- Global equity markets declined last week due to concerns over slowing global growth and tightening global liquidity. The World Bank lowered its global growth forecast for 2013.
- In Asia, Japanese markets fell on a stronger yen despite positive economic data. Chinese industrial production growth slowed slightly. Central banks in Indonesia, Korea, and Philippines kept rates unchanged.
- European markets pared losses but concerns over liquidity remained. UK and Eurozone industrial production rose. Turkey's economy expanded strongly. MSCI upgraded UAE and Qatar to emerging markets.
- US markets declined as retail sales rose but consumer sentiment fell. Brazil saw sharp declines and abolished an IOF tax to stabilize its currency. Several large M&A deals were
SandPointe
Investment Perspective
-----------------------------------------------------------------
Roger E. Brinner, PhD
Chief Market Strategist and Co-founding Partner
September 2014
SandPointe
Investment Perspective
-----------------------------------------------------------------
Roger E. Brinner, PhD
Chief Market Strategist and Co-founding Partner
September 2014
Dear Investors,
September saw a spillover of the previous month’s equity
market correction. The main reason for this was the continuing
bleak global events, which also negated domestic macro greenshoots to a large extent. In the West, the possibility of a US Fed
rate hike lingers, keeping investors globally on their toes.
Amidst this global weakness, uncertainties of global markets
with respect to the Euro have reduced after Alexis Tsipras’
Syriza party returned to power once again in Greece, this time
with a majority. The Chinese government is also taking
initiatives like tightening trading rules on forex and stock
market to stabilize their economy. The slowdown in China in a
way has been India’s gain, which has led to India emerging as
the top destination for FDI investments, attracting $30 billion
by the end of June 2015.
Closer home, better looking green-shoots portray a recovering
economy. Industrial growth has been above 4% for the past 2
months, whereas retail inflation continues to remain lower.
Although there has been a double digit deficit in the rainfall
this year, RBI is not too much worried about the pressure on
the food prices given the comfort it has derived from the
actions by the government to manage supply. An addition to
these positives was RBI increasing the foreign investment limit
in central government securities. This will help create a new
pool of money to compensate for the lowering SLR imposed on
banks.
Markets rejoiced at the bonnes nouvelles (good news) of the
50 basis points rate cut by RBI at the fourth bi-monthly
meeting. The main objective behind this was to enhance
growth in the economy. Mr. Raghuram Rajan hopes that
investment should respond more strongly after some certainty
about the extent of monetary stimulus in pipeline, even if the
transmission is low. With this transmission, investments in the
real economy would increase. This announcement was then
followed by a highly ‘dovish’ stance, with the RBI repeating
that it would remain in an ‘accommodative mode’. The rate cut
has increased the cumulative rate cut this year to 125 bps. It is
hearting that banks like SBI has cut its base rate by 40 bps.
All in all, the month saw events that were unexpected, events
that created a yin-yang sentiment among investors and events
that made India shining more convincing. RBI has taken the
first bold step on its part. The question now is what the
government will do on its part to grow our economy!
Twenty-one years ago China officially devalued its currency and
the events following that eventually led to the Asian crisis. Last
month experienced a similar scare when the Chinese markets
took down the rest of the world with it after devaluating its
currency once again on 11th August 2015. In hindsight the
causality of this event has come into light. The main trigger
was the bursting of the Chinese stock market bubble last
month that triggered a huge sell off in the market. To add fuel
to the fire, the Yuan was devalued creating a contagion affect
leading to a global slowdown. The “Risk-Off” strategy made
global funds pull out money from emerging markets and move
to safer havens.
The re-alignment of commodities affected countries like
Australia, Malaysia, Brazil and Russia among others. Along with
this gold prices fell too, which was noticed in the fall in gold
futures in New York for four straight sessions, increasing gold’s
volatility. Crude was no exception to the fall. However it
showed improvements towards the end of the month after an
announcement by OPEC to come up with a plan to boost
prices. After a slump, U.S. markets rose after the release of the
GDP data and improved consumer confidence. Across the
ocean from US, European markets rose too on the back of
improvement in German business confidence. Globally markets
seemed to recover gradually towards the end of the month.
The markets have started on a somber note. As discussed in the past that markets were at tiring levels of 8600, a 3% correction was expected in last one month. it would be an approximate fall of 7% after today’s correction which is in line with developed markets. The US markets fall of ~7.5% in last one month has impacted Y-O-Y returns from 17% to 3%. India on the other hand, is considered to be an outperformer as compared to other emerging markets like Brazil, Australia, Indonesia, etc however a further correction of 3% - 4% cannot be ruled out. The mid cap index is fairly resilient but people should stay away from low quality high beta mid cap stocks and if investments are existing then profit booking followed by exiting these stocks is suggested.
A mutual fund is the money pooled in by a large number of investors and offers an opportunity to invest in a diversified and professionally managed basket of securities at a relatively lower cost. Read for more details.
Risk is a result or outcome which is other than what is / was expected. It is the amount of money that an investor can afford to lose in the interim, in his quest for certain return on investments. It is a state of uncertainty. Read more to find out how to access your risk appetite.
Asset allocation is an investment strategy. It helps to keep a balance between risk and return of any particular asset class. Asset allocation refers to investing a certain percentage of your investible surplus in respective asset classes, such as equity, debt, gold and real estate. Read to understand asset allocation in detail.
As you may be aware, life expectancy of individuals has increased; which brings with it rise in medical and living costs during old age. Therefore, it is imperative to make provision for expenses wisely. All of us want to maintain our standard of living during our old age as well, but to do so we need to actually start thinking and planning for our retirement right from the beginning of our career when we are young. This ppt aims to help you understand how you can identify and establish your financial goals.
As you may be aware, life expectancy of individuals has increased; which brings with it rise in medical and living costs during old age. Therefore, it is imperative to make provision for expenses wisely. All of us want to maintain our standard of living during our old age as well, but to do so we need to actually start thinking and planning for our retirement right from the beginning of our career when we are young.
This session aims to help you understand how you can identify and establish your financial goals.
An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund
In order to check your financial health, you need to ask yourself a few questions related to your finances. In this, learning session you will understand those questions which will help you plan you finances better.
An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund
The inflation bug as we learnt in our earlier learning ppt, "Are you Saving or Are you Investing", eats into our hard earned savings. So the value of our money reduces. Here in this learning session let’s learn more about “Time Value of Money”, which can help you manage your finances better.
An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund
Many people often misconstrue savings with investments. But let us tell you that there is indeed a difference between the two. Merely putting aside money under the mattress, or in a vault, bank locker or savings bank account after meeting your expenses and liabilities may not mean that money works for you. In times where the inflation bug is eating into your earnings, you need to move a step forward and invest. More importantly, invest wisely! By now many of you may have realized that there is indeed a difference between saving and investing. So let’s delve a little deeper and understand the difference between the two…which can help us march forward in our journey of wealth creation.
An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund
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 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 what'sapp contact of my personal pi merchant to trade with.
+12349014282
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 what'sapp information for my personal pi vendor.
+12349014282
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)
Weekly Market Review June 14, 2013
1. International
The shadow of uncertainty over global liquidity continued to weigh on global financial markets, but the
fall in equity markets lost momentum towards the end of the week.The MSCI AC World Index lost 0.7%
and equity markets in Emerging Markets continued to underperform developed markets.The World Bank
reduced its global economic growth forecast for 2013 by 0.2% to 2.2% citing weakness in Europe and
slowdown in emerging markets, and is expected to gain momentum to 2014 (3% growth).The report also
expects global trade to accelerate albeit at a slow pace of 4% in 2014 and overall net capital flows into
developing countries to increase by 7.5% in 2013. Global treasury bond markets snapped their losing streak
and yields eased slightly as investors weighed fresh US economic data. In commodity markets, the Reuters
Jefferies CRB Index fell by 0.5%. Crude oil prices firmed up as geo-political tensions in the Middle East
stoked supply worries. EM currencies continued to witness heightened volatility this week and
policymakers resorted to a range of measures to curb the fall.The yen strengthened against the US dollar.
• Asia-Pacific: Japanese equity markets witnessed heightened volatility and closed the week with losses amidst
a stronger yen, even as economic data was positive. Japan’s Q1 GDP estimated was revised upwards to 4.1%
(earlier estimate of 3.5%) and BoJ maintained status quo on monetary policy. Emerging Asian equity markets
also closed in the negative territory mainly on global liquidity concerns. Bank Indonesia raised interest rates
by 25 bps to 6% to anchor inflation expectations,and also hiked the FASBI rate to support the rupiah.Central
banks in Korea and Philippines kept policy on hold. In China, industrial production expanded by 9.2%,
slightly lower than the 9.3% pace recorded previous month,but trade data surprised on the downside.Chinese
inter-bank liquidity tightened and money market rates jumped and a government debt auction was not
completely sold, for the first time in close to 2 years.
• Europe/Middle East: European equity markets gyrated to global worries about liquidity reversal but
managed to pare losses at close of week. On the economic front, Eurozone and UK industrial production
rose further in April, and UK labour report was positive. Helped by domestic consumption and
government spending, Turkey’s economy expanded by 6.5% qoq and the central bank launched forex
selling auctions to stem depreciation in the lira. MSCI’s move to upgrade UAE and Qatar to Emerging
Market status led a sharp rally in local markets and MSCI downgraded Greece to the EM grouping.
Greece’s government did not receive any bids for its stake sale in natural gas firm Depa, impacting its
privatization efforts.AstraZeneca is acquiring US firm Pearl Therapeutics for close to $1.2 bln.
• Americas: Regional equity markets remained under pressure,with Brazil witnessing sharp declines.S&P lifted
the long-term rating outlook on US to stable from negative, citing receding fiscal risks and policy support for
growth. On the economic front, US retail sales rose and initial jobless claims were also positive but Thomson
Reuters/University of Michigan consumer sentiment index dropped to 82.7 from 84.5 last month. US
industrial production was also flat. Elsewhere in the region, as part of, Brazil abolished the IOF tax on currency
derivatives, as part of its ongoing efforts to stabilize the real. M&A activity was high this week - Gannett is
buying Belo Corporation for about $1.5 bln and Google is acquiring Israeli company Waze for about $1.3 bln.
Market Review
WEEK ENDING JUNE 14, 2013
2. Weekly Weekly
change (%) change (%)
MSCI AC World Index -0.70 Xetra DAX -1.54
FTSE Eurotop 100 -1.74 CAC 40 -1.74
MSCI AC Asia Pacific 0.33 FTSE 100 -1.62
Dow Jones -1.17 Hang Seng -2.81
Nasdaq -1.32 Nikkei -1.48
S&P 500 -1.01 KOSPI -1.80
India - Equity
Indian equity markets remained under pressure amidst the overall weakness in EM equity markets, due to
concerns over reversal in global liquidity. Except oil & gas all sectoral indices closed in the negative
territory. FIIs sold equities to the tune of $377 mln in the first four trading days of the week. On the
corporate front, Apollo Tyres is acquiring US-based Cooper Tire for Rs.14500 crore.
• Foreign Investments: The committee set up by SEBI under K. M. Chandrasekhar, has put forth
various suggestions to simplify the routes and procedure for foreign investment. Some of the
keyrecommendations include –
• Introduction of a new investor class called “Foreign Portfolio Investor (FPI)” consisting of current
categories such as FIIs/sub-accounts/QFIs, with the investment limit at 24%
• To allow FPIs to register with depository participants instead of SEBI - simplifies the registration
process.
• Investments upto 10% equity of a company to be portfolio investments and anything above 10% can
be FDI.
• Introduction of a risk-based approach to KYC with three categories of FPIs.
IIP Growth (YoY% and YoY%, 3MMA)
Source: Morgan Stanley
-7%
-1%
5%
11%
17%
23%
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
YoY%
YoY% 3MMA
3. • Macro: Growth in India’s industrial production moderated to 2.3% in April 2013 from a revised
growthof 3.4% in March.The slowdown was led by fall in mining sector output as well as deceleration
in manufacturing and electricity segments. As per use-based classification, capital goods production
posted a modest increase of 1%, despite low base. Overall the industry growth trends remain lacklustre,
but headline GDP growth might get a fillip by the good monsoons supporting farm production.
Weekly change (%)
S&P BSE Sensex -1.29
CNX Nifty -1.23
CNX 500 -2.06
CNX Midcap -4.04
S&P BSE Smallcap -3.18
India - Debt
Concerns the rise in rupee will add to inflationary issues and FII outflows ($1.4 bln) led Indian bond yields
to rise this week. Fitch revised outlook on India’s credit rating to Stable from Negative, citing progress on
fiscal consolidation and other government efforts to boost investment activity.
SEBI formally notified $5 bln increase in FII debt limits for government securities to $30 bln, but said the
increased limit will be available only to long term investors such as sovereign wealth funds, endowments
and pension funds.
• Yield movements: The yield curve steepened further this week as yields at the shorter end of the
curve witnessed smaller rise compared to the longer end of the curve.Yields on the 10-year and 5-year
papers increased by 11 bps and 12 bps respectively, while those on the 1-year paper rose 3 bps.Yield on
the 30 year Gilts stood 15 bps higher than last week levels.
• Liquidity/borrowings: Overnight call money rates dipped to 7.15% compared to 7.40% last week and
demand for liquidity at RBI’s LAF window averaged Rs. 65,000 crores.
• Forex: Helped by change in Fitch outlook as well as RBI intervention in currency markets, the Indian
rupee managed to bounce back from lifetime lows of close to Rs.59/$ to close at Rs.57.51/$ levels.
Forex reserves as of June 7 stood at $289 bln, $1.8 bln higher than previous week levels.
Trends in WPI and CPI
Source: Morgan Stanley Source: CLSA Asia-Pacific Markets
-6%
-2%
2%
6%
10%
14%
18%
May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13
Food Inflation
Non Food Inflation
Headline Inflation (WPI)
YoY%
3
4
5
6
7
8
9
10
11
12
Jan 12 Mar 12May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13May 13
(% YoY) CPI-new Core CPI-new