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E.g., 21-02-2020
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    Gavekal Research

    Stronger Macro, Sinking Stocks

    The latest macro indicators leave little doubt about the general direction of the eurozone economy. Both hard and soft data suggest that growth re-accelerated from a meagre 0.3% QoQ (1.2% annualized) in 3Q15, probably to 0.4%-0.5% (1.6%-2.0% annualized) at the turn of the year. Eurozone unemployment declined to a four-year low in December, and the economic sentiment indicator compiled by the European Commission from business and consumer surveys...

    2
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    Gavekal Research

    Audio & Transcript — Gavekal Research November Call

    Anatole Kaletsky, Arthur Kroeber and Charles Gave presented their views on what a Donald Trump presidency means. Anatole outlined both positive and negative potential outcomes. On the positive side, US growth could see a boost from expansionary fiscal policy, but isolationist trade policies could threaten US firms and equity prices. Arthur warned of the geopolitical risk of a power vacuum should the US pull back from its treaty obligations....

    0
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    Gavekal Research

    Audio & Transcript — Gavekal Research December Call

    Louis and Anatole outlined their views on the new investment environment. Louis focused on the apparent contradictions in investors’ reaction to Donald Trump’s win in the US presidential election. Anatole argued that the US has almost certainly transitioned to a more inflationary growth path, but said it would be a slow build-up.

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  • Gavekal Research

    The Challenge For Equity Markets

    Given high valuations and a rock bottom risk-free rate, it is hard to see US equities moving higher without a pick-up in corporate earnings. Yet with the strong US dollar hurting exporters and domestic economic data coming in weak, US-based firms may struggle to deliver.

    6
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    Gavekal Research

    The End Of An Empire

    Economic growth derives from one of two sources. Either it comes from a rationalization of talent, which we call Ricardian growth, or it comes from new inventions, which we call Schumpeterian growth. Of the two, Ricardian growth is easier to achieve. As barriers to trade, to the movement of people, or to the free flow of capital are dismantled, inefficiencies get squeezed out and growth can soar. Bearing this in mind, it is obvious that the...

    5
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    Gavekal Research

    Making Sense Of Fed Talk & Actions

    Is the Federal Open Markets Committee playing games? Should we listen to what it says or watch what it does? Is it easing or tightening, dovish or hawkish? As the Fed moves from “all guns blazing” to a nuanced and gradual exit strategy, these questions are inevitable. We’ll do our best here to make sense of it all and chart the trajectory of US monetary policy.

    4
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    Gavekal Research

    The Liberties Of England, And What They Mean For Europe

    When the Conservative-led government of the last parliament started to show that it was serious about deficit-reduction and lessening the role of the state in the British economy, I turned very bullish on UK financial assets (see A Supply-Sider’s View Of The UK for a detailed exposition of this view). Perhaps unsurprisingly over the last five years the UK mid-cap index has outperformed the German and French equivalents. I admit to having had a...

    7
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    Gavekal Research

    The UK Now Faces Years Of Volatility

    The probability that the United Kingdom will break apart now appears to be at least 50%. The weekend’s crop of opinion polls agree with each other, and support last Tuesday’s poll showing a powerful swing in favor of a ‘Yes’ vote in next week’s referendum on Scottish independence. Given that up until last Tuesday most investors and analysts (including me) saw no more than a 10%-20% probability of independence, what has happened in the past few...

    3
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