Let's be honest. The England-Iceland match tonight will almost certainly be a 90-120-minute siege on Iceland's goal. The entertainment value is going to be derived from watching England struggle to figure out how to get round a massed, disciplined and apparently tireless defence.
If they get one goal relatively early, I predict the flood gates could well open. If not, it will be bye-bye to Roy Hodgson.
Many of those who voted “Leave” on Thursday reportedly already regret it, either because they didn’t really expect to prevail and merely wanted to register a protest vote, or because of the sharp sell-off in financial markets and the mushrooming forecasts of recession, writes Joachim Fels, global economic adviser at PIMCO, in one of the tornado of mini-essays on the topic of British exit from the European Union.
Two questions for global markets: will the next few trading sessions yet prove a buying opportunity, or will the ongoing weakness following Brexit (British exit from the European Union) prove the precursor to the long-feared global market reset?
Brexit (British exit from the European Union) won’t be a catalyst for a revaluation in bond markets until investors tire of current low yields, Thesis Asset Management’s Michael Lally has said.
Lally also stated that a revaluation would probably not occur until any of the central banks chose to raise rates, as opposed to being influenced by a Brexit vote on June 23.
Following the recent flurry of long bonds issued and bought by many in the eurozone, Lally believes yields on such bonds are at potentially unsustainable levels, despite the demand from yield hungry investors.
“Spain’s latest bond auction was three times oversubscribed, and many eurozone government bond yields are now in negative territory,” he comments. “France recently issued its 50-year bonds at a paltry 1.9% yield, while both Ireland and Belgium went the whole hog and issued 100-year bonds at 2.3%.
“These yields are obviously unsustainable in the long run, but are supported for now by the European Central Bank’s continued stimulus. Even the Fed (US Federal Reserve) is reluctant to raise rates for fear of rocking the boat.
“Just how far distressed buyers of yield are prepared to go before the tide turns, remains to be seen. Countries such as Greece don’t exactly offer a guarantee with their enticing rates.”
Institutional investors are seeking to allocate more of their capital to alternative strategies in a quest for strong returns in the low-interest-rate environment, according to a new study from BNY Mellon.
The report, Split Decisions: Institutional investment in alternative assets, produced by BNY Mellon in association with FT Remark, found that among the various alternative asset classes, private equity is most favoured by institutional clients, accounting for 37% of their exposure, followed by infrastructure (25%), real estate (24%), and hedge funds (14%).
According to the study nearly two-thirds of investor respondents said that alternatives had delivered returns of at least 12% last year, while more than a quarter said the strategies had earned 15% or more.