Market Thinking - A view from the equity market
AXA Investment Managers
Market Thinking - A view from the equity market. Currencies are driving everything at the moment - the S&P is either rolling over, or hitting new highs, depending on whether you are a domestic or an international investor. The US markets are flat year to date, but in Euro terms are up 16- 18%, more than the Stoxx. March is also a big options expiry month and historically we have seen significant repositioning around this time. We are also coming to the end of the Japanese financial year which may also be having an impact. Quantitative Easing (QE) in Europe has been the trigger for the collapse in the currency but note it is much more like Japanese than US QE. It will not stimulate a cyclical economic recovery and needs to be matched with structural change. Equally while Japan is encouraging buying of equity, Europe is discouraging it. Read my weekly note: (VIEW LINK)
AXA Framlington takes an active, fundamental approach to investing. We are high conviction investors with an entrepreneurial mindset that is grounded in intensive company research and bottom-up stock selection as a primary source of added value. ...
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