Last week, shares tumbled in one of Australia’s top electronics retailers after reporting poor profit guidance for 2018. Dutch Auctions were in focus in the US last week as both Amgen Inc (AMGN) and Greenhill & Co., Inc (GHL) recently announced plans to repurchase shares. Fallout from Carillion has spread across UK companies and given rise to increased securities lending demand.
Despite solid fundamentals, Philippine assets continue to underperform. Part of the story was an unexpected cut in reserve ratios as well as the central bank’s reluctance to hike in the face of rising inflation. The other part of the story is rising political risk. Continue reading
EM FX ended on a mixed note Friday, but capped off a very strong week overall. Best performers over the past week were RUB, ZAR, and COP, while the worst were PHP, CNY, and TWD. There is not much happening this week that could disrupt the weak dollar narrative, and so EM FX should continue to rally. Continue reading