Alex Moffatt

Alex
Moffatt

Director
Joseph Palmer & Sons

Alex Moffatt has almost 40 years’ experience dealing in equity, debt and currency markets in Australia, the UK and USA. He has worked at several companies in the wealth management industry, including Schroders in the UK. A director of Joseph Palmer & Co, Alex is authorised to provide advice on equities, fixed income securities, managed investment products and superannuation strategy and products.

Expertise

No areas of expertise

China market weakness

Alex Moffatt

The local market is trading 0.3% lower this morning with investors keeping a wary eye on the Chinese markets where we saw a 2.9% loss on the main stock index on Thursday and this morning it is down a further 2.3%, the worst losses in 18 months. The move in... Show More

MiFID - it will come to Australia

Alex Moffatt

European and British financial markets are dealing under an ever-tightening regulatory regime, which continues to be refined after coming into force in 2007. Show More

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Roll on Spring

Alex Moffatt

The big, fat, wet squib which Jackson Hole was for market participants who had been holding their breath, just as sensible people would have expected, might in some way mark the inflection point in the belief that the central banks hold the answers to all questions and the key to... Show More

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here we go again!

Alex Moffatt

I am worried as I have just read an article on page 27 of Fridays Financial Review, courtesy of the London Financial Times, entitled “Hedge Funds pursue esoteric credit risk in bespoke tranches”. The article highlights a rise in investor interest in bespoke tranches, a bundle of risks expressed through... Show More

Lindau then Jackson Hole

Alex Moffatt

Today the European Central Bank President Mario Draghi is slated to speak in Lindau, a particularly quiet and gentle resort on lake Constance, at the Meeting on Economic Sciences. The conference prides itself for attracting 17 Nobel laureates and 350 young economists from 66 countries who are expected to hang... Show More

The bull is tiring

Alex Moffatt

There has always been some truth in the old rule that the time to start selling is when the bears begin to get bullish. I am, and always have been, an instinctive bear, however I have to admit to having been on board the risk rally which has carried us... Show More

My missile is bigger than yours!

Alex Moffatt

Increasing tensions between the US and North Korea seem to be starting to weigh on investors’ minds which is as it should be. The US defence secretary, Jim Mattis, has warned North Korea that “It should stop actions that would lead to the end of its regime and the destruction... Show More

It's a funny old world

Alex Moffatt

It’s a funny old world. Having yesterday noted the impending 10th anniversary of the starting gun going off on the global financial crisis I subsequently tripped over a vignette on Bloomberg which read “Junk subprime auto ABS spreads at record lows”. It really was just a vignette and went on... Show More

GFC 10 years on

Alex Moffatt

This is a very important week. It’s not important because of the stunningly strong US labour report last Friday or because the US dollar has begun to fight back a little or because West Texas oiI has dropped back below USD 50 pbb again. It is an important week because... Show More

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Aussie Dollar - short or long?

Alex Moffatt

Good morning, if there is a crowded trade out there, it has to be the one which is short the US dollar. Before going any further, let’s remind ourselves that there are two parts to every currency pair and that the exchange rate reflects the relative value of the two... Show More

US GDP - the one to watch this week

Alex Moffatt

Good morning, the Dow Jones Industrial Average and the Shanghai Composite were the only two bourses which closed in the black on Friday, our own ASX200 was amongst the worst closing down 1.4% at 5,702. Index futures are suggesting we may regain 24 points of that loss today. Show More

It is all about the currency

Alex Moffatt

Good morning, one of my mentors taught me in the 1980s that investment performance is 70% in the currency, 25% in the choice of asset class and only 5% in the stock pick but that investors waste most of their efforts by directing their efforts in the inverse proportion. I... Show More

Greece is the word

Alex Moffatt

Good morning, Greece returned to the capital markets last night, after a three year absence, selling EUR3 billion worth of five year bonds with a coupon of 4.375% at a yield of 4.625%. The issue just scraped away and was most likely helped along by Greece buying back bonds issued... Show More

IMF downgrades US growth

Alex Moffatt

Good morning, the week kicked off on a softish note with the banks and resources sectors leading the market lower; the ASX200 closed down 0.6% at 5,688. At some stage analysts will turn their attention to the effect the stronger Australian dollar is having on our major exporting companies and... Show More

Risk on......for today at least

Alex Moffatt

Good morning, foreign bourses were all stronger with Shanghai leading by putting in a rise of 1.4%, Japan was more modest with a rise of just 0.1%. Bond yields are slightly higher with the US yield curve flattening slightly from the long end, the 2/10 spread is now 91 points... Show More

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Between a rock and a hard place

Alex Moffatt

Good morning, The Reserve Bank of Australia will release the June quarter inflation report on 26th. July with economists forecasting no change to the headline rate of 2.1%pa. Given the rate is sitting at the lower end of the Reserve Bank's target range of 2% to 3% and forecast to... Show More

It's all about bonds

Alex Moffatt

Good morning, good economic news from China yesterday, GDP +6.9%, didn’t help our market which saw the banking sector weaken taking the ASX200 index down by 0.2%. Stronger resources only partly stemmed the weakness. Show More

AUD oi oi oi!

Alex Moffatt

Good morning, the recent rally in the value of the Australian Dollar versus its American counterpart has been both swift and strong, catching many out including moi. The move has been partly due to US Dollar weakness particularly following Madame Yellen’s softer tone on monetary policy at her Congressional testimony... Show More

Risk on......for Thursday at least

Alex Moffatt

Good morning, stocks bounced back yesterday for no other reason than Janet Yellen telling the US Congress that rates are likely to remain lower for longer. Not even the rate rise from the Bank of Canada could dampen the renewed enthusiasm for risk and even the expectation by the foreign... Show More

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US 2nd quarter reporting kicks off this week

Alex Moffatt

Good morning, in addition to the economic data I noted will be released this week we will also get another US reporting season kicking off. Analysts’ forecasts are for second quarter earnings to fall 2% with industrials the only sector expected to show growth and energy the largest decline. Show More

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