Erste Asset Management - Blog

Posts on: Capital Markets/Macro-Economics
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Gerhard Winzer am 09th October 2017

Disruption from Catalonia

Kietzmann Björn / Action Press / picturedesk.com

The events in Catalonia are a new disruptive political element on the capital markets. The basic question is whether the generally favourable environment for risky assets is sustainable.

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Gast-AutorIn / Guest Author am 05th October 2017

Renmimbi – a managed currency

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Guest author: Jenny Teng, Senior Fund Manager

 

Jenny Teng is senior fund manager in the equity team of Erste AM. Born in China she is employed since 2008 at ERSTE-SPARINVEST and responsible for the Asian equity markets.

 

 

 

Long enough we have heard about the depreciation of Chinese currency Renmimbi (RMB), but this year RMB has showed rather unusual movements.

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Gerold Permoser am 02nd October 2017

Market Monitor: positive for risky asset classes

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Once a month the Investment Committee of Erste Asset Management convenes in order to discuss the medium-term market outlook. We are going to start a new blog, where we will report on what drives our investment professionals and what risks they see.

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Gerhard Winzer am 25th September 2017

US central bank will start reducing bond holdings in October

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The most important central bank in the world, the Federal Reserve of the USA, has announced a historic decision as a result of its FOMC meeting on 20 September: the central bank balance sheet, hugely inflated in the wake of the bond purchase programme, will be gradually reduced from October onwards. Generally speaking this is a good sign, as the decision can be seen as further testimony to the normalisation of the economic environment.

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Gerhard Winzer am 20th September 2017

Economic scenarios 2018

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Q3 is drawing to its end. Traditionally, this heralds the development of a strategy for the next year, an important part of which is the creation of scenarios. On the basis of the status quo, we have drawn up three further different scenarios in this blog entry.

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Gast-AutorIn / Guest Author am 05th September 2017

US debt ceiling keeping the financial markets on their toes

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Author: Felix Dornaus, Senior Fundmanager

The Trump administration should be keeping the financial markets on their toes in the coming weeks. Yet again, the issue is the government debt which will soon reach its statutory maximum.

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Gerhard Winzer am 10th August 2017

Solid Growth

(c) iStock

Some ten years after the outbreak of the Great Recession, global economic growth is positive and broadly based, inflation is low in the developed economies and falling in important emerging economies, and monetary policies are very supportive, cautious, and predictable. At the same time, company earnings growth has increased significantly, and the volatilities of many asset prices are low. This environment is generally positive for risky asset classes.

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Gerold Permoser am 01st August 2017

Quo Vadis, Federal Reserve? – Part 3

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Making sense of it all

I will be upfront about it: to me, the Taylor rule is still a helpful tool to assess the future monetary policy of the US central bank. However, it should not be used as blueprint without thinking it through. Instead, it should be seen as heuristic tool that helps structure one’s analysis.

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Gerold Permoser am 27th July 2017

Quo Vadis, Federal Reserve? – Part 2

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Taylor Rule – precise formula, vague Inputs

Since 2008, the key-lending rates in the USA seem to have been significantly too low as measured by the Taylor rule. With some economists blaming Alan Greenspan’s loose monetary policy as partially responsible for the financial crisis of 2008, the question is whether we are in for a déjà-vu.

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Harald Egger am 26th July 2017

Style management in practice: part 2

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Having defined and explained various management styles in equity management in part 1, we will now have a look at the specific styles and their return/risk ratio over time.

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