In January 2015, the Bank of Canada (BoC) cut the overnight rate from 1% to 0.75% in a move that came as a surprise to some market participants. This led to a substantial rally in the Canadian bond market to the extent that, at some point, the pricing in the front-end of the Canadian yield curve was implying substantial probability of another...read more
The Alberta NDP campaigned during the recent provincial election on several issues that are not particularly constructive for the oilpatch. A few of the party’s key platform items that directly affect energy companies include:an increase in the corporate tax rate from 10 to 12% a review of the current royalty system. The NDP has said, “... read more
I recently attended the American Academy of Neurology (AAN) annual meeting in Washington, where advances in the development of drugs for debilitating diseases such as Alzheimer’s disease (AD) and Multiple Sclerosis (MS) were presented. Although still in the early- to middle-innings of development, there are encouraging signs of hope from a...read more
Reading and writing about 2015’s outlook is a ritual for most market participants. Most banks and buy side firms publish their upcoming year’s outlook in December with forecasts on bond yields, equity returns, and a general macro outlook. Some publish the list of their top 10 or 20 risks for next year. In 2014, the major calls at the beginning...read more
It’s that time of year again. With the New Year’s Eve parties out of the way and a fresh start to the year, we attended the Consumer Electronics Show (CES) held in Las Vegas from January 6-9. 2015 was a record year for CES with over 170,000 attendees from around the world.
The focus for CES 2015 was all about the Internet of Things (IOT...read more
With a total market capitalization of USD $3.9 trillion, China's A-share market ranks only behind the New York Stock Exchange, Nasdaq, and Japanese Stock Exchange. Despite its size, the A-share market remains largely off limits to foreign investors. But change is coming and the introduction of a Mutual Market Access (MMA) program is an...read more
At the CI Leadership Forum in October I spoke briefly about increasing interventionism in the capital markets. I believe we are still in the early innings of secular change in the regulation of the capital markets. I can make the argument this is a rejection of the laissez-faire economic policies associated with Reagan, Thatcher, and even...read more
Given the number of inquiries I’ve received regarding the recent sell-off in global equity markets, I thought I’d share a few quick observations from Signature’s perspective.
Next week, Eric will be holding a webcast along with other team members, so a more detailed perspective will also soon be available.
The quick conclusion...read more
Below are some highlights from a recent research trip to Brazil where I attended the JP Morgan LatAm Conference.
Technically, Brazil is almost in a recession and the consumption environment has been a challenge with retailers continuing to see sluggish sales in the beginning of Q3. In general,...read more
On September 19, Alibaba (BABA) became the largest IPO ever, and its founder Jack Ma, is now worth about $26 billion. How did this company, a virtual unknown outside of its native China, rocket 38% on its first day of trading to achieve a mega capitalization of $230 billion overnight? Why is there all this excitement for Alibaba?