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Philippine Bulls on a Roll as Overseas Stocks Funds Trickle Back

Philippine Bulls on a Roll as Overseas Stocks Funds Trickle Back

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Comments of the Day

10 January 2019



Video commentary for January 9th 2019



Eoin Treacy's view

A link to today's video commentary is posted in the SUBScriber's Area. 

Some of the topics discussed include: short-term oversold condition replaced with short-term overbought condition so the real test of a significant lows will be if we see higher reaction lows and subsequently higher highs, Dollar weak, emerging markets, gold, oil and commodities firm, 



Outlook for 2019: The Game Has Changed

Thanks to a subscriber for this report from KKR which may be of interest to subscribes. Here is a section:



Eoin Treacy's view

A link to the full report and a section from it are posted in the Subscriber's Area. 

The broad global adoption of fiscally stimulative policies is unlikely to be as coordinated as the monetary response to the credit crisis was. The big arbiters of how much liquidity is provided to the global economy and eventually the markets will be in which large countries adopt fiscal stimulus. Germany, China and Brazil are the big additional potential sources of stimulus so it is their political machinations that are most worth watching.



Bank of America, Morgan Stanley, others to form new stock exchange

This article from the New York Business Journal may be of interest to subscribers. Here is a section:

The consortium includes Bank of America Merrill Lynch (NYSE: BAC), E*TRADE Financial Corp. (NASDAQ: ETFC), Morgan Stanley (NYSE: MS), TD Ameritrade Holding Corp. (NASDAQ: AMTD), UBS AG (NYSE: AG), and Virtu Financial Inc. (NASDAQ: VIRT). Charles Schwab, Citadel Securities and Fidelity Investments are also on board with the project.

"The founding members of MEMX represent leading retail brokers, global banks and financial service firms, and market makers – a diverse array of market participants organizing for the common goal of improving markets for retail and institutional investors," said Douglas Cifu, chief executive officer of Virtu Financial. "The launching of MEMX is a testament to the market-wide demand for competition, innovation, and transparency." TD Ameritrade executive VP Steve Quirk also issued a statement.

"As a founding member of MEMX, we look forward to being part of an initiative we believe will transform markets for the better," he said. "All types of investors could benefit from this simplified investing experience that will foster competition and promote practices that put the needs of investors first."


Eoin Treacy's view

The primary stock exchanges have been among the better performers in the financial sector over the course of the last decade as volume surged with the introduction algorithmic trading. The colocation services offered by the exchanges does however raise the question as to whose interests they are in fact serving.



Philippine Bulls on a Roll as Overseas Stocks Funds Trickle Back

This article by Ian Sayson for Bloomberg may be of interest to subscribers. Here is a section:


Philippine bulls are on a roll, and who can blame them? The nation’s equities index has started the year beating many global peers, and foreign fund managers are putting back money in a market that was among Asia’s worst in 2018.

Traders at Rizal Commercial Banking Corp. and AB Capital & Investment Corp. are riding the rally by deploying their cash, rather than cutting their stock holdings as they did last year whenever equities went into high gear. The Philippine Stock Exchange Index has rallied more than 6 percent in the first
trading days of January, including a 2.8 percent gain Wednesday.

It closed at an eight-month high, breaking a key resistance level and moving closer to the 8,000 that traders say it could surpass this quarter.

“It’s a good strategy to ride the prevailing positive mood, even if only for the short term,” said Gerard Abad, who manages $380 million as chief investment officer at AB Capital. “We will see a continuation of the improvement in inflation, and it helps that the U.S. Fed has become dovish. That eases pressure on the central bank to raise rates.”


Eoin Treacy's view

There is no one talking about a secular bull market in emerging markets anymore and that is a good thing from the perspective of a long-term investor. It means it is not a crowded trade.








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