1. Last day of the quarter – Not been an easy Q3…markets look to be leaving the quarter on a better tone...
I really liked this chart from today's Fast FT which shows what an amazing quarter/epoch it has been.
As for the fourth quarter, my views? In super summary:
· Equity markets are generally positive;
· Mix matters more however;
· Got to like ‘recovery’ as well as ‘high quality’ stocks especially as the former group underowned
Potential curve balls:
· If the US dollar doesn’t fade a bit / general global growth challenges;
· If China doesn’t undertake some stimulus;
· Things take time/challenges/you have to pick the right stocks
2. Global competitiveness – new WEF economic competitiveness data out. UK slips behind Sweden, Switzerland still tops, Germany/Netherlands up, Finland down (link here)
3. I write up Saga in the UK equity market which did not appeal to me at prevailing despite obvious strategic positives (link here)...
4. ...by contrast I was well-disposed to Paychex in the US who published their Q1 16 numbers today (link here).
5. Finally, a couple of tweets I put out today:
Never much of an IB fan but great stat via $BAC "VW woes may 'cut 1.5pp off Czech, Hungarian growth' http://on.ft.com/1M1pNg3 via @fastFT "
Vlad just warming it up for the Chinese... who ironically would prefer not to have it for a generation (too costly)