Broad sector buy intact based
Economies going back to normal
Some sectors missed a quarter of earnings
Missed earnings imply either shrinking equity or larger debt depending on fixed costs
In either way missed earnings imply higher debt to equity ratio
Missed earning in some cases imply dilution of current shareholders
Because debt is cheaper for companies in the current environment this means a lower WACC
Lower WACC could imply higher valuation for companies which managed not to increase their net debt
This supports a broad sector buy, buybacks and larger dividends for existing key shareholder to reinvest
On the negative side demand is weaker
Revenues are likely to be lower in the second half of 2020
Incomes lower
Multiples higher across the markets
Higher Debt EBITDA ratio
Covenants under pressure
Deleveraging
Cost cuts
Lower capex
and on balance probably lower cashflows
Recent Strategy Chart Art
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Average Sovereign GEM Yields (USD)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Average Sov. Dev. Markets Yields (blended currency)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Average UST Yield
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Average Sovereign Local Currency Yields (USD)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Choose A Country
Airlines: Airline stocks dip as air travel slips once again Fortune Why Airline Stocks Are Falling Today Nasdaq
| ARGENTINA: Argentine bonds rise 1.8% on hopes over debt restructuring deal Nasdaq EMERGING MARKETS-Latam stocks rise; commodity-linked currencies lead gains Yahoo Finance
| AUSTRALIA: Which Australian equity funds grew the most since March? Money Management UBS loses Australian equities crown to Macquarie Reuters
| AUSTRIA: Dow, S&P close higher as Covid-battered stocks surge, but off session’s best levels as tech sector sinks MarketWatch European Equities And Angela Merkel’s Legacy ‘Hamiltonian’ Moment Forbes
| BAHRAIN: Bahrain’s millionaires ‘held 68.8% of wealth in 2019’ ZAWYA Mideast Stocks - Factors to watch on June 28 ZAWYA
|
BELGIUM: Global Net Lease Inc. (GNL) Soars 1.03% on July 22 Equities.com Scenarios: EU summit on recovery fund - what's in it for markets? Reuters UK
| BRAZIL: Brazil ETFs Hit Chart Resistance Investopedia EMERGING MARKETS-Brazil stocks set for best quarter since 2003; Real down Reuters
| BRITAIN: UK Stocks-Factors to watch July 23 Nasdaq Unloved British stocks still feeling the Brexit blues The Australian Financial Review
| CANADA: The close: Stocks end choppy session higher on mixed earnings The Globe and Mail $4.9 Billion Canadian Equities Sold in April: Should You Sell Also? The Motley Fool Canada
| CHILE: EMERGING MARKETS-Brazil, Chile stocks hit 4-month highs on China recovery hopes Reuters EMERGING MARKETS-Latam stocks rise; commodity-linked currencies lead gains Reuters
|
CHINA:
| COLOMBIA: EMERGING MARKETS-Latam stocks up; Mexican, Colombian pesos lead FX gains Yahoo Finance Equities Rise Ahead Of Earnings Storm, OPEC+ Taper Time, Gold Shines, LATAM Update Action Forex
| Consumer Entertainment: Caesars Entertainment and Eldorado Resorts Merger Completed Motley Fool Equities volatility order of the day worldwide Independent Online
| CZECH: Central European Media Enterprises Ltd. (CETV) Soars 1.05% on ... Equities.com CEE MARKETS-Forint falls on surprise cut as focus turns to Czech central bank Reuters
| DENMARK: European Equities And Angela Merkel’s Legacy ‘Hamiltonian’ Moment Forbes ?PenSam hands €2.6bn equities to Amundi, keeps Nordea for rest IPE.com
|
EGYPT: Azimut launches Egyptian equity UCITS fund International Investment Egypt’s Expats Become Opportunity for $61 Billion Fund Manager BloombergQuint
| FINLAND: Karelian granted rights of way to its Finnish diamond assets ShareCast Global Net Lease Inc. (GNL) Soars 1.03% on July 22 Equities.com
| FRANCE: HSBC promotes French markets chief Lacour as equities boss following Zaimi exit: memo TheChronicleHerald.ca European Equities: COVID-19, Earnings, Geopolitics, Stimulus, and ... FX Empire
| GERMANY: Stocks climb as EU leaders reach deal on €750bn rescue Financial Times European stock rally fades after EU leaders agree coronavirus recovery package MarketWatch
| GREECE: Markets Moving: Metals, Oil and Equities up with Tech down FXStreet Hotel Equities named as managament firm for three Marriott hotels ... Travel Daily News International
|
HONG KONG:
| HUNGARY: Market Outlook: Equities drop as EU talks drag, euro rises, Glaxo ... Investors Chronicle CEE MARKETS-Currencies unmoved, stocks down before EU summit Reuters
| INDIA: America’s tech stock mania lures amateur traders from India Economic Times Indian stock markets seen rangebound Thursday ; Glenmark, L&T shares in focus Livemint
| INDONESIA: BlackRock Shifts Money From China in Wake of Stocks Rally BloombergQuint Emerging-Market Equities: Looking Past the Pandemic - AllianceBernstein - Commentaries advisorperspectives.com
| IRELAND: European shares end choppy session higher after Wall Street bounce The Irish Times European stocks boosted by vaccine and EU recovery fund hopes The Irish Times
|
ISRAEL: Israel Shares Lead Mideast Losses on US Spillover: Inside EM BNN Israel health fund aMoon II raises added $90 million amid pandemic The Times of Israel
| ITALY: Stocks climb as EU leaders reach deal on €750bn rescue Financial Times Nasdaq hits record high as US technology shares gain Financial Times
| JAPAN: Traders Turn Nervous on Japan Equities After Remarkable Ascent BNN Why Japanese equities are looking more undervalued now than ... FE Trustnet
| KAZAKHSTAN: Coronavirus: California surpasses 400000 cases, closes in on New ... Financial Times Oil Rally Held Back By High Inventories, Coronavirus Fears Forbes
| LEBANON: Emerging market equities: Same, same but different? ETF Stream MSCI Index places Nigerian Equities market on watchlist Nairametrics
|
MALAYSIA: Foreign funds step up selling on Bursa Malaysia to RM905mil The Star Online Foreign selling of Malaysian equities narrowed to RM339.4m last ... The Edge Markets MY
| MEXICO: BlackRock Shifts Money From China in Wake of Stocks Rally Bloomberg BlackRock trims exposure to Borsa Istanbul equities citing Turkey's ... bne IntelliNews
| NETHERLANDS: Stocks close higher for third straight week Financial Times European Equities And Angela Merkel’s Legacy ‘Hamiltonian’ Moment Forbes
| NEW ZEALAND: New Zealand equities managers outperformed in market recovery: MJW goodreturns.co.nz NZ dollar at six month high as confidence grows in local economy New Zealand Herald
| NIGERIA: Industrial goods index drags Nigerian equities lower CNBCAfrica.com MSCI Index places Nigerian Equities market on watchlist Nairametrics
|
NORWAY: Norwegian Sovereign Wealth Fund Emerges On BHP Register ShareCafe Stocks Rally to 4-Month High; Corporate Bonds Gain: Markets Wrap swissinfo.ch
| OMAN: Local retail investors' bearish outlook drags Qatar Stock Exchange Gulf Times Investors may track debt levels of JSPL post the Oman asset sale Livemint
| PAKISTAN: Stocks rise on hopes of coronavirus slowdown The News International Pakistan Stock Exchange PSX Closing Rates 22 July 2020 UrduPoint News
| PERU: Emerging-Market Equities: Looking Past the Pandemic - AllianceBernstein - Commentaries advisorperspectives.com Emerging market equities – Opportunities among the challenges Investors' Corner BNP Paribas
| PHILIPPINES: Top Performing Philippine Stock Fund Braces for Market Fall Bloomberg Stocks end lower before SONA Manila Bulletin
|
POLAND: Stock Markets Today: Covid-19, Virus, Oil, Poland, Luxury Bloomberg CEE MARKETS-Stocks lower as investor mood sours, Polish election eyed Reuters
| PORTUGAL: Equity markets: All set for a jumpy summer? Investors' Corner BNP Paribas Equities volatility order of the day worldwide Independent Online
| QATAR: Qatar- QSE gains on investors' stronger penchant for Islamic equities MENAFN.COM Local retail investors' bearish outlook drags Qatar Stock Exchange Gulf Times
| QATAR: Qatar- QSE gains on investors' stronger penchant for Islamic equities MENAFN.COM Local retail investors' bearish outlook drags Qatar Stock Exchange Gulf Times
| ROMANIA: Clearstream adds Romanian equities to its network bne IntelliNews Clearstream to Add Romanian Equities to its Network Finance Magnates
|
RUSSIA: Russia’s rookie investors fuel stock market trading boom Financial Times Russian rouble slips ahead of OFZ bond auctions Nasdaq
| SINGAPORE: Commentary: SGX sees boom in retail investments. But can it last? CNA Singapore stocks open flat on Monday The Business Times
| SOUTH AFRICA: South African stocks set to erase 2020 losses on Naspers and gold BusinessTech Can record low interest rates give SA's equity market the boost it's been looking for? News24
| SOUTH KOREA: Coronavirus: Texas reports record jump in deaths — as it happened Financial Times Stock Market Today: Dow, S&P Live Updates for Jul. 23, 2020 Bloomberg
| SPAIN: Europe close: Jump in euro dents stocks, travel issues erase losses ShareCast European Equities: COVID-19, Earnings, Geopolitics, Stimulus, and ... FX Empire
|
SWEDEN: Dow, S&P close higher as Covid-battered stocks surge, but off session’s best levels as tech sector sinks MarketWatch Europe midday: Stocks little changed ahead of key EU leaders' meeting, vaccine update ShareCast
| SWITZERLAND: Swiss stocks - Factors to watch on July 1 Reuters DAX set for a soft open, European markets remain in focus IG Bank
| TAIWAN:
| THAILAND: Retail Investors Are Driving Record Turnover in Thai Stocks Bloomberg Bank equities see plunge Bangkok Post
| TURKEY: BlackRock trims exposure to Borsa Istanbul equities citing Turkey's ... bne IntelliNews Turkish stocks post best quarter in a decade on reopening hopes | Daily Sabah Daily Sabah
|
UAE: UAE stocks slump on banking sector concerns | Markets – Gulf News Gulf News UAE investors aided the US tech stock rebound in the second quarter The National
| UKRAINE:
| UNITED STATES: Asia markets to open lower on pandemic worries, shrugging off U.S. equities upswing Reuters GLOBAL MARKETS-Shares waver as investors weigh stimulus hopes against Sino-U.S. tensions Yahoo Finance
| VIETNAM: This Day In Market History: Vietnam Stock Exchange Opens Benzinga VietNam Holding fund review What Investment
|
Comment
Monthly performance is between 2020-06-01 and 2020-05-01
Best global markets YTD USA-4.72%, EFM ASIA-9.32%, EM (EMERGING MARKETS)-14.64%,
While worst global markets YTD EM LATIN AMERICA -37.58%, FM (FRONTIER MARKETS) -19.13%, EUROPE -16.24%,
Best global markets last month EM LATIN AMERICA +11.10%, USA +8.51%, EUROPE +5.86%,
While worst global markets last month EFM ASIA 2.48%, EM (EMERGING MARKETS) 3.79%, FM (FRONTIER MARKETS) 5.56%,
Nasdaq Has Record US Equities And Options Volumes Markets Media US equities: Is market-based enthusiasm unfounded? Investment Week Oil Prices Get Boost from Stronger US Equities Rigzone COVID-19 in emerging markets: Firm-survey evidence | VOX, CEPR ... voxeu.org Covid-19 and food security: challenges and opportunities in ... Oxford Business Group EMERGING MARKETS-Stocks, FX gain with wave of central bank meetings in focus Reuters Froth returns to China’s stock market, echoing the 2015 crisis The Indian Express China stocks snap uptrend as consulate closure sets stage for profit taking Economic Times Analysts warn of 'double edged sword' in China market rally as investors indulge in frenzied, risky trading CNBC European Equities And Angela Merkel’s Legacy ‘Hamiltonian’ Moment Forbes Stocks climb as EU leaders reach deal on €750bn rescue Financial Times European Equities: COVID-19, Earnings, Geopolitics, Stimulus, and ... FX Empire Low Oil Prices Force Saudi Arabia To Consider Privatizing State-Held Assets OilPrice.com Halliburton Looks Beyond Shale As Fracking Remains Unprofitable OilPrice.com Oil Holds At 4-Month High Despite Jump In COVID-19 Cases OilPrice.com DAILY: China's steel prices up further as rains abate Mysteel Global Global steel prices moving up, price push coming from China Financial Express US Steel, AK Steel raise sheet prices by $40/st: Update Argus Media Explained: Why are gold prices going up and will the trend continue? The Indian Express Gold prices hit Rs 50,000 for first time, silver rates cross Rs 60,000 per kg ET Now Indian spot gold rate and silver price on Jul 22, 2020 Hindustan Times
Best last month among various countries' equity markets were ZIMBABWE +178.03%, ARGENTINA +29.18%, AUSTRALIA +15.82%, VIETNAM +15.72%, ESTONIA +15.01%, MEXICO +14.08%, RUSSIA +13.26%, BRAZIL +12.59%, ISRAEL +12.34%, MAURITIUS +12.27%,
While worst last month among various countries' equity markets were LEBANON -12.49%, BAHRAIN -6.84%, CHILE -5.49%, HONG KONG -5.09%, JORDAN -4.66%, TRINIDAD AND TOBAGO -4.07%, EGYPT -3.78%, SRI LANKA -2.19%, SINGAPORE -2.12%, KENYA -1.61%,
Best YTD among various country equities were ZIMBABWE +256.22%, LEBANON +7.96%, DENMARK +6.15%, BOTSWANA +2.38%, BOSNIA AND HERZEGOVINA-0.92%, ISRAEL-1.07%, CHINA-3.13%, FINLAND-3.79%, NEW ZEALAND-3.95%, TUNISIA-4.38%,
While worst YTD among various country equities were COLOMBIA -45.76%, BRAZIL -42.21%, SRI LANKA -37.40%, GREECE -37.00%, MAURITIUS -35.76%, BAHRAIN -34.34%, JAMAICA -32.87%, AUSTRIA -32.80%, PERU -32.24%, TRINIDAD AND TOBAGO -31.65%,
Download All Slides in Power Point
