following
 
UKClick for moreClick to follow:UK
430 Following

Rising US average earnings growth casts doubt on the Federal Open Market Committee’s current assessment that “there remains significant underutilization of labor resources”.



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