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MoneyWeek

MoneyWeek Issue 952

There's a reason MoneyWeek is Britain's best-selling financial magazine. We exist to help you ground your portfolio so that it keeps your money safe during rough patches and growing in the good times. We don't just look at how to maximise your returns and limit your losses, we also like to look at how you can keep more of the money you've made. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

País:
United Kingdom
Idioma:
English
Editor:
Dennis Publishing UK
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51 Números

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3 min.
from the editor-in-chief...

Global investors are more bearish today than at any point since the financial crisis. That, at least, is what the latest Bank of America Merrill Lynch (BAML) survey of fund managers tells us. They have, they say, the lowest allocation to equity markets since March 2009. Some data even suggests that, in the US at least, the bond weighting in portfolios exceeds that of equities. That’s highly unusual (if you want to make inflation-beating long-term returns, you need equities). So what’s spooking managers? BAML’s chief strategist, Michael Hartnett, puts it down to worries about recession; about trade wars; about high levels of corporate debt; and about “monetary policy impotence” – the possibility that central bankers can’t do much more to stimulate debt-ridden economies. This makes some sense. But long-term readers will…

2 min.
misunderstanding of the week

Swiss bank UBS has been excluded from a $1bn bond sale despite apologising for remarks by its global chief economist, Paul Donovan, which infuriated social-media users in China. In a note, Donovan noted that “sick pigs” are behind rising pork prices. “It matters if you are a Chinese pig. It matters if you like eating pork in China. It does not really matter to the rest of the world.” The reference to Chinese pigs was misinterpreted as a racist slur. China Railway Construction Corp says it will now not work with UBS on its bond sale; at least one Hong Kong brokerage has cut ties; and the Chinese Securities Association of Hong Kong has demanded further apologies. Donovan is now on leave while UBS reviews the matter. Good week for: Iarnród Éireann,…

2 min.
hong kong faces a perfect storm

The powers that be might shrug off popular discontent, but they will “listen to money”, says Pete Sweeney on Breakingviews. That explains Hong Kong’s decision to shelve a controversial extradition bill. Plans to allow residents to be sent to face mainland courts have sparked mass protests that ultimately forced Carrie Lam, the city’s leader, to suspend the bill indefinitely. Yet that gesture did not calm the unrest. Organisers claim that up to two million people, nearly 30% of Hong Kong’s entire population, turned out last Sunday regardless. China’s leaders do not want to kill the fabled golden goose, says Sweeney. Hong Kong accounted for about 12% of the mainland’s exports last year and is the single largest source of “realised foreign direct investment” to China. Its stock exchange gives mainland firms…

1 min.
emerging markets have grown up

It’s time to move beyond emerging market stereotypes, says investment manager Franklin Templeton in a research note. A bet on developing countries once meant buying into politically-volatile markets dependent on cyclical commodities. But today the biggest sector in the MSCI Emerging Markets index is technology. It accounts for 28% of the market. The region’s tech players are as likely to be leading global innovation as following it. “Unhindered by sunk investments in legacy systems,” businesses in emerging markets have more freedom to come up with something genuinely new in sectors ranging from mobile banking to electric vehicles, says Andrew Ness of Templeton’s Emerging Markets trust. “Take Chinese e-commerce,” which today makes up a “far higher percentage of retail sales in China than in the US.” Without legacy credit-card networks, Chinese consumers…

1 min.
gold will regain its shine

“The gold bugs are out in force,” says Garry White in The Daily Telegraph. The dash for this “financial teddy bear” suggests that investors see rising risks in markets and are seeking out an asset traditionally seen as the ultimate safe haven. Soft Chinese data and rising tensions in the Middle East have sent gold prices towards 14-month highs around $1,340 an ounce. The main drawback of holding gold is that it pays no interest, but with government bond yields continuing to plumb the depths, reflecting fears over global growth, gold is looking more attractive on a relative basis. Interest-rate cuts by the Federal Reserve would also help gold by weakening the dollar. They would make the currency less appealing – and gold more attractive since it is priced in dollars. Then…

1 min.
viewpoint

“Private equity has a rotten track record when it comes to listing companies on the stockmarket. Debenhams never recovered from its ownership by a trio of buyout firms more than a decade ago… the chain flogged off its freehold property, cut costs to the bone, and was lumbered with more than £1bn of debt. It is now in the hands of lenders. It is far from alone. Foxtons, Convatec, and Pets at Home have all flopped as public companies, having spent time in the hands of private equity. But few can match the wretched legacy of Acromas, which spawned not one, but two stockmarket dogs: roadside rescue experts the AA and over-50s holiday specialists Saga…. Private equity’s big play is that it has the freedom to invest in companies away…