Saturday, 12 December 2015

Financial Orbit wrap 11/12/15 & 12/12/15

Five sentences or graphics which sum up the Financial Orbit output over the last 24 48 hours across the website, twitter account and anything else thought about...

1. Macro thoughts - Is the US dollar still warming up for its post rate hike fall?

(h/t @Callum_Thomas)

Meanwhile high yield indices fall to new recent lows...

…and distress seems to be spreading across different sectors:

2. A few thoughts on Yum! Brands who had a fascinating Investor Day on Thursday. At the heart of what they said was a proposed split of the company by the end of 2016 into two: Yum! China and 'Yum! New': 

However these are going to be two very distinct models: a 15% EPS growth target company and a 15% shareholder returns target company...

3. I wrote a piece titled "Legal & General drops quarterly reporting: quality vs quantity?" which was uploaded just now to the ShareProphets website.  You can find a link to the piece (free sign-up) here.

4. The latest Financial Orbit Speaks is out: 

Published on 11th December 2015 - link here
The latest global investing enhanced podcast from Chris Bailey, Founder of Financial Orbit discusses the myriad current challenges in the global economy, a hoped for Christmas wish list and why now is not a time for panic selling.  

5. Back to market volatility - market breadth is poor which is never a good signal for a return of more normal conditions...

(h/t @eurofaultlines)

...but as noted by @JLyonsFundMgmt the bump in the volatility VIX measure late last week typically in early/mid December (with the exception of last year) historically up a rest of the year recovery.  

Potentially setting up an interesting last ten or so trading sessions of the year.  

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