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Multi-Asset – CIO Market Update – 19th Mar 2020

19 March 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Central Banks continued to respond to the coronavirus with both the European Central Bank and the Bank of England announcing further monetary policy easing. Overnight, the ECB announced an EUR 750 billion Pandemic Purchase Program which pushed down the yields on European government debt, notably for Portugal, Italy, Greece and Spain. ECB President Christine Lagarde stated that there are “no limits to our commitment to the euro.” 

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Multi-Asset – CIO Market Update – 18th Mar 2020

18 March 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

In the US, President Trump invoked the Defense Production Act which allows the government to increase the manufacturing of masks and protective equipment. The Senate passed a second bill to provide economic support for Americans in the form of paid sick leave, food stamps for vulnerable people and support in paying for coronavirus testing. Canada joined a raft of countries announcing a stimulus package which equates to 3% of Canada’s GDP. 

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Multi-Asset – CIO Market Update – 17th Mar 2020

17 March 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

Equity markets rallied and government bond yields rose as investors digested the news of further stimulus packages. In the US, President Trump promised a “big, bold package” including $250 billion spent on sending a $1,000 cheque to individual Americans within two weeks. 

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Emerging Markets – Fund Manager Market Update

17 March 2020

Emerging Markets – Fund Manager Market Update
From the North of South Capital team

As news of COVID-19 and market volatility continues to evolve at a rapid pace, the North of South Capital team provide their latest views. They analyse how today compares to 2008, give a detailed round-up of the emerging market sector, discuss how the portfolio is currently positioned and why we may be being presented “once-in-a-lifetime” opportunities to buy inexpensive equities.  

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Multi-Asset – CIO Market Update – 16th Mar 2020

16 March 2020

CIO Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management

On Sunday afternoon, the US Federal Reserve cut interest rates by a full 1% to zero-to-25%bps and announced a new $700 billion asset purchase programme. This takes interest rates back to where they were during the financial crisis and for seven years after. 

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G10 Macro Rates Market Analysis – Weekly Review – 13th Mar 2020

13 March 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Last week started with the biggest plunge in oil prices in two decades. That started the chaotic week as markets priced in a price war between Saudi Arabia and Russia, sending oil 30% down on the open. Financial markets had to experience emergency Central Bank actions and exchanges halting trading in interest rate and equity derivatives. As a result, many implied volatility measures spiked to the levels not seen since 2008, while credit spreads widened dramatically.  

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Multi-Asset – CIO Market Update – 13th Mar 2020

13 March 2020

CIO Update with Will Bartleet, CIO and multi-asset portfolio manager at Pacific Asset Management

Markets stabilised for much of Friday as actions were taken by several governments around the world to combat the financial effects of the epidemic. Overnight, the US Federal Reserve had provided additional liquidity to markets. Wall Street stocks surged late in the day as President Trump declared a national emergency and an acceleration of testing within the US.  

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G10 Macro Rates Market Analysis – Weekly Review – 9th Mar 2020

10 March 2020

With the Pacific G10 Macro Rates Team

Global Macro Overview
Hard to not dwell into sensationalism. Even before this Monday, last week had seen one of the biggest moves across global markets. The volatility came from a gradual realisation that the COVID-19 virus is spreading into developed economies and that policymakers in the US and Europe are not ready to act quickly with a fiscal response. Aggressive actions from Central Banks (50bps cuts from the Fed and BoC, 25bps cut from RBA) failed to stop the markets from pricing in worst-case outcomes. Economic data was mostly ignored, nonetheless it did show that the global economy entered the virus outbreak on a strong footing.  

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Multi-Asset – CIO Market Update – 9th Mar 2020

09 March 2020

CIO Update with Will Bartleet, CIO and multi-asset portfolio manager at Pacific Asset Management

Market Overview
Growing concerns around the coronavirus have led to a sharp increase in volatility in markets over the last few weeks. Today, markets have fallen as Italy has quarantined 16 million people in Lombardy and the oil price has fallen sharply on a dispute between OPEC members. Equity markets are concerned about the impact of the virus on the global economy and on corporate earnings.  

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Emerging Markets – February 2020 Review

06 March 2020

Emerging Markets – February 2020 Review
From the North of South Capital team

During a volatile February, the fund slightly lagged the MSCI Emerging Markets index. Having been ahead of the index for most of the month, we saw a selloff in some of our key markets during the final days. In particular weakness in Russia, triggered by a sell-off in oil prices proved a drag on performance. Additionally, the explosive spread of Coronavirus in South Korea via a religious sect caused that market to underperform.   

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