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UK money trends suggesting steady growth

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Simon WardClick for moreClick to follow:Simon Ward
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23 hours ago
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UK monetary trends remain solid, casting doubt on forecasts of an imminent economic slowdown – the consensus projection is for GDP growth to fall from 3.1% in 2014 to 2.6% in 2015, according to the Treasury’s monthly survey.

Eurozone money trends also signalling improving outlook

Simon WardClick for moreClick to follow:Simon Ward
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2 days ago
Economics & marketsClick for moreClick to follow:Economics & markets
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Eurozone money measures grew solidly again in September, suggesting improving economic prospects and initial success for the ECB’s recent easing measures.

Japanese money trends signalling improving outlook

Simon WardClick for moreClick to follow:Simon Ward
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6 days ago
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Posts last year (e.g. here) suggested that Japanese economic and equity market performance would disappoint in 2014. This pessimism was based on the failure of QE to boost monetary growth significantly and the expected inflation impact of the April sales tax rise. The real money supply, in other words, was on course to contract, making continued economic expansion unlikely.

Proposed transaction to merge Old Mutual Property Fund into Henderson UK Property OEIC

1 week ago
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This press release is solely for the use of members of the media and should not be relied upon by personal investors, financial advisers or institutional investors.

Old Mutual Global Investors and Henderson Global Investors have today announced a transaction whereby the Old Mutual Property Fund, currently run by CBRE Global Investors, will merge into the Henderson UK Property OEIC. The merger is set to complete in January 2015, subject to regulatory and client approval.

Chinese September data more evidence of global resilience

Simon WardClick for moreClick to follow:Simon Ward
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1 week ago
Economics & marketsClick for moreClick to follow:Economics & markets
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UKClick for moreClick to follow:UK
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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
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2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
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UKClick for moreClick to follow:UK
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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

2 weeks ago
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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
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3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
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GlobalClick for moreClick to follow:Global
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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
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3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
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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
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3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
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GlobalClick for moreClick to follow:Global
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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
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1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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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
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1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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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
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1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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UKClick for moreClick to follow:UK
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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
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1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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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
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David MilwardClick for moreClick to follow:David Milward
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1 month ago
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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
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1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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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
39 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
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Fixed IncomeClick for moreClick to follow:Fixed Income
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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
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1 month ago
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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
169 Following
1 month ago
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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
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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.


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