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Fiscal stimulus - the next uplift for commodities?

03 October 2016 | General

Introduction In September 2015 the USD was the strongest global currency; the rand was weakening and commodity prices were rapidly declining having peaked in 2011. Global perceptions were for a series of US interest rate increases on the premise of an accelerating economy. Moreover, commodity prices were declining on concerns of a slowing Chinese economy and a potential “hard landing”.

From Muddling to Miracle: The path to maintaining SA’s credit rating

02 October 2016 | Economy

I have previously referred to the South African economy as just muddling along – we aren’t shooting the lights out, but we haven’t sunk into the depths of a recession. But wouldn’t it be awesome if we could break out of our no-growth shackles? We can. And it’s not far-fetched either.

Interest rates left unchanged, but a lot to think about

27 September 2016 | Economy

It was a big week for monetary policy. The Bank of Japan’s (BoJ) meeting was keenly awaited as it promised to deliver a “comprehensive assessment” of its policies. With the aim of ending Japan’s chronic deflation, Governor Kuroda launched the world’s most ambitious quantitative easing programme when he took office in 2013. He has ballooned the Bank’s balance sheet to a size equal to the country’s annual economic output, while the Federal Reserve’s balance sheet is only a quarter of that of the US. Initially, this had the desired effect of weakening the yen from ¥80 to ¥120 against the US dollar, boosting exporters and lifting import prices, but the yen has since rallied back to ¥100 per dollar and inflation is barely positive, well below the 2% target. Cutting interest rates below zero in January 2016 did not help, making life difficult for Japan’s banks. Consequently, the BoJ decided not to cut rates any deeper into negative territory but will now buy bonds with the aim of capping the 10-year bond yield at around 0%. The other innovative step taken by the BoJ was to commit to let inflation overshoot its 2% target, to raise expectations for future inflation. Whether this will work remains to be seen, but it’s a step that other central banks may still follow.

How the Brexit Vote Turned the Spotlight on Small-Cap Value

27 September 2016 | General

It had been a tumultuous year for small- and mid-capitalisation (small- and mid-cap) stocks even before the United Kingdom’s vote in June to leave the European Union (EU). Volatility, reflected in investors’ preference for larger, more traditional defensive assets, intensified after the Brexit vote, but we think the sell-off has contributed to a valuation gap that could present opportunities in the small-cap space.

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JSE enhances trading functionality on its Equity market to allow bulk trades

27 September 2016 | General

Is it the right time to buy Capital and Counties?

27 September 2016 | General

Compare apples with apples : A clearer way to disclose costs

23 September 2016 | General

There is an argument for a higher US policy rate

22 September 2016 | Economy

Pair profit with purpose, says Old Mutual Investment Group

20 September 2016 | General

Good growth hunting

20 September 2016 | General

Thin Slicing the Markets: Has “Helicopter Money” Already Landed?

19 September 2016 | General

Domestically focused sectors offer reasonable value on JSE

19 September 2016 | General

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Investments

Fiscal stimulus - the next uplift for commodities?

From Muddling to Miracle: The path to maintaining SA’s credit rating

Interest rates left unchanged, but a lot to think about

How the Brexit Vote Turned the Spotlight on Small-Cap Value

JSE enhances trading functionality on its Equity market to allow bulk trades

Is it the right time to buy Capital and Counties?

Compare apples with apples : A clearer way to disclose costs

There is an argument for a higher US policy rate

Pair profit with purpose, says Old Mutual Investment Group

Good growth hunting

Thin Slicing the Markets: Has “Helicopter Money” Already Landed?

Domestically focused sectors offer reasonable value on JSE