« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
This monthly briefing highlights that emerging economies face renewed financial turbulence, that US economy registered robust GDP growth in the fourth quarter of 2013 and that the last quarter of 2013 revealed a heterogeneous economic performance in the developing world.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
Ivo Pezzuto - FEDERAL RESERVE'S RATE RISE. COMING SOON? The Global Analyst Se...Dr. Ivo Pezzuto
This article, written on August 31st, 2015 by Prof. Ivo Pezzuto, predicts that mostly likely the Federal Reserve will hike interest rates at the December 16th-17th FOMC meeting, given the current global economic turbulence and outlook, and that a rate rise will be more likely at the end of 2015 or in early 2016 if the US economy will continue to improve and in the absence of systemic crises.
The recent correction in global financial markets has left developed market equities about 10% cheaper and emerging market equities 25% cheaper, removing a lot of the valuation froth that was evident.
Commenting in Novare Investments’ economic report for the third quarter of 2015, Francois van der Merwe, Head of Macro Research, said: “We expect global equities to be supported by continued accommodative monetary policies, soft inflation and a moderate global economic recovery.
The global economy effects on commodity dependent countries like zambiaKampamba Shula
On the 17th of November 18, 2016 I made a presentation at the FNB Financial Journalism academy on “The Global Economy Effects on Commodity dependent countries like Zambia”. It was well received. Below are some of the highlights
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
Monthly Newsletter on key sectors of Pakistan Economy with updates on Money Market and Pakistan Stock Exchange (PSX) and latest numbers of Inflation, Current and Fiscal Account.
While equity and commodity markets have recovered, it is an almost consensus view that already tepid global economic growth in H2 2015 likely weakened furthered in Q3 and shows few signs of recovering near-term,
Governments, lacking in both leadership and fiscal-reflation headroom, have passed the buck to central banks struggling to hit multiple growth, inflation and financial stability targets.
However, talk of global recession let alone economic collapse is somewhat overdone and I reiterate my long-held view that the global growth story is a cause for concern, not panic (17 December 2014).
The rise in bond yields in developed economies in the past 6 weeks remains one of the over-riding themes as we head into the last seven days of the US presidential campaigns.
Markets are now fretting about the implications for global growth and asset valuations and ultimately whether elevated global risk appetite will correct more forcefully.
Higher international commodity prices, a pick-up in global GDP growth in Q3 and early Q4 and easing deflation fears suggest that interest rate policies in developed economies may have reached an important inflexion point – in line with the view I expressed six weeks ago.
Developed central banks may refrain from loosening monetary policy further near-term, with the exception of the RBNZ and possibly ECB. At the very least, policy-makers will tweak a discourse which has largely focused on doing “whatever it takes”.
Recent US data have paved the paved the way for a 14th December Fed hike, conditional on Democrat candidate Hilary Clinton wining the 8th November US presidential elections.
But with the exception of the Fed and possibly a handful of EM central banks, rate hikes are a story for the latter part of 2017 (perhaps) while further rate cuts remain on the cards in Brazil, Russia, Indonesia and India.
Higher global yields and still uncertain US election outcome are taming global equities and volatility has spiked but EM currencies have still managed to eek out modest gains.
Assuming Hilary Clinton wins next week, I would expect the initial reaction to be a rally in global equities, EM currencies and Dollar and an underperformance of safe-haven assets.
But I would also expect market pricing for a December Fed hike to rise a little further, which could in turn eventually curtail any rally in global equities and EM currencies.
In this scenario, the Dollar would likely end the year stronger, as per my January forecast of a third consecutive year of albeit more modest Dollar gains.
Whether global risk appetite avoids its early 2016 fate will depend on the interconnected factors of underlying macro data and the Fed’s credibility. In any case, market volatility could spike in the run-up to March 2017.
The self-reinforcing sell-off in Sterling and UK bonds has only very recently abated, with markets seemingly taken some comfort from a number of factors including the only modest slowdown in UK GDP growth to 0.5% qoq in Q3.
But optimism over UK GDP data is not warranted as growth has become more unbalanced and slowed in August-September despite a significant easing in UK monetary policy.
The SVB Asset Management Economic Report, Q1 2017, is a review of and outlook on economic and market factors that impact global markets and business health.
In this edition, the team discusses the Fed's recent activity and its intentions to raise benchmark interest rates three times in 2017. The report also focuses on how the new U.S. administration will impact domestic and global economies.
Standpoint: Global Reflation by Kevin Lings STANLIB
Fears of sustained deflation and stagnant growth in the United States and Europe have been replaced by a more optimistic growth outlook as well as concerns about rising inflation. This has driven developed market equities higher, but also weakened major bond markets.
This monthly briefing highlights that emerging economies face renewed financial turbulence, that US economy registered robust GDP growth in the fourth quarter of 2013 and that the last quarter of 2013 revealed a heterogeneous economic performance in the developing world.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
Ivo Pezzuto - FEDERAL RESERVE'S RATE RISE. COMING SOON? The Global Analyst Se...Dr. Ivo Pezzuto
This article, written on August 31st, 2015 by Prof. Ivo Pezzuto, predicts that mostly likely the Federal Reserve will hike interest rates at the December 16th-17th FOMC meeting, given the current global economic turbulence and outlook, and that a rate rise will be more likely at the end of 2015 or in early 2016 if the US economy will continue to improve and in the absence of systemic crises.
The recent correction in global financial markets has left developed market equities about 10% cheaper and emerging market equities 25% cheaper, removing a lot of the valuation froth that was evident.
Commenting in Novare Investments’ economic report for the third quarter of 2015, Francois van der Merwe, Head of Macro Research, said: “We expect global equities to be supported by continued accommodative monetary policies, soft inflation and a moderate global economic recovery.
The global economy effects on commodity dependent countries like zambiaKampamba Shula
On the 17th of November 18, 2016 I made a presentation at the FNB Financial Journalism academy on “The Global Economy Effects on Commodity dependent countries like Zambia”. It was well received. Below are some of the highlights
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
Monthly Newsletter on key sectors of Pakistan Economy with updates on Money Market and Pakistan Stock Exchange (PSX) and latest numbers of Inflation, Current and Fiscal Account.
While equity and commodity markets have recovered, it is an almost consensus view that already tepid global economic growth in H2 2015 likely weakened furthered in Q3 and shows few signs of recovering near-term,
Governments, lacking in both leadership and fiscal-reflation headroom, have passed the buck to central banks struggling to hit multiple growth, inflation and financial stability targets.
However, talk of global recession let alone economic collapse is somewhat overdone and I reiterate my long-held view that the global growth story is a cause for concern, not panic (17 December 2014).
The rise in bond yields in developed economies in the past 6 weeks remains one of the over-riding themes as we head into the last seven days of the US presidential campaigns.
Markets are now fretting about the implications for global growth and asset valuations and ultimately whether elevated global risk appetite will correct more forcefully.
Higher international commodity prices, a pick-up in global GDP growth in Q3 and early Q4 and easing deflation fears suggest that interest rate policies in developed economies may have reached an important inflexion point – in line with the view I expressed six weeks ago.
Developed central banks may refrain from loosening monetary policy further near-term, with the exception of the RBNZ and possibly ECB. At the very least, policy-makers will tweak a discourse which has largely focused on doing “whatever it takes”.
Recent US data have paved the paved the way for a 14th December Fed hike, conditional on Democrat candidate Hilary Clinton wining the 8th November US presidential elections.
But with the exception of the Fed and possibly a handful of EM central banks, rate hikes are a story for the latter part of 2017 (perhaps) while further rate cuts remain on the cards in Brazil, Russia, Indonesia and India.
Higher global yields and still uncertain US election outcome are taming global equities and volatility has spiked but EM currencies have still managed to eek out modest gains.
Assuming Hilary Clinton wins next week, I would expect the initial reaction to be a rally in global equities, EM currencies and Dollar and an underperformance of safe-haven assets.
But I would also expect market pricing for a December Fed hike to rise a little further, which could in turn eventually curtail any rally in global equities and EM currencies.
In this scenario, the Dollar would likely end the year stronger, as per my January forecast of a third consecutive year of albeit more modest Dollar gains.
Whether global risk appetite avoids its early 2016 fate will depend on the interconnected factors of underlying macro data and the Fed’s credibility. In any case, market volatility could spike in the run-up to March 2017.
The self-reinforcing sell-off in Sterling and UK bonds has only very recently abated, with markets seemingly taken some comfort from a number of factors including the only modest slowdown in UK GDP growth to 0.5% qoq in Q3.
But optimism over UK GDP data is not warranted as growth has become more unbalanced and slowed in August-September despite a significant easing in UK monetary policy.
The SVB Asset Management Economic Report, Q1 2017, is a review of and outlook on economic and market factors that impact global markets and business health.
In this edition, the team discusses the Fed's recent activity and its intentions to raise benchmark interest rates three times in 2017. The report also focuses on how the new U.S. administration will impact domestic and global economies.
Standpoint: Global Reflation by Kevin Lings STANLIB
Fears of sustained deflation and stagnant growth in the United States and Europe have been replaced by a more optimistic growth outlook as well as concerns about rising inflation. This has driven developed market equities higher, but also weakened major bond markets.
Ivo Pezzuto - "FED BITES THE BULLET - Implements First Rate Hike in Nearly a ...Dr. Ivo Pezzuto
The US Federal Reserve finally bites the bullet, increasing the
FFR – a key short-term interest rate – by quarter of a per cent.
With this, the regulator has clearly signaled that it might take
similar actions in future, if need arises, to take the economy
towards full recovery.
Olivier DEsbarres: What to expect in 2016 – same, same, but worseOlivier Desbarres
It is clear that markets so far this year are trading on sentiment, more specifically fear, with hard-data playing second fiddle. Or more accurately, price action suggests that markets are focusing on disappointing December numbers (e.g. US ISM) or even reasonably uneventful data (Chinese manufacturing PMI) and ignoring strong data such as U.S non-farm payrolls, Chinese services PMI and exports (see Figure 1). The hit-and-miss approach of Chinese policy-makers to stabilise equity markets (and ultimately growth) have done little to restore confidence. I nevertheless flag in Figure 37 some of the key data and events to focus on this year.
Global Economic Update & Strategic Investment Outlook Q2 2014Cohen and Company
An informative overview of the current state of the global economy and the many factors that impact investment strategies, and a look at domestic economic indicators that may impact them.
We expect the Bank of Canada to keep its overnight
rate unchanged at 0.50% next week.
The Bank is likely to echo its recent statements that the downside risks to inflation have increased, leading to an overall dovish tone to the statement and accompanying Monetary Policy Report. We expect the Bank to remain on the sidelines until 2019.
Recent fiscal and macroprudential policies have helped ease some of the pressure off the Bank of Canada, with last week’s new housing sector measures removing some of the downside risks from household imbalances.
VERTEX's CEO, Bill McConnell, PE, JD, MSCE, CDT, provides his annual outlook on the state of the Construction industry. The US economy has expanded, albeit slowly, for the past 8+ years. The construction industry, which over-corrected during the Great Recession, has rebounded with vengeance on the heels of record private construction spending. On the other hand, public construction spending was considerably less in 2017 than it was in 2006. Moving forward, all indicators suggest that private construction will slow while public construction spending will soon pick up steam. Also, all good things come to an end, and the current economic expansion will be no different—it is likely the US will enter into a mild recessionary cycle in late 2019 or 2020.
VERTEX's CEO, Bill McConnell, PE, JD, MSCE, CDT, provides his annual outlook on the state of the Construction industry. The US economy has expanded, albeit slowly, for the past 8+ years. The construction industry, which overcorrected during the Great Recession, has rebounded with vengeance on the heels of record private construction spending. On the other hand, public construction spending was considerably less in 2017 than it was in 2006. Moving forward, all indicators suggest that private construction will slow while public construction spending will soon pick up steam. Also, all good things come to an end, and the current economic expansion will be no different—it is likely the US will enter into a mild recessionary cycle in late 2019 or 2020.
This white paper, authored by Jeffrey Katz of The Vertex Companies, Inc., (VERTEX), outlines how to determine if construction completion costs are reasonable. If an owner terminates its contractor for cause, or if a general contractor or construction manager terminates one of its subcontractors for cause, it owes the terminated party as well as its surety, if applicable, a duty to incur only the reasonable and necessary costs to complete the work. In other words, the non-default party has a duty to mitigate the costs of completion.
VERTEX's Dr. Amin Terouhid co-authors an article titled "Construction of Manufactured Homes - Understanding the Hazards and Risks" This article presents research focused on worker safety in the manufacture, transportation, and installation of manufactured homes to obtain a better understanding of safety risks and work-related hazards involved.
VERTEX's Kevin Maxwell, PE, SFE, publishes a detailed analysis of Thermoset and Thermoplastic Roofing Membranes, specifically how to recognize hail damage on single-ply roofing membranes.
Bill McConnell provides his white paper on the state of the construction industry. 2010 was a recovery year from the Great Recession. Learn valuable insights about the construction industry during this year of recovery.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
State of the US Economy (2016)
1. 2016 State of the U.S. Economy
Real Growth Stalls Despite Full Employment Conditions
Prepared by
William J. McConnell, P.E., J.D.
CEO
The Vertex Companies, Inc.
2. 2016 State of the U.S. Economy
Page 2 of 21
I. Executive Summary
Economic conditions in the United States (“U.S.”) are mixed. While the Federal
Reserve Board (“Fed”) considers the economy to be at “full employment” in the first quarter
of 2016, and corporations are making near record profits, Real Gross Domestic Product
(“GDP”) is expanding at a sluggish pace. Slow growth over the past several years is attributed
to four issues: (1) further decline in commodity prices, particularly oil; (2) continued strength
in the U.S. dollar; (3) currency devaluation in China; and (4) the delay by the Fed to raise
interest rates until December of 2015.
A review of historical trends suggests that the mere fact that 2016 is an election year
should have little bearing on the U.S. economy. Dating back to 1928, the average growth of
the S&P 500 during an election year is only slightly less than S&P 500 performance during all
years (7% v. 7.5%).1
However, in an election year where a new president must be elected, as
is the case in 2016, the difference in market returns is significant, -4% versus 7.5%.2
That
said, more facts point to another year of slow economic growth.
In sum, 2016 will be similar to what was experienced in 2015—a slow growth year
despite a historically low unemployment rate that has hovered around 5%. The stock market
will see marginal growth, if any, as well due to flat profits. Once commodity prices rebound,
economic conditions should pick up, which might not happen until 2017.
II. U.S. Unemployment
The most recent peak in unemployment occurred in November of 2009, when the rate
stopped just shy of the 10% mark (9.9%) on the tail of the Great Recession. Since then,
employment conditions have steadily improved. In fact, in January of 2016, the unemployment
rate dipped below 5% for the first time since 2007. As of March of 2016, the unemployment
rate stands at 5.0%. Fed Chairwoman, Janet Yellen, considers an unemployment rate of 5.0%
to be “full employment” due to the transitional nature of the labor market.3
While unemployment is at a historically low level—which is great for the economy,
history tells us that when unemployment bottoms out, it typically does so for a brief period of
1
http://www.marketwatch.com/story/2016-predictions-what-presidential-election-years-mean-for-stocks-2015-12-
29
2
Id.
3
http://fortune.com/2016/02/05/full-employment/
3. 2016 State of the U.S. Economy
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time before it starts to transition upwards, as evidenced by the “V” shape cycles in the Federal
Reserve Economic Data (“FRED”) graph below. The bottom of the “V” almost always occurs
just before a recessionary cycle; however, because inflationary pressures remain low, which is
an oddity that is discussed in the next section; an economic downturn will likely be pushed
forward by several years.
Source Data: Bureau of Labor Statistics
III. Inflation
“Although the economy has continued to recover and the labor market is approaching
our maximum employment objective, inflation has been persistently below 2 percent,” said Fed
Vice Chairman Stanley Fischer on August 29, 2015.4
The reason for low inflation despite full
employment is threefold: (1) the drop in oil prices creates lower prices of gasoline and other
energy items; (2) the strengthening dollar allows for cheap imports and strains export volume;
and (3) China’s slowing demand for commodities is keeping items such as metals at lower
price points.5
For the past three years the Consumer Price Index (“CPI”) has held below 2%, as
noted in the chart below. Inflation figures are dropping in 2016 because the CPI remained
unchanged in January and dropped by 0.2% in February. Until oil prices rebound, the dollar
starts to weaken, and/or the global economy picks up, inflation will likely remain below the
4
https://www.weforum.org/agenda/2015/08/why-is-us-inflation-so-low/
5
Id.
4. 2016 State of the U.S. Economy
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2% mark. The International Monetary Fund (“IMF”) forecasts that inflation will remain below
2% in 2016 and just above the 2% mark from 2017 – 2020, as noted below.
Source Data: U.S. Bureau of Labor Statistics
Source Data: Bureau of Labor Statistics
5. 2016 State of the U.S. Economy
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Source Data: IMF
IV. Federal Funds Rate
In December of 2015 the Fed made its first rate hike in nearly ten years (Jun. 29,
2006). In fact, it was the first rates move of any kind in exactly seven years, when the Fed
lowered the target rate to 0-0.25% on December 16, 2008. Some economists scrutinized the
Fed’s decision due to the slow economic growth over the past several years; regardless, the
rate hike was minimal as it raised the target rate from 0-0.25% to 0.25-0.50%.6
The Fed reasoned that the increase was based on full employment conditions and its
expectation that inflation was going to eclipse the 2% market in the near future.7
As noted
above, this rationale was flawed because inflation fell below zero in February of 2016. Despite
6
http://www.cnbc.com/2015/12/16/fed-raises-rates-for-first-time-since-2006.html
7
Id.
6. 2016 State of the U.S. Economy
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the move, the Federal Open Market Committee (“FOMC”) noted increases will likely be
gradual moving forward.8
The Fed is concerned about the U.S. economy moving into a period of stagflation,
where real growth remains flat but wage and price pressures increase. Kathy Jones, the Chief
Fixed Income Strategist at Charles Schwab called the rate hike “dovish,” and noted that “…our
expectation is still a flatter yield curve, firmer dollar, weaker commodity prices, a very slow
and low pace of interest. Indeed, the Fed has its work cut out for it over the next several years
based on the mixed financial indicators—the past policy of lower rates coupled with $3.7
trillion in money printing (“quantitative easing”) resulted in a boost to the financial markets but
the economy never surpassed a 2.7 percent annualized gain throughout the period, which is the
worst recovery since the Great Depression.”
Source Data: The Federal Reserve
V. Real Gross Domestic Product
Since 1970, Real Gross National Product (“GNP”), (GDP minus inflation) has
increased at an average rate of 2.8 percent; annual growth above this mark is deemed strong.
In 2014 and 2015, Real GDP grew at an annualized rate of 2.4%, which is held to be sluggish
by the Bureau of Economic Analysis (“BEA”; $17,616 billion in 2014 and $17,947 billion in
8
Id.
7. 2016 State of the U.S. Economy
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2015).9
Over the past year the BEA noted accelerations in imports due to the strong dollar,
personal consumption, residential fixed investments, and state and local government spending.
The gains were offset by decelerations in exports (due to the strong dollar) and federal
government spending.10
Economists forecast that Real GDP will slip down to the 2% mark in
2016.11
Source Data: U.S. Bureau of Economic Analysis
9
http://www.bea.gov/newsreleases/national/gdp/2016/gdp4q15_3rd.htm
10
Id.
11
file:///C:/Users/william/Downloads/20160303-the-forecasting-advisor-u-s-real-gdp-is-projected-to-post-a-slight-
decline-in-the-first-quarter-of-2016.pdf
8. 2016 State of the U.S. Economy
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Source Data: U.S. Bureau of Economic Analysis
VI. Federal Deficit
As a result of the Great Recession, tax receipts slipped to $2.1 trillion in 2009—the
lowest level since 2004. As a result of limited tax income in 2009 and a $600 billion jump in
outlays due to the federal stimulus program, the federal deficit hit a record mark (by a factor of
three) of $1.4 trillion. While the deficit in 2015 was relatively high at $435 billion, it is 70%
less than the 2009 deficit and the deficit has trended downward for seven straight years.
However, as a result of the slow economic growth, the Congressional Budget Office expects
the deficit to increase in 2016 and 2017.12
2008 - $485 billion
2009 - $1.4 trillion
2010 - $1.3 trillion
2011 - $1.3 trillion
2012 - $1.1 trillion
12
http://www.forbes.com/sites/bobmcteer/2015/10/11/the-shrinking-budget-deficit-and-the-slowing-growth-of-
federal-debt/#5318d4f8adc0
9. 2016 State of the U.S. Economy
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2013 - $680 billion
2014 - $483 billion
2015 - $435 billion
2016 - $463 billion (forecast)
2017 - $504 billion (forecast)
Source Data: U.S. Office of Management and Budget
10. 2016 State of the U.S. Economy
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Source Data: U.S. Office of Management and Budget
VII. State Economies
Nationally, total state tax revenue recovered more than two years ago from its plunge
during the recession. However, state performance is mixed—20 states still collect less tax
revenue than pre-recession era peaks. Moreover, 22 states’ unemployment level still trail 2007
levels. Despite these issues, personal income in all states is now above pre-recession figures,
though growth is short of historic norms.13
This personal income increase in all states signals a
widespread U.S. economic recovery.
Even after overcoming the effects of the recession, states face financial pressures that
will affect budgets now and for years to come. A major issue for a number of states is how to
cope with an accumulation of unfunded public pension and retiree health care liabilities, which
total more than $1 trillion nationwide.14
This massive debt load will limit the funds available
for other priorities and raise borrowing costs.
13
http://www.pewtrusts.org/en/multimedia/data-visualizations/2014/fiscal-50#ind0
14
Id.
11. 2016 State of the U.S. Economy
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Last year I noted that North Dakota and many other shale states were booming due to
the natural gas revolution. Due to a glut in supply, however, natural gas prices dropped and
production has slowed. Accordingly, taxes on corporate income, oil and mineral extraction
dropped considerably in 2015 (and this will continue in 2016), which has slowed economic
growth for these states—this impact is not reflected in Mercatus Center’s graph below.
Regardless, the northeast corridor, Illinois, West Virginia, and California continue to have the
weakest state economies.
Source Data: Mercatus.org
VIII. Bank Lending
As of Q4 of 2015, the outstanding mortgage debt of all holders in the U.S. is
$13,795,835. This figure has risen steadily since it bottomed out in mid-2013 and is
remarkably high based on historical figures. The peak of mortgage lending occurred in early
2008 when total debt reached nearly $14,800,000. Although mortgage rates plummeted in
2009, U.S. citizens did not run to banks to get loans because banks tightened up underwriting
practices. It took a correction of household income to trigger an upward trend in outstanding
mortgage value over the past two years. If the historically low loan rates start to jump up
(following an increase to the Federal Funds Rate), mortgage volume will certainly diminish.
12. 2016 State of the U.S. Economy
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While mortgage volume has been slow to correct, corporations have taken extreme
advantage of the historically low commercial and industrial rates. Currently, commercial and
industrial (C&I) loan balance is $2,030 billion, which is well above its peak in of just under
$1,600 billion in 2008; thus, lending institutions have been much more willing to lend to
businesses than to individuals. Also, businesses are taking much more advantage of the
historical low loan rates in order to buy back stock and make investments. As with mortgages,
the growth in C&I loans will likely slow, if not retract, if rates spike.
Source: Board of Governors of the Federal Reserve System (U.S.)
Source: Board of Governors of the Federal Reserve System (U.S.)
13. 2016 State of the U.S. Economy
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Source: Board of Governors of the Federal Reserve System (U.S.)
Source: Board of Governors of the Federal Reserve System (U.S.)
14. 2016 State of the U.S. Economy
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IX. Federal Debt
An ongoing issue that will continue for the foreseeable future is the national debt level,
which continues to increase at an alarming pace. Currently the U.S. debt is just over $18
trillion. As a percentage of the GDP, the U.S. debt level has increased from 54% in 2000 to
104% in 2015; it is unlikely that the percentage will fall below 100 in the near future.
Source Data: Federal Reserve Bank of St. Louis, OMB
Source Data: Federal Reserve Bank of St. Louis, OMB
15. 2016 State of the U.S. Economy
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X. Energy
The drop in oil prices is the story of the past 20 months. Since June of 2014, the cost
per barrell of West Texas Crude Intermediate dropped from $106 to approximately $33
(February of 2016)—a 70% reduction. Natural gas prices have dropped as well, albiet not as
much. During this same time period, natrual gas in the U.S. has dropped from $3.86 per
gallon to $1.82 per gallon—a drop of 53%. As noted above, the drop in oil and gas prices has
tempered U.S. economic growth.
Source Data: U.S. Energy Information Administration
Source Data: U.S. Energy Information Association
16. 2016 State of the U.S. Economy
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XI. Corporate Profits
Corporate profits hit record levels in mid-2015 before contracting significantly in the
latter half of the year. Since the recession, corporations have boosted profits by employing as
few workers as possible and by keeping wage growth down—hourly wages are only growing at
a 2 percent nominal pace (growth is typically in the 3 to 4 percent range). 15
Rather than deploying borrowed funds for capital expenditures, corporation’s most
noted usage of funds between 2013-2015 has been the trillion dollars or so that have gone to
boost share prices through stock buy backs.16
Notwithstanding record debt levels,
corporation’s cash level also increased to a record level in 2014, according to Fed data. The
combination of hoarding cash while continuing to raise debt and not invest in growth has
spurred concern about whether companies are using the low-rate opportunity wisely.17
Once
interest rates increase, buy back purchases will not be as attractive to corporations, so this
bonanza will likely wane in 2017.
Bank of America recently noted that more companies are now starting to use their cash
to invest in growth rather than simply returning money to shareholders. Wall Street analysts
predict capital expenditures will double in the near future. 18
Citigroup also believes that
companies will spend more of their borrowed money on capital expenditures and hiring over
the next year.19
15
Id.
16
http://www.trimtabs.com/global/index.htm
17
Id.
18
Id.
19
Id.
17. 2016 State of the U.S. Economy
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Source Data: BEA
Source Data: U.S. Bureau of Labor Statistics
18. 2016 State of the U.S. Economy
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Source Data: U.S. Bureau of Economic Analysis
XII. Stock Market
Because of record corporate profits in 2014 and early 2015, the stock market surged to
historic levels before it pulled back in the latter half of 2015, which caused a somewhat flat to
slight negative finish of 2015, as noted below.
Date Dow % NASDAQ % S&P 500 %
1/1/2010 10,428 2,269 1,115
1/1/2011 11,578 11% 2,653 17% 1,258 13%
1/1/2012 12,218 6% 2,605 -2% 1,258 0%
1/1/2013 13,104 7% 3,019 16% 1,426 13%
1/1/2014 16,576 26% 4,177 38% 1,848 30%
1/1/2015 17,823 8% 4,736 13% 2,059 11%
1/1/2016 17,128 -4% 4,923 4% 2,005 -3%
Four factors dogged the stock market this year: (1) further decline in commodity prices,
particularly oil; (2) continued strength in the U.S. dollar; (3) currency devaluation in China;
and (4) the delay by the Fed to raise interest rates until December of 2015.20
Specifically, plunging oil prices decimated energy stocks. The raging dollar hurt U.S.
corporations with overseas sales. China’s devaluation of the yuan, in large part, because of a
12% correction of the Asian market in August-September, sparked fears that growth had hit
20
http://www.barrons.com/articles/2015-stock-market-in-review-1450511098
19. 2016 State of the U.S. Economy
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the wall. Lastly, despite the rise in the U.S. dollar by 12% in 2014 and 10% in 2015, the Fed
didn’t increase rates as quickly as expected.
The average price-earnings (“P/E”) ratio for the S&P 500 over the past 25 years is
18.90; currently, the average P/E ratio is 22.6, up from 20.1 last year. Thus, public companies
appear to be slightly overvalued at this point. While stock prices are no longer cheap, they are
also not widely out of line with the pattern of the past several decades.
Source Data: S&P Dow Jones Indices LLC
20. 2016 State of the U.S. Economy
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Source Data: S&P 500 P/E Ratios from 1871 to 2016 (multpl.com)
XIII. U.S. Dollar
Based on improved economic growth (when compared to Europe), the U.S. dollar
started to strengthen in 2014. While a strong dollar brings upside to corporations on the
domestic front, it impacts the volume of future exports by making goods produced in the U.S.
less competitive. Recently the dollar reached a two-year high against the euro.21
21
Id.
21. 2016 State of the U.S. Economy
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Source Data: Board of Governors of the Federal Reserve System