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UK to levy CGT on non-resident property owners

14 January 2014 | General

The United Kingdom intends to impose capital gains tax (CGT) on gains arising from the sale of UK property owned by non-UK residents. The announcement on 5 December 2013 by George Osborne, Chancellor of the Exchequer, reverses a near 50-year-old policy which allowed individuals, whether British ex-pats or overseas buyers, to invest directly in UK property with the ability to make any gains tax-free.

Franklin Templeton: Investment outlook for 2014

14 January 2014 | General

In our view, the investment outlook for 2014 is clouded by uncertainty. By year-end 2013, global stocks had generally rebounded strongly off crisis-era lows, and many indexes were near record highs. Corporate profit margins in the US, the world’s largest economy, were near peak levels, and US equity valuations appeared to us to be pricing in optimism at a time when politics are highly fractious and monetary stimulus will soon be tapered. Europe has continued to flirt with deflation, while China and Japan embark on very different, but equally experimental, reform paths with unknowable consequences.

Franklin Equity Group: Market outlook for the natural resources sector in 2014

13 January 2014 | Equities

In our view, 2013 was a year of transition for the natural resources sector as commodity-related markets sought balance in an environment of slower global economic growth and growing supply for several key raw materials. In response, many companies aggressively cut costs and deferred or cancelled projects to stem cash outflows and repair balance sheets. Although this was not a surprise for some industries such as gold mining that had experienced rising costs and a significant decline in the price of gold, the trend of greater capital discipline was also evident among companies still enjoying relatively stable conditions. Such a shift typically occurs during more difficult times and could have important investment implications longer term. In some cases, shareholder activism played a role as various companies responded to a rising drumbeat of shareholder demands for stronger returns and return of capital through higher dividends and share repurchases.

Franklin Equity Group expects to see market performance driven less by multiple expansion and more by earnings growth in 2014

13 January 2014 | Equities

Broad US equity-market gauges ended 2013 near record levels powered by record-high corporate profits, increased dividend pay-outs, continued share repurchases and improved investor confidence. The Fed’s decision to begin tapering its stimulus efforts also appeared to be positive for investor sentiment and could provide a favourable environment for earnings growth potential, in our view. After the market rise in 2013, valuations at year-end were generally closer to fair value, in our opinion. We would expect to see market performance driven less by multiple expansion and more by earnings growth in 2014.

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