Markets

Grexit strategy

Wed, 16 May 2012 05:12:00 GMT

It may be a bit late to insulate your portfolio from a Greek exit from the eurozone, but James Mackintosh, investment editor, looks at some possible strategies.

Keeping their balance

Wed, 16 May 2012 10:41:06 GMT

The emerging world is becoming less competitive. Manoj Pradhan, global emerging market economist at Morgan Stanley explains to Long View columnist John Authers that they are trying to maintain stable exchange rates with the dollar and consequently importing US inflation.

Gold: just another commodity

Tue, 15 May 2012 16:41:54 GMT

The eurozone may be in crisis, again, and investors in risk-off mode, but gold is not climbing. James Mackintosh, investment editor, explains why the historic safe haven of choice is now behaving like a mere commodity.

Decision time for regulators

Tue, 15 May 2012 04:13:00 GMT

Regulators need to make some decisions on trade repositories if they are to meet a year-end deadline, says Dan Cohen, managing director government relations at the Depository Trust & Clearing Corporation (DTCC). He also explains to Philip Stafford how regulators in Asia are looking at European legislation as a model as they look to comply with G20 mandates.

JPMorgan: a hedge too far?

Tue, 15 May 2012 11:51:00 GMT

The so-called whale trade that lost JPMorgan $2bn has damaged its reputation. But how much and what of its peers? Daniel Shaefer, investment banking correspondent, explains to Long View columnist John Authers, how a hedging unit overstepped its remit and the implications of the debacle for other Wall Street banks.

Credit risk is back

Mon, 14 May 2012 16:03:36 GMT

While the euro would still be viable without Greece, it would be hard for it to continue if a country as big as Spain were to leave. Greece matters only if panic spreads. Investment editor James Mackintosh says the bad news is it seems to be spreading.

Greek exit ajar

Mon, 14 May 2012 14:16:10 GMT

The market slump on the latest Greek political uncertainty has left investors befuddled. Lex's Nikki Tait and Vincent Boland discuss the many factors to watch now a Greek exit from the eurozone is becoming an acceptable notion.

Why China remains on track

Tue, 08 May 2012 05:28:00 GMT

Ewen Cameron Watt, chief investment strategist of BlackRock Investment Institute, thinks scaremongering about China's property bubble has been overdone. Long term trends towards growing a domestic consumer economy are on track and understanding where China is on its path to greater development will guide investment decisions globally, including in commodities and fixed income.

'Low chance of Greek exit'

Fri, 11 May 2012 11:31:00 GMT

The political uncertainty in Greece and the increased talk of the country's exit from the euro is being shrugged off by the market. Steven Saywell, head of FX strategy for Europe at BNP Paribas, explains to Long View columnist John Authers that this is because a Greek exit remains unlikely and the euro/dollar exchange rate remains rooted to eurozone-US fundamentals.

Groundhog Year

Thu, 10 May 2012 00:05:00 GMT

Are we experiencing Groundhog year? The markets are following the same pattern as 2010 and 2011. But Jamie Chisholm, global markets commentator, believes we may not see a repeated dramatic correction as the most likely calamities are already factored in.

Abby Cohen on the bumpy road ahead

Thu, 10 May 2012 09:35:55 GMT

Abby Joseph Cohen, Goldman Sachs' senior investment strategist, says shares are set to hold value for the long run but may cheapen over the summer. She discusses the US election outlook and the divergent messages from the bond and equity markets with James Mackintosh, FT investment editor.

Defending efficient markets

Wed, 09 May 2012 17:00:43 GMT

Gene Fama, inventor of the efficient markets hypothesis, says it remains the best way to view markets in spite of the recent crisis and the dotcom bubble. Professor Fama tells James Mackintosh, FT investment editor, that investors should stop trying to beat markets and use passive index-trackers.

Bunds beware

Wed, 09 May 2012 16:48:42 GMT

As the political crisis deepens in Greece, Michael Mackenzie, US markets editor, warns that Germany could drift from its safe-haven peers of the US and UK if Athens flees the eurozone.

Danish lessons on pensions

Thu, 03 May 2012 03:42:00 GMT

Lars Rohde, chief executive of Danish pension fund giant ATP, explains the new concepts that ATP will be bringing to the UK market. These include collective defined contribution - which he says is a fairer form of risk sharing - consolidation, no choice and a different approach to investment strategy.

The rise of volatility ETFs

Tue, 08 May 2012 05:57:00 GMT

Michael John Lytle, managing director of Source, explains why the volatility ETPs that Source offers, in conjunction with Nomura and JPMorgan, are constructed differently. Despite the huge growth in interest in these instruments, he says they are not for retail investors.

50-year buying opportunity

Wed, 09 May 2012 10:49:40 GMT

Equities have not been this cheap relative to bonds since the 1960s. Peter Oppenheimer, chief global equity strategist at Goldman Sachs, tells Long View columnist John Authers that after the worst 10 years for equities in a century, a long bull market is on the horizon.

Gold 'going to $3,000'

Tue, 08 May 2012 18:02:27 GMT

Markets are repeating the downturns of 2010 and 2011, and it is time to search for safety, Gluskin Sheff's David Rosenberg tells James Mackintosh, FT investment editor. That means gold eventually reaching $3,000 an ounce, and bonds remaining appealing even at rock-bottom yields.

Fitch on the austerity revolt

Tue, 08 May 2012 16:51:47 GMT

French voters have rejected austerity in favour of growth. David Riley, head of sovereign credit ratings at Fitch, tells James Mackintosh, FT investment editor, that a hunt for growth may be welcomed by investors

Vix not frightened enough

Tue, 08 May 2012 05:36:00 GMT

Investors can bet on market volatility as a hedge against it. Robin Wigglesworth, capital markets correspondent, says the famous gauge of volatility, the Vix, Wall Street's 'fear index', should be more frightened considering the behaviour of its European counterpart, the Vstoxx.

How logic can lead to a crisis

Tue, 08 May 2012 04:19:00 GMT

John Authers, Long View columnist, asks Amin Rajan, chief executive of research company, Create, why this political crisis needn't be a market meltdown - and whether academic theories about efficient markets have actually contributed to the markets' problems.

The value of vultures

Fri, 04 May 2012 11:37:00 GMT

Distressed debt funds snap up companies' loans and bonds at a discount, hoping to profit from a restructuring, and occasionally taking the companies over outright. Robin Wigglesworth, capital markets correspondent, analyses the growth and usefulness of these so-called vulture funds in Europe.

Automated trading restrictions

Fri, 04 May 2012 05:39:00 GMT

Automated trading is facing new regulation. John Bates, chief technology officer at Progress Software, says hi-frequency trading is facing a clampdown despite little evidence that it is detrimental to markets. He explains to Philip Stafford of FT Trading Room how surveillance should operate across markets.

Fixed income ETPs take off

Thu, 03 May 2012 05:48:00 GMT

Stephen Cohen, head of iShares’ EMEA Investment Strategies and Insights team, explains the huge growth in the fixed income exchange traded product industry. Areas which have seen more product innovation and higher inflows include high yield, investment grade and emerging market credit.

French election a close call

Fri, 04 May 2012 11:48:00 GMT

Voters in France head to the polls on Sunday to choose between Socialist candidate, François Hollande, and the centre-right incumbent, Nicolas Sarkozy for their next president. Most expectations are for a Socialist victory but Ewen Stewart, equity strategist at Investec, tells Long View columnist John Authers, that while odds on Mr Sarkozy are long, he shouldn’t be written off just yet.

Submerging markets

Thu, 03 May 2012 07:07:00 GMT

Investment editor James Mackintosh examines the increasing interest of emerging market debt specialists in the bonds of the eurozone periphery as the financial crisis continues.

Differences emerge

Thu, 03 May 2012 01:10:00 GMT

Emerging markets may have been somewhat overlooked as investors' attention has been focused on the eurozone crisis over the past few months. Masha Gordon, head of emerging markets equity portfolio management at Pimco, tells John Authers, Long View columnist, that there are investment opportunities but not all emerging market economies are equal.

A shareholder spring

Wed, 02 May 2012 09:30:00 GMT

Shareholders are wielding their power over corporate pay and boardroom practices. James Mackintosh, investment editor, examines the evidence on whether they should expect improved share prices as a result

Australia's gas strategy

Wed, 02 May 2012 04:28:00 GMT

Australia is weaning itself off its reliance on iron ore and coal exports and has high hopes for liquefied natural gas (LNG). Lex's Richard Stovin-Bradford and Julia Grindell discuss the country's LNG strategy and the risks from as far afield as the US shale sands.

End of the metals super-cycle?

Wed, 02 May 2012 00:16:00 GMT

As the world's biggest consumer of metals, China's slowdown is a concern for investors and traders. Jack Farchy, commodities correspondent, reports on what the executives attending the FT's Global Commodities Summit are saying about China's impact and where they think the market is heading.

Austerity 'damaging' growth

Wed, 02 May 2012 11:42:00 GMT

The US and China are growing in the wake of the credit crisis but Europe is struggling, the monthly purchasing managers indices tell us. Jim Reid, head of fundamental credit strategy at Deutsche Bank, explains to Long View columnist John Authers how austerity is damaging short-term growth in Europe, and why credit defaults have been no worse than usual during the crisis.

US grows it alone

Tue, 01 May 2012 05:31:00 GMT

US data suggests the country has resisted a third summer slowdown. James Mackintosh, investment editor, looks at the lessons for investors and the chance of the US being dragged down by the rest of the world.

Conquering fear

Tue, 01 May 2012 00:27:00 GMT

With persistent volatility across world markets, John Authers, Long View columnist asks Izabella Kaminska, Geneva correspondent and Alphaville writer, if new products really do allow investors to predict market swings and protect against them.

Sunk cost

Mon, 30 Apr 2012 05:54:00 GMT

An Australian mining mogul has announced plans to build a replica of the Titanic. James Mackintosh, investment editor, notices a worrying trend for ambitious projects like this to be dreamt up at the height of a boom. James asks if this is a bad omen for the Australian economy.

Jim Rogers: expect US slowdown in 2013

Mon, 30 Apr 2012 16:05:02 GMT

US billionaire investor Jim Rogers tells Michael Mackenzie, the FT's US markets editor, that the US faces a painful slowdown in 2013. He also suggests the top of the commodities boom has yet to be reached and that agriculture is the most interesting commodities sector.

Growing technology

Mon, 30 Apr 2012 01:18:00 GMT

NYSE Euronext's fastest growing division, NYSE Technology, has been set a target to reach $1bn in revenue by 2015. Its chief executive Stanley Young explains to FT Trading Room's Philip Stafford how he plans to achieve it.

Look for Asian companies, not countries

Tue, 24 Apr 2012 02:14:00 GMT

Hugh Young, managing director of Aberdeen Asset Management Asia, says although earnings growth for Asian companies is likely to be slower than last year, attractive opportunities remain. The secret, however, is to look at companies and their potential, not countries and their GDP.

An oil bubble?

Fri, 27 Apr 2012 01:54:00 GMT

Javier Blas, commodities editor, tells John Authers, Long View columnist, that current high oil prices are being driven by fundamental supply and demand concerns rather than speculation.

Bernanke's lesson in groupthink

Thu, 26 Apr 2012 06:28:00 GMT

FT investment editor James Mackintosh assesses where US interest rates may be heading and the effect on share prices.

Investing with style

Thu, 26 Apr 2012 02:16:00 GMT

Value investors are faring poorly, despite market conditions that usually favour them. Why? John Authers, Long View Columnist and Robert Schwob, Principal at Style Research, dig into the factors behind value's underperformance.

Statistics, forecasts and austerity Britain

Wed, 25 Apr 2012 06:42:00 GMT

There are lies, damn lies and British national statistics. James Mackintosh, investment editor, wonders if the recession might be revised away - and says a UK recession should not be high on investors' worry lists

Olam sees more agriculture M&A

Wed, 25 Apr 2012 14:18:48 GMT

Sunny Verghese, chief executive of Olam, the commodities trading group, expects to see further consolidation in the agriculture commodities business. He talks to Javier Blas, commodities editor, at the FT's Global Commodities Summit in Lausanne, Switzerland.

America's hidden treasure

Wed, 25 Apr 2012 00:45:00 GMT

John Authers, Long View columnist and David Morris, founder and chief executive of Global Wealth Allocation, reveal the unnoticed rise in the value of US companies

$100 oil looks set to stay

Wed, 25 Apr 2012 00:04:22 GMT

Demand from emerging markets, instability in the Middle East, geopolitics - all have conspired to raise oil prices at a time when the global economy needs it least. Javier Blas, commodities editor, reports from the FT's Global Commodities Summit on why costs are hanging at around $100 a barrel and why many leading traders now see this as a floor for the price of oil.

The euro puzzle

Tue, 24 Apr 2012 06:03:00 GMT

Amid the latest round of the eurozone crisis the single currency has stayed strong. James Mackintosh, investment editor, considers whether the market is valuing the euro correctly.

BHP Billiton pins hopes on EM

Tue, 24 Apr 2012 15:33:32 GMT

Alberto Calderon, group executive of BHP Billiton, the global mining group, says that growth in countries such as China and India assure a good outlook for commodities. Speaking at the FT's Global Commodities Summit, he tells Javier Blas, commodities editor, that the present outstrip of demand to supply is a result of China's unprecedented growth.

Valuable hedges?

Tue, 24 Apr 2012 11:39:00 GMT

Hedge funds impressively avoided the bursting of the tech bubble, but did just as badly as other investments during the financial crash. A new report says they've performed well, thanks to their managers' skill. Sam Jones, hedge fund correspondent, discusses with Long View columnist John Authers, whether the funds make the most of their advantages.

Vitol: Oil price stubborn short-term

Mon, 23 Apr 2012 19:25:18 GMT

Speaking at the FT's Global Commodities Summit, Ian Taylor, chief executive of Vitol Group, the world's largest independent oil trader, says that despite efforts the price of oil is unlikely to fall in the near future. He tells Javier Blas, commodities editor, that if gas can be bought in to the transportation sector he would expect a balancing of prices.

Messy retreat

Mon, 23 Apr 2012 05:41:00 GMT

There was little confidence in the the rally, strong as it looked, but the best climbers were as expected. The retreat looks more chaotic, and even defensive stocks are suffering. James Mackintosh, investment editor, delves in the mud for appealing sectors.

Engagement is not always best

Thu, 19 Apr 2012 05:02:00 GMT

Will Goodhart, chief executive of the CFA Society of the UK, says engagement by asset managers with companies on governance issues might not always be in a client's best interests. Instead of insisting upon this, he says the Kay review into how markets operate should focus on the link between executive compensation and value creation.

Markit strategy

Fri, 20 Apr 2012 09:38:00 GMT

Markit, the data and post-trade services provider, last year failed in its bid LCH.Clearnet, the Anglo-French clearing house. On this week's View from the Top Lance Uggla, Markit chief executive, explains to Philip Stafford of FT TRading Room what the company's strategy is now.