PF 2023 23. 12. 2022 Dear clients, dear business friends, let us wish you a carefree Christmas, good luck and fulfilled wishes. Until the New Year 2023, good health, happiness and professional and personal success.
Robinson & Stupavský: Forget the headlines.. inflation hasn't given up just yet 02. 06. 2022 It would be nice to think that the outrageous increase in prices we’ve seen in recent months is just a flash in the pan. If you used to drive a little out of the way to pay CZK 2 or CZK 3 less per liter, the current price of CZK 48 is simply incomprehensible.
Morgan Stanley: Why Equity Markets Remain Vulnerable 04. 05. 2022 Investors may be making flawed assumptions about the path of inflation, monetary policy and corporate earnings. What that could mean for markets going forward.
Morgan Stanley: Why Passive Investors May Have a Tougher Time in 2022 16. 02. 2022 The U.S. stock market has rewarded passive investors handsomely in recent years, but that could soon change. Here’s how to navigate today’s more challenging investment landscape.
PF 2022 21. 12. 2021 Wishing you a Merry Christmas with your loved ones and may you have a very prosperous personal and professional year in 2021!
FINANCIAL MARKETS WEEKLY - The drama of China's second largest residential developer Evergrande cont 20. 09. 2021 The main point of interest for investors during the past week was the further deterioration of the financial situation of China's second largest residential developer Evergrande. Judging by the company's share and bond prices, bankruptcy seems an increasingly likely... Financial markets weekly
CHART OF THE WEEK - Global debt at new all-time high 15. 09. 2021 Yesterday, the Institute of International Finance published its regular quarterly analysis looking at overall global indebtedness, i.e. the indebtedness of all economic agents – governments, businesses and households. During this year's second quarter, total global... Graf týdne
FINANCIAL MARKETS WEEKLY - Inflationary pressures continue to rise strongly 13. 09. 2021 Inflationary pressures continue to rise strongly across the global economy. Czech inflation data for August were published on Friday. While analysts' consensus had estimated year-on-year consumer price growth in the Czech economy at 3.6% after 3.4% in July, the 4.1... Financial markets weekly
CHART OF THE WEEK - Euro-denominated high-yield corporate bonds with a negative real yield for the f 10. 09. 2021 This week, Bloomberg reported that the average real inflation-adjusted yield to maturity on the euro-denominated high-yield speculative corporate bond index fell negative for the first time in history. As the chart below shows, the average nominal yield to maturity on these... chart of the week
FINANCIAL MARKETS WEEKLY - Stock markets at new all-time highs 06. 09. 2021 The US economy, like the entire global economy, is getting closer and closer to the stage of stagflation, i.e. weak economic growth and at the same time strongly elevated inflation. Key data on the number of newly created jobs for the month of August (Nonfarm Payrolls) were... Financial markets weekly
FINANCIAL MARKETS WEEKLY - Stock markets at new all-time highs 16. 08. 2021 On Sunday, it was exactly 50 years ago when then-US President Richard Nixon, on August 15, 1971, unilaterally ended the convertibility of the dollar into gold at the parity of $ 35 per troy ounce. This act de facto ended the Bretton Woods monetary system, which was founded at... Financial markets weekly
CHART OF THE WEEK - Average global inflation rate has been rising massively 11. 08. 2021 Yesterday, data on Czech inflation for July were published. Year-on-year consumer price inflation accelerated faster than analysts expected. Year-on-year inflation growth in the Czech economy reached 3.4% in July after 2.8% in June. Thus, Czech inflation remains well above the... chart of the week
FINANCIAL MARKETS WEEKLY - Stock markets at new all-time highs 09. 08. 2021 Important labor market data were released in the US last week. The US economy created 943 thousand jobs in July, which was more than analysts' consensus estimate. Also from other global macroeconomic data, it seems that the current growth dynamics of the world economy is... Financial markets weekly
CHART OF THE WEEK - We continue to bet on value stocks and avoid growth stocks 28. 07. 2021 Within our global equity allocation, we continue to bet primarily on value stocks and tend to avoid growth stocks. Given that we are conservative investors with long-term investment horizon, this important equity bet is based primarily on the difference in valuations. chart of the week
FINANCIAL MARKETS WEEKLY - Strongly dovish tone of the ECB meeting 26. 07. 2021 A meeting of the European Central Bank took place last week. The tone was strongly dovish, which in practice means that the ECB will keep interest rates at zero for a very long time until inflation reaches in a sustainable way, newly symmetric, 2% inflation target. It is also... Financial markets weekly
CHART OF THE WEEK - History does not repeat itself, but it often rhymes 21. 07. 2021 History does not repeat itself, but it often rhymes. At the peak of the US stock market in 2000, which many now call the technology bubble, US stock valuations reached new all-time highs. P/S ratio of the main US stock index S&P 500 reached 2.3 and for the sub-index of... chart of the week
FINANCIAL MARKETS WEEKLY - US inflation at 13-year high 19. 07. 2021 Data on US inflation for June were released last week. Rise of consumer prices accelerated further in the past month, with year-on-year rise of the Consumer Price Index (CPI) standing at 5.4%. Currently, inflation in the world's largest economy is well above the 2... Financial markets weekly
FINANCIAL MARKETS WEEKLY - US equities at new all-time highs 28. 06. 2021 The key news from the last week was the statement of several representatives of the US Federal Reserve, who said that the elevated inflation is very likely to plague the world's largest economy for longer than previously thought. Recall that in May, the year-on-year rise... Financial markets weekly
FINANCIAL MARKETS WEEKLY - Hawkish Fed sent financial markets down 21. 06. 2021 The US Federal Reserve met last Wednesday. The outcome of the meeting was a bit more hawkish than investors expected. While the Fed originally expected the first rate hike in 2024, the US monetary authority now expects the first rate hike "already" in 2023. In... Financial markets weekly
FINANCIAL MARKETS WEEKLY - Financial markets continued to grow modestly again 14. 06. 2021 Over the past week, financial markets have continued to grow modestly again, both stocks and bonds and commodities. The broadest global stock index MSCI All Country World recorded a gain of 0.4%. US stock index S&P 500 recorded a gain of 0.4% and closed the week on a new... Financial markets weekly
