The latest from HGi

A healthy diagnosis

Chris PalmerClick for moreClick to follow:Chris Palmer
212 Following
1 Day ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
Emerging MarketsClick for moreClick to follow:Emerging Markets
219 Following
 
EquitiesClick for moreClick to follow:Equities
317 Following

While the investment universe of health care stocks in the emerging markets is currently small, the sector has a strong growth potential and over time will likely become a much more important sector for emerging market investors than it is today.

John Bennett video: The door has reopened to Global Europe

John BennettClick for moreClick to follow:John Bennett
315 Following
1 Day ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
Press releasesClick for moreClick to follow:Press releases
20 Following
 
EuropeClick for moreClick to follow:Europe
382 Following
John Bennett steps away from his short-term theme of ‘renting banks’, and explains why, against a troubled macro backdrop in the region, he sees opportunities to invest in European companies with global exposure.

Asian Renaissance

Michael KerleyClick for moreClick to follow:Michael Kerley
220 Following
1 Day ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
Asia-PacificClick for moreClick to follow:Asia-Pacific
314 Following
 
EquitiesClick for moreClick to follow:Equities
317 Following

Mike Kerley discusses specific themes and stocks benefiting from reform in Asia Pacific, including State Owned Enterprises (SOEs) in China, power producers in India and South Korean government initiatives to discourage cash hoarding by corporates.

US REITs - leading the pack

5 days ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
EquitiesClick for moreClick to follow:Equities
317 Following

REITs have topped the table on US asset class returns in eight out of the last 15 years, and were in the top three in 10 of the 15 years against nine asset classes. Not bad! Can the momentum be maintained?

When the worst brings the best - can negative real interest rates be a good thing?

Michael Wood-MartinClick for moreClick to follow:Michael Wood-Martin
203 Following
5 days ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
Asia-PacificClick for moreClick to follow:Asia-Pacific
314 Following
 
EquitiesClick for moreClick to follow:Equities
317 Following

Away from the noise of economic data and quarterly earnings an interesting situation has been developing in the Japanese bond market. Following the seismic changes instigated by Abe-san over a year and a half ago, Japan has been running a negative real interest rate.

Chinese equities - positioned for a rebound?

Caroline MaurerClick for moreClick to follow:Caroline Maurer
95 Following
5 days ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
Emerging MarketsClick for moreClick to follow:Emerging Markets
219 Following
 
EquitiesClick for moreClick to follow:Equities
317 Following

Chinese economic growth seems to be stabilising due to better macroeconomic management, with GDP growth of 7.4% and 7.5% (yoy) in Q1 and Q2 2014, respectively. Caroline Maurer, Fund Manager of the Horizon China Fund points out three themes that she believes could have a significant impact on China’s short to medium term growth.

The August 2014 issue of Global Snapshot

2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
GlobalClick for moreClick to follow:Global
337 Following

The latest issue of the Global Snapshot provides a round-up of the main developments in economics, bonds, currencies and equity markets in July 2014. Plus Simon Ward, Henderson’s Chief Economist’s latest views.

 

Eurozone core inflation stable / M1 growth satisfactory

Simon WardClick for moreClick to follow:Simon Ward
270 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following

Eurozone annual consumer price inflation fell further to 0.4% in July versus 0.7% in January and 1.6% in July 2013. This decline, however, is largely explained by lower energy and food costs. “Core” inflation, i.e. excluding energy, food, alcohol and tobacco, was 0.8% in July versus 0.7% in January and 1.1% in July last year.

UK Inflation Report confirms hawkish shift since May

Simon WardClick for moreClick to follow:Simon Ward
270 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
UKClick for moreClick to follow:UK
428 Following

Markets have interpreted the August Inflation Report as signalling further delay in monetary policy normalisation. Bank of England Governor Mark Carney’s press conference remarks admittedly gave little encouragement to those expecting the first rise in Bank rate to occur this year.

Chinese industrial pick-up confirmed; money numbers mixed

Simon WardClick for moreClick to follow:Simon Ward
270 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following

Chinese economic momentum has strengthened as predicted by monetary trends and business surveys. Six-month industrial output growth rose to 4.4% in July, or 9.1% annualised, the highest since December.

 

Global leading indicator slightly weaker but still positive

Simon WardClick for moreClick to follow:Simon Ward
270 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following

The global longer leading indicator followed here suggests that economic growth will strengthen through the current quarter before stabilising / moderating later in 2014. This is consistent with recent narrow money trends.

Cycle analysis suggests 2016-17 US recession risk

Simon WardClick for moreClick to follow:Simon Ward
270 Following
3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
USClick for moreClick to follow:US
225 Following

A post last week suggested that economic fluctuations in recent decades can be explained by the interaction of three cycles. The current post applies this idea to post-WW2 US economic data.

UK deposit rate fall boosting banks / economy

Simon WardClick for moreClick to follow:Simon Ward
270 Following
3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
UKClick for moreClick to follow:UK
428 Following

The average interest rate on the stock of UK bank lending to households rose marginally from 3.91% in May to 3.93% in June, while the average rate on household deposits eased from 1.19% to 1.15%*. The lending / deposit rate spread, therefore, widened to 2.77 percentage points – the largest since February 2011.

Central London flagship property acquired

Ainslie McLennanClick for moreClick to follow:Ainslie McLennan
257 Following
 
Marcus Langlands PearseClick for moreClick to follow:Marcus Langlands Pearse
138 Following
3 weeks ago
UKClick for moreClick to follow:UK
428 Following
 
PropertyClick for moreClick to follow:Property
215 Following

Ainslie McLennan and Marcus Langlands Pearse, co-managers of the Henderson UK Property Unit Trust, reveal the details on the fund's recent purchase of 440 Strand in Central London. 

Global money trends still positive

Simon WardClick for moreClick to follow:Simon Ward
270 Following
3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
GlobalClick for moreClick to follow:Global
337 Following

Six-month growth of global real narrow money – the key forecasting indicator followed here – remained solid in June, suggesting respectable economic prospects through end-2014.

High stakes in the UK gaming industry

3 weeks ago
EquitiesClick for moreClick to follow:Equities

The UK gambling industry has had a torrid time in recent years - bookmakers have had to deal with a plethora of issues and are now reaching a crunch point. While sentiment towards the sector has reached new lows, is there a contrarian opportunity to be had?

Overcoming uncertainty - a key consideration for income investors

Ben LofthouseClick for moreClick to follow:Ben Lofthouse
183 Following
3 weeks ago
Dividends and IncomeClick for moreClick to follow:Dividends and Income 
EquitiesClick for moreClick to follow:Equities 
YieldsClick for moreClick to follow:Yields

Ben Lofthouse, co-manager of the Henderson Global Equity Income Fund, analyses the impact of dividend volatility and highlights the benefits of taking a global approach to equity income investing.

Digging it: student accommodation

Ainslie McLennanClick for moreClick to follow:Ainslie McLennan
257 Following
1 month ago
UKClick for moreClick to follow:UK
428 Following
 
PropertyClick for moreClick to follow:Property
215 Following

Ainslie McLennan, Co-Manager of the Henderson UK Property Unit Trust, explains the attraction of student accommodation as an investment in the ‘alternative’ sector of the UK commercial property market.

The global productivity dilemma

1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
EconomyClick for moreClick to follow:Economy 
EquitiesClick for moreClick to follow:Equities

It is generally accepted that the global economy has a productivity problem, part of which is reflected in debt growing faster than gross domestic product (GDP). With fossil fuels disproportionately important to the productivity of economies, can a sustainable investment approach make a contribution to improving productivity?

UK growth should stay strong in H2

Simon WardClick for moreClick to follow:Simon Ward
270 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
519 Following
 
UKClick for moreClick to follow:UK
428 Following

“Forecasters’ droop” is the tendency of economists to predict that a stronger-than-expected data series will fall back to “trend”, despite a lack of catalysts for such a development. The MPC appears to have contracted the disease, judging from the expectation reported in the July minutes of “GDP growing by 0.9% in Q2, before slowing modestly into the third and fourth quarters”.



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