Wednesday, 11 February 2015

Charts and thoughts today

Apple hits another record market cap...

 ...whilst the Baltic Dry Index hits a multi-year low:

Maybe though this is the most interesting chart of the day.  The bond market is suggesting non rampant returns over the next few surprises there (the value is with selected equities at an asset allocation level). 

Interesting that both Moody's (link here) and the People's Bank of China (link here) have noted that a low oil price may not be an immediate panacea.  As Moody's noted:
"In the euro area, the fall in oil prices takes place in an unfavourable economic climate, with high unemployment, low or negative inflation and resurgent political uncertainty in some countries."
Weak demand in the euro area suggests that companies will have to pass on the lower energy costs, limiting the potential for higher profit margins.
Talking about Europe...a big day for Greek and Ukrainian negotiations and potential compromises.  On the former I thought this graphic below did a good job in explaining some of the (fiscal) differences: 

It is going to be a day for keeping an eye on the newswires (and there is lots of corporate reporting too).

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