Noticias

I have tried to time the news and wait to write my next update, but as there is something of significance happening almost every day, it is becoming the “update that is never going to happen”.

How anti-trust legislation is impacting corporate giants and how an integrated ESG approach can support more accurate equity valuations.

An in-depth view of monthly fund performances across our traditional & alternative fund range.

The hope of a central bank pivot has been crushed by the most recent FED signalling that the interest rate hiking cycle will last for a prolonged period of time. This also put a future goldilocks scenario of receding inflation, resistant economic growth and peaking interest rates further away.

The US Federal Reserve is not intending to cut interest rates next year: Jerome Powell and many members of the FOMC confirmed their resolve to rapidly bring inflation back to around 2% during their speeches at the central bankers’ symposium in Jackson Hole.

We’re delighted to announce the latest investment of our Lifestyle Impact & Innovation strategy; Varjo. Varjo, based in Helsinki, is the industry leading provider of professional-grade VR/XR hardware and software.

Not much good comes out of war, and for market participants it is another 2022 headwind to deal with. War is inflationary. We have seen the effects of the Ukraine/Russia conflict since it began in late February.

July felt like a breath of fresh air for financial investors, but the months ahead look tricky as ever. Earnings season is well underway and it is confirming our assessment that, in general, sales growth is keeping up with expectation, and even, at times, surprising on the upside.

The United States did not escape from technical recession in the first half of the year. Europe is also heading for recession given the deterioration in confidence indicators published in July.

From recent market moves it would seem that the market has downgraded inflation from Big Bad Wolf, to Little Red Riding Hood. It has been an amazing few days post the 75bps move by the Federal Reserve last week. One comment from Fed Chair Jerome Powell – and we will come onto that in a second – and financial conditions have eased, all markets have rallied in tandem and have begun to price in a slowdown in both growth and inflation followed by an interest rate cut in short order. In keeping with the fairy tale theme, this would be the Goldilocks scenario…We have the Fed pivot, I hear you cry!

An in-depth view of monthly fund performances across our traditional & alternative fund range.

Recession risks have risen sharply in the US and Europe. Inflation reached new highs despite the decline in core inflation driven by higher energy and food prices.

London, 13 July 2022 – Mirabaud Asset Management has hired Elliot Fowles to join their UK Wholesale team, further strengthening their presence and commitment to the UK market.

The tectonic tussle for supremacy in investors’ psyche continues apace. It seems almost every week we race from the doom and gloom of recessionary fears, to the doom and gloom of inflation. Treasury bond volatility has increased as we race from one extreme to another.

Mirabaud Portfolio Manager – Swiss Equities, Thomas Jäger, discusses the current positioning of our Swiss small and mid-cap equity portfolios given this year’s sharp correction which has left valuations looking far more attractive particularly for growth companies. We will continue to provide regular views and insights from our portfolio managers over the coming weeks.

China’s economic growth in 2022 has been impacted by the global supply chain, impacts of the Russian invasion of Ukraine, as well as domestic COVID lockdowns, most notably in Shanghai. However, it continues to face far less inflationary pressure compared to the west and is the only major economy currently easing policy, both monetary and fiscal.

We are delighted to announce the sale of Intrepid to Ascential. Intrepid provides e-commerce operations optimisation, digital marketing and technology services to large enterprise customers, helping them improve their sales and marketing performance on South East Asian (SEA) e-commerce marketplaces.

Friday’s Consumer Price Index (CPI) number was unexpectedly strong and caused markets to fall dramatically as inflation (and stagflation) fears moved once again to the front of investors’ minds. In addition, the European Central Bank (ECB) has finally joined the hawkish club, which re-priced European bonds dramatically this week. Subsequent pronouncements of a 25bps hike in July seem to put the ECB behind the curve and Bunds have sold off in response.

As more digital services are developed and offered, and as the platform’s users become more tied in, this creates a virtuous circle, creating significant opportunities for platform companies to grow. They can transform entire industries and scale vertically and horizontally by improving existing services or entering new service areas. More crucially, in the last couple of years, platform companies have helped reshape the global economy and changed how we collectively work and live.

The economic slowdown will continue until the end of the year, in the wake of the combined impacts of higher commodity prices, supply difficulties as well as ongoing monetary tightening in most countries.