DOCSLIB.ORG

Global Cross Asset Strategy: Viruses, Votes and Volatility March 4, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Global Cross Asset Strategy: Viruses, Votes and Volatility March 4, 2020 Global Cross Asset Strategy: Viruses, Votes And Volatility March 4, 2020 After posting multiple record highs for much of the year, the benchmark S&P 500 US equity index was jolted into correction territory, as investors began to panic that the coronavirus outbreak would not be successfully contained. We had already placed among our key 2020 views a put option on the S&P 500 Index with March 31 expiry, due to our belief that political risks were underappreciated, and the market was generally too complacent. We took advantage of the rapid decline, selling those puts with a massive 245% return (see publication explaining the strategy here). This effectively allowed us to re- enter our long S&P 500 view at the bottom of the correction (see updated table on the following page), and we retain a broadly bullish view on stocks moving Kathryn Rooney Vera forward. Head of Research & Strategy krooney@bulltick.com +1 786.871.3758 Our timing for selling our puts was supported by a far better-than-expected performance by former Vice President Joe Biden during the ‘Super Tuesday’ Gregan Anderson, CFA voting held on March 2, where a large share of total delegates needed to secure Macroeconomic Strategist the Democratic nomination for the US Presidency were up for grabs. Following ganderson@bulltick.com a strong showing in South Carolina and endorsements from key Democratic +1 786.871.3743 leaders (including three former opponents who had dropped out of the race), Biden won 10 out of the 14 states, with the others all going to rival far-left Chge In End- candidate Vermont Senator Bernie Sanders. We believe that the market would Past 2 YTD 2020 be unfazed by the prospect of a Joe Biden Presidency, and perhaps more Asset Spot Weeks Change Target USG10Y 0.99 -57bps -93bps 2.00 importantly, the disruption a Sanders presidency would likely cause to major USG30Y 1.63 -38bps -76bps 2.50 sectors, including most notably health care, is now far less likely to occur. JGB10Y -0.13 -8bps -12bps 0.00 DXY 97.34 -2.38% 0.98% 97.00 EUR 1.11 2.97% -0.78% 1.12 While we are still far from out of the woods regarding the coronavirus, the JPY 107.35 3.71% 1.14% 112.00 markets will be supported by the improving political outlook, as well as a MXN 19.54 -4.92% -3.06% 18.50 BRL 4.58 -4.21% -11.65% 3.90 surprisingly quick reaction by the US Fed, which cut 50bps in a bid to counteract SPX 3060 -9.64% -5.30% 3500 the potentially adverse economic impacts of the virus. We expect a global IBOV 105573 -9.39% -8.71% 130000 coordinated effort to tackle the crisis through both additional monetary policy MEXBOL 43080 -4.06% -1.06% 49000 Brazil 10Y 6.18 -8bps -47bps 6.50 as well as a fiscal response. Mexico 10Y 6.29 -20bps -55bps 6.70 MXEF 1028 -6.87% -7.79% 1219 Gold 1640 1.76% 8.10% 1600 Looking ahead, we like health care stocks as the ‘Bernie Bust’ is less likely to WTI Crude 46.9 -11.97% -23.17% 55.0 occur, and we would rotate a portion of bond holdings into high-yielding stocks As of 03/04/2020 to benefit from both higher yields and greater capital appreciation potential from current suppressed levels. ▪ Fixed Income: US yields plummeted to record lows as investors fled to safe- haven assets, although the yield curve has steepened. ▪ FX: The dollar finally relinquished its ytd gains as the carry trade versus the EUR was drastically diminished. ▪ Equities: US stocks saw their quickest correction since the 1930s, but the sell-off presents investors with opportunities looking ahead. ▪ Commodities: Oil prices tumbled on global growth concerns, but should firm as coronavirus fears subside. Bulltick 2020 Investment Strategy – Top Picks Equity USD Returns Since Call Initiation (dates in parentheses) S&P Real Estate (12/18- ) 5.8% S&P 500 + put option @3,190* (12/18- ) 2.0% S&P Consumer Staples (12/18- ) 0.9% MSCI China Cons Disc (12/18- ) -0.4% MSCI Asia ex-Japan (12/18- ) -5.1% MSCI EM Index (12/18- ) -6.9% Euro Stoxx 50 (12/18- ) -8.0% Capital Gains S&P Financials (12/18- ) -10.6% Dividend Gains Forex Gains Brazil IBOV (12/18- ) -16.0% Total Return -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% *Total gains of underlying position including an ATM put option hedge expiring 3/31/20, sold on 2/28/20. Benchmark Fixed Income USD Returns Since Call Initiation (dates in parentheses) Brazil USD, 2028 (12/18- ) 7.1% Capital Gains Interest Gains Petbra 2024 (USD) (12/18- ) Forex Gains 3.9% Total Return Pemex 2027 (USD) (12/18- ) 2.3% Mexico MXN (MBONO), 2027 (12/18- ) 1.0% Colombia (COLTES) 2028 (12/18- ) 0.1% Brazil BRL (NTNF) 2029 (12/18- ) -7.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Fixed Income Strategy: ▪ US 10Y yields are at all-time lows, falling below an Developed Markets 10Y Total Returns astoundingly low 1.00%, following the most rapid correction since the market collapse of 1933, with the benchmark S&P 2-week return YTD return 500 Index falling more than 10% in just six days. The proximate 7.6% cause of the correction was the apparent lack of containment 5.4% of the coronavirus outbreak emanating from China. While we 4.7% 4.7% 4.5% 3.8% 3.7% continue to believe that a devastating global health 3.3% catastrophe will be avoided, the virus has proved much more 2.7% 2.5% 1.5% difficult to contain that previous outbreaks, such that cases 0.6% outside of China continue to climb. Germany Japan US France Italy UK ▪ On Tuesday, the Fed added to the downward pressure on yields with an emergency 50bps cut, the first time an EM Local Currency Bond Total Returns extraordinary FOMC rate decision has been deployed since the 2-week return YTD return global financial crisis more than a decade ago. Officials had telegraphed on Friday that a rate cut was likely to occur in 32.9% March, and ultimately concluded that the additional boost 17.7% from the element of surprise would be beneficial. We now expect that further stimulus is on the horizon, not just in the 0.1%1.4% 2.2% US, but from central banks across DM. -0.5% -2.1% -2.4% -3.1% -4.6% -9.4% -13.2% ▪ We expect that rates will remain low, but that further rally Argentina Peru Colombia Chile Mexico Brazil will be blunted. Ongoing political risk (particularly the ongoing 2026 2029 2030 2030 2029 2029 swings in the trajectory of the Democratic Primary race) will keep rates from rising substantially from these new lows in the EM USD-Denominated Bond Total Returns short term. However, a further rally will be precluded by the 2-week return YTD return scope of the recent move (leaving less room for further yield 7.6% compression), as well our expectation that the intensity of the 5.9% 6.5% 5.5% 4.7% 3.1% coronavirus crisis will diminish over the coming weeks. 2.7% 2.5% 2.4% 2.1% ▪ Against this backdrop, EM bonds will ultimately benefit from a return of the reach for yield, coupled with upside in -1.9% commodity prices. -7.7% Chile Mexico Colombia Peru Brazil Argentina 2028 2028 2029 2027 2029 2028 Benchmark Asset Begin-2020 Current YTD Interest YTD Capital YTD Forex Total YTD 2020 Target 2020 YTM YTM Gains, % Gains, % Gains, % Return, % YTM Return, % UST 10Y 1.87 0.87 0.39% 7.18% - 7.57% 2.00 1.01% German 10Y -0.23 -0.64 0.00% 4.11% -0.66% 3.43% -0.35 -0.12% Japan 10Y 0.00 -0.14 0.02% 1.28% 1.17% 2.48% 0.00 -3.13% Mexico MBONO 2029 6.89 6.26 1.36% 4.07% -3.10% 2.16% 6.70 10.43% Mexico USD, 2029 3.25 2.49 0.73% 5.77% - 6.50% 3.00 5.00% Brazil BRL 2029 6.79 6.56 1.41% -1.21% -12.22% -12.04% 6.50 -3.69% Colombia TES 2030 6.34 5.77 1.24% 4.10% -5.50% -0.44% 6.00 2.09% Chile CLP 2030 3.14 3.20 0.72% -2.03% -8.23% -9.43% 3.50 -0.88% Argentina ARS, 2026 50.34 41.11 7.42% 31.44% -4.19% 33.04% 45.00 20.38% Venezuela 2028 (USD) 67.66 59.34 13.88% 30.65% - 44.52% 66.00 106.14% Peru Soberano 2029 4.20 3.65 0.94% 3.71% -3.11% 1.39% 4.00 2.93% Source: Bloomberg, Bulltick. All returns are in USD As of 03/04/2020 Fixed Income Chartpack: ① US yields have falling to nearly 3 standard deviations from the moving 1-year average, on the back of a rapid decline in risk appetite. ② Spreads between the US and other DM benchmark sovereigns have declines, given the steep declines in the US outpaced the declines seen abroad. #1 US--10-Year Yield, % (with 1, 2, and 3 Standard Developed Markets--10Y Yields, % #2 Deviations from 1-year moving average) 3.5 4.0 3 s.d. from 1-year moving average 3.0 3.5 2 s.d. from 1-year moving average 1 s.d.
Load more

Recommended publications
  • Final Report Amending ITS on Main Indices and Recognised Exchanges
    Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12
    [Show full text]
  • Fundamentally Weighted Equity Indexes (Paffs, Spanish Initials) for the Colombian
    December 17 2020 1 December 17 2020 Fundamentally weighted equity indexes (PAFFs, Spanish initials) for the Colombian Andrés Duarte Pérez Equity Research Head stock market +57 1 3538787 ext. 6163 andres.duarte@corficolombiana.com › Rationale Daniel Felipe Duarte Muñoz Measured by the COLCAP capitalization index from 2008 until September 2020, the Equity Research Analyst average annual nominal growth of the Colombian stock market was 1.25% (-2.62% in +57 1 3538787 ext. 6194 real terms!). If we take the measure in 2019 to omit COVID-19’s effect, the average daniel.duarte@corficolombiana.com nominal growth was 4.06% (0.01% real); a deficient performance, specially coming from a “developing” economy. Roberto Carlos Paniagua Cardona Is the Colombian stock market accurately measured? The COLCAP index measures Equity Research Analyst the gains (losses) of its member companies’ market value of equity, weighted by their +57 1 3538787 Ext. 6193 roberto.paniagua@corficolombiana.com free-float market cap (i.e., capitalization index). The inclusion criterion for specific stocks is based on liquidity measures. By the end of September, the member companies’ market capitalization (market cap) of the COLCAP index was 80.26% of the total listed companies in Colombia, and the total market cap-to-GDP ratio was 24.83%. This being the case, COLCAP’s performance is a representative abstraction of the Colombian stock exchange, in the same way other recognized international capitalization indexes represent their markets. This will remain the case when in 2021 the COLCAP is replaced by the MSCI COLCAP index, a capitalization index as well, according to their “Global Investable Market Indexes Methodology”.
    [Show full text]
  • Pulso Bursátil UL
    Lima, March 10, 2021 MILA Cap. Burs. Equity Main Indexes Close 1 D 5 D 1 M YTD (US$ bill) Largest gains Exchange Currency Price ▲% Largest losses Exchange Currency Price ▼% ▲ IPSA (Chile) 4,888.55 1.04% 2.11% 7.48% 17.03% 133.55 GRUPO F BANORT-O Mexico MXN 119.45 5.08 CEMEX SAB-CPO Mexico MXN 14.61 -2.01 ▲ IGPA (Chile) 24,608.11 1.02% 2.07% 7.22% 17.14% 164.75 ITAU CORPBANCA Chile CLP 2.60 3.67 SMU SA Chile CLP 105.13 -1.75 ▼ COLSC (Colombia) 1,038.62 -0.64% -2.03% -2.98% -1.92% 5.81 SOUTHERN COPPER Peru USD 75.70 3.26 COCA-COLA FEMSA Mexico MXN 98.64 -1.36 ▲ COLCAP (Colombia) 1,347.47 0.43% 0.02% -1.49% -6.29% 81.43 GRUPO CARSO-A1 Mexico MXN 56.44 2.97 ENTEL Chile CLP 4716 -1.34 ▲ S&P/BVL (Perú)* 22,702.52 0.60% -0.74% 2.49% 9.03% 114.20 INFRAESTRUCTURA Mexico MXN 78.99 2.74 BANCO DAVIVIENDA Colombia COP 31100 -1.27 ▲ S&P/BVL SEL (Perú) 602.49 0.58% -0.37% 1.84% 9.26% 92.01 ▲ S&P/BVL LIMA 25 29,695.28 0.10% 0.11% 2.45% 17.84% 113.21 Per Turnover Exchange Amount (US$) Per Volume Exchange Volume ▲ IPC (México) 47,549.67 0.95% 2.53% 7.92% 7.90% 288.92 GRUPO F BANORT-O Mexico 52,840,614 ITAU CORPBANCA Chile 517,230,421 ▲ S&P MILA 40 565.60 2.16% 1.84% 4.42% 5.79% 6,037.88 WALMART DE MEXIC Mexico 44,194,877 ENEL AMERICAS SA Chile 157,296,291 *Legend: Variation 1D: 1 day; 5D: 5 days, 1M: 1 Month; YTD: Var% 12/31/20 to date GRUPO MEXICO-B Mexico 39,662,178 BANCO SANTANDER Chile 149,466,088 ENEL AMERICAS SA Chile 26,308,840 BANCO DE CHILE Chile 72,070,222 MILA: Evolución Intraday 1.50% AMERICA MOVIL-L Mexico 23,817,956 ENEL CHILE SA Chile 69,258,188 1.00% MILA 0.50% Peru: The General Index of BVL closed today's session with a positive result of +0.60%.
    [Show full text]
  • OECD Member States Suffer a 9.8% Economic Shrinkage in Q2 2020
    WORLD MSCI WORLD INDEX MARKET S 2.71% ▲ Aliko Dangote Africa’s Money for Nothing: The scien - Black Sea & Eurasia Coun - richest man tists, fraudsters and politicians tries in the Spotlight The founder of industrial conglomerate A fresh take on high finance by US ac- Politics, Economy, Capital Markets, Dangote Group is building Africa’s ademic and science writer Thomas Lev- Unemployment Rates, News largest oil refinery (p.16) enson (p.5) & Data (p.10-11) GERMANY: Thousands took to the streets of Berlin on Saturday to rally against USA : President Donald Trump accepted the Republican coronavirus restrictions, which according to protesters infringe on basic rights and Party's nomination for a second term on Thursday, joining a freedoms. Similar protests took place in other European cities including London, general-election contest against Joseph R. Biden Jr. Paris, Vienna and Zurich. D C E O : e c r u o S JAPAN : Prime Minister Shinzo Abe announced his resignation OECD: Following the introduction of Covid-19 containment measures across the world since March on Friday for health reasons. The 2020, real GDP in the OECD area showed a dramatic fall. end of the era of Abenomics? OECD member states suffer a 9.8% economic shrinkage in Q2 2020 he Organisation for Economic Co-operation and Growing restrictions on the movement of people and lock - Development (OECD) said on Wednesday that its downs in Europe and North America hit the service sector T 37 mainly wealthy member states took 9.8% hit hard, particularly industries that involve physical interac - to GDP in the second quarter of 2020.
    [Show full text]
  • Dinámica Del Comportamiento Del Igbc/Colcap En Relación Con S&P 500, Dow Jones Y Nasdaq, En El Periodo 2000-2018 (1) (Primer Semestre)
    DINÁMICA DEL COMPORTAMIENTO DEL IGBC/COLCAP EN RELACIÓN CON S&P 500, DOW JONES Y NASDAQ, EN EL PERIODO 2000-2018 (1) (PRIMER SEMESTRE) JOAN ESTEBAN MARTINEZ MORENO MARIA CAMILA ESPINOSA ALARCON DIRECTOR: HÉCTOR DAVID NIETO MARTÍNEZ UNIVERSIDAD EL BOSQUE FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS NEGOCIOS INTERNACIONALES BOGOTÁ D.C., 2018 DINÁMICA DEL COMPORTAMIENTO DEL IGBC/COLCAP EN RELACIÓN CON S&P 500, DOW JONES Y NASDAQ, EN EL PERIODO 2000-2018 (1) (PRIMER SEMESTRE) Trabajo de grado para optar por el título de Negociador(a) Internacional JOAN ESTEBAN MARTINEZ MORENO MARIA CAMILA ESPINOSA ALARCON UNIVERSIDAD EL BOSQUE FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS NEGOCIOS INTERNACIONALES BOGOTÁ D.C., 2018 Dedico este trabajo a mi Mamá y mi Papá Quienes me han apoyado y permitido cumplir mis sueños, Acompañándome durante días y noches Con su amor y sus palabras de aliento. A mis Hermanos Quienes me han brindado consejos para superar desafíos Que se me presenten. A mi pareja, Daniela Quien es la mujer más motivadora Y me ayudo a encontrar el camino del éxito, Brindándome todo su apoyo y conocimiento En momentos difíciles. A mi Familia Quienes siempre han tenido fe en mí. A mi Alma Mater Universidad El Bosque Quien me enseño lo hermoso que es el mundo de los Negocios internacionales Y me guio para la realización de exitoso trabajo. Joan Esteban Martínez Moreno En primer lugar, agradecerle a Dios, por brindarme la oportunidad de vivir, por permitirme disfrutar cada momento de mi vida con mi familia y amigos, por guiar cada paso de mi vida y por el camino que ha trazado para mí.
    [Show full text]
  • Thursday, June 13, 2019
    Global Markets Monitor 0 Monetary and Capital Markets Department Global Markets Analysis Division Thursday, June 13, 2019 Monetary and Capital Markets Department Global Markets Analysis Division • Weak US inflation data strengthen expectations for Fed rate cuts (link) • US credit spreads widen as rising hedging costs deter foreign buyers (link) • Levels of non-performing loans continue to drop at European banks (link) • Chinese banks' yield premium on short-term funding rises to highest since January (link) Monetary and Capital Markets Department • Crude oil prices rise after tanker attack in the Middle East (link) Global Markets Analysis Division • Ecuador buys back 2020 bonds after re-tapping 2029 bonds (link) US | lEuro Marketspe | Other Monitor Mature | Emerging Markets | Market Tables Crude oil pricesal Markets rise on new Monitorgeopolitical tensions Recent price action has been relatively limited, as investors appear to be hesitant to take significant new bets in the face of rising geopolitical tensions and upcoming policy decisions. Protests in Hong Kong and a relative lack of progress in US-China trade negotiations have weighed somewhat on Asian markets. Reports of an alleged attack on two oil tankers in the Gulf of Oman have sent crude prices higher by about 3% this morning. Despite today’s move, oil prices are still about 16% lower than the levels witnessed in April. Regarding upcoming policy decisions, market participants await next week’s FOMC meeting and the G-20 meeting (June 28-29) for further clarity on US monetary policy and global trade. In the UK, voting to elect the new Tory leader begins today, with the first round of results expected by midday today.
    [Show full text]
  • Relative Stock Market Performance During the Coronavirus Pandemic: Contagion Vs
    Relative Stock Market Performance during the Coronavirus Pandemic: Contagion vs. Policy Effects in 80 Countries* Richard C. K. Burdekin and Samuel Harrison Claremont McKenna College March 2021 Abstract This paper examines relative stock market performance following the onset of the coronavirus pandemic for a sample of 80 stock markets. Weekly data on coronavirus cases and deaths are employed alongside Oxford indices on each nation’s stringency and government support intensity. The results are broken down both by month and by geographical region. The full sample results show increased coronavirus cases to exert the expected overall effect of worsening relative stock market performance, but with little consistent impact of rising deaths. There is relatively widespread evidence of adverse stringency effects on relative stock market performance combined with positive reactions to government support in March and December in the overall sample – supplemented by some pervasive effects in mid-2020 evident elsewhere, especially in Latin America. JEL codes: G15 Keywords: stock markets; coronavirus; government policy * The authors are grateful to the Lowe Institute at Claremont McKenna College for supporting this project under the Lowe Faculty Student Research Program. Contact: Richard C. K. Burdekin, Jonathan B. Lovelace Professor of Economics, Claremont McKenna College, 500 E. Ninth Street, Claremont, California 91711. Phone (909) 607-2884; Fax (909) 621-8249 E-mail: richard.burdekin@claremontmckenna.edu Relative Stock Market Performance during the Coronavirus Pandemic: Contagion vs. Policy Effects in 80 Countries I can’t abandon that [lockdown] tool any more than I would abandon a nuclear deterrent. But it is like a nuclear deterrent, I certainly don’t want to use it.
    [Show full text]
  • NASDAQ, COLCAP Colombia Exchange Rate. 2011-2014
    Proceedings of the International Conference on Industrial Engineering and Operations Management Sao Paulo, Brazil, April 5 - 8, 2021 NASDAQ, COLCAP Colombia Exchange Rate. 2011-2014 Wilson Alexander Pinzón Rueda Universidad Distrital "Francisco José de Caldas" Bogotá, Colombia wapinzon@udistrital.edu.co , wapinzon@gmail.com Carlos Andrés Arango Londoño Universidad de Lasalle Bogotá, Colombia cararango@unisalle.edu.co Abstract Here, a relationship between Colombian and USA Stock Markets was found. Also a relationship between both stock markets and exchange rate between Colombian Peso and USA Dollar, since 2011 to 2014. From NASDAQ Composite Index selected have selected 10 stocks. From Colombia stock market Index, COLCAP, used 38 stocks. For a longer time the stocks will change and the relationships could do it. In conclusion based on volatility, data scale, data frequency. We recommend to explore Signal Analysis Techniques to understand the auto variation, bias or effect of: date to star, quantity of data; frequency to measure the data sets, quantity of data Keywords NASDAQ Stock Market, COLCAP Stock Market, Colombian Peso Exchange Rate, Logistic Trade, Public Policy 1. Introduction Some authors have found direct or inverse relationships between exports and imports of Colombia, their employment rate and the exchange rate between the local currency and the international reference currency, the US Dollar, USD. However, there is information that may be present or can be obtained from the stock economic instruments of both countries and can be associated to understand for a time their link to the exchange rate. Some financial instruments are taken here and this uses pearson's correlation index as an easy-to-interpret and usable statistician to identify the amount of information and the type of relationship between the exchange rate and the stock market activity of the two countries.
    [Show full text]
  • Brent Trm Colcap
    PUNTO DE BOLSA UNIVERSIDAD DE MANIZALES N°11 INFORMACIÓN ECONÓMICA Y FINANCIERA DEL 1 AL 5 DE ABRIL DE 2019 TRM – USD/COP Petróleo Brent – USD/Barril Indicadores Banco de la República 05 de Abril de 2019 DTF (E.A): 4,59% TRM 3186,43 3190,94 BRENT UVR: 264,1844 3145,55 70,29 3126,19 3126,19 Tasa Inter 69,55 4,25% 69,51 Bancaria (T.E): 69,22 69,27 Tasa de 4,25% Intervención: 4/1/2019 4/2/2019 4/3/2019 4/4/2019 4/5/2019 3/25/2019 3/26/2019 3/27/2019 3/28/2019 3/29/2019 ORO – USD/Onza Café – USD/Libra Indicador Bancario de Referencia IBR 95,35 1292,75 1292,13 95,3 Seis meses 4,189% 93,2 Tres meses 4,139% 1291,3 Un mes 4,112% 92,1 91,65 1289,66 Overnight 4,106% 1287,42 Fuente: Datos tomados del Banco de la República 4/1/2019 4/2/2019 4/3/2019 4/4/2019 4/5/2019 4/1/2019 4/2/2019 4/3/2019 4/4/2019 4/5/2019 Fuente: Bolsa de Valores de Colombia BOLSA DE VALORES ACTUALIDAD BURSATIL Noticias destacadas del mercado de las empresas emisoras en la BVC Variación COLCAP COLCAP: En marzo el índice Colcap se Mercado cambiario. valorizó en 5,27%, así el índice en el año La tasa de cambio abrió en $3.124 y fluctuó COLCAP se ha incrementado 19,75%. Durante el en un rango de $3.122 y $3.131,70.
    [Show full text]
  • Morningstar Indexes Correlation
    Morningstar Indexes Correlation Learn More Morningstar Indexes capture a complete set of global investment opportunities, as demonstrated by their high degree indexes.morningstar.com of correlation to the industry’s major indexes. Each Morningstar Index can be used as discrete building blocks for Contact Us asset allocation and portfolio construction analysis. indexes@morningstar.com North America +1 312 384 3735 EMEA +44 20 3194 1082 Morningstar Index 3rd Party Index Correlation Australia +61 2 9276 4446 Hong Kong +65 6340 1285 Equity Japan +813 5511 7580 US Style 10 yr Korea +82 2 3771 0721 Morningstar US Core MSCI USA IMI 0.99 Singapore +65 6340 1285 Russell 3000 0.99 S&P United States BMI 0.99 Morningstar US Growth MSCI USA IMI Growth 0.99 Russell 3000 Growth 0.99 S&P United States BMI Growth 0.99 Morningstar US Value MSCI USA IMI Value 1.00 Russell 3000 Value 0.99 S&P United States BMI Value 0.99 Morningstar US Large Core MSCI US Large Cap 300 0.98 Russell 1000 0.98 S&P 500 0.98 Morningstar US Large Growth MSCI US Large Cap Growth 0.99 Russell 1000 Growth 0.98 S&P 500 Growth 0.98 Morningstar US Large Value MSCI US Large Cap Value 0.99 Russell 1000 Value 0.98 S&P 500 Value 0.99 Morningstar US Mid Core MSCI US Mid Cap 450 0.99 Russell Mid Cap 0.99 S&P Midcap 400 0.98 Morningstar US Mid Growth MSCI US Mid Cap Growth 0.99 Russell Mid Cap Growth 0.99 S&P MidCap 400 Growth 0.96 Morningstar US Mid Value MSCI US Mid Cap Value 0.99 Russell Mid Cap Value 0.99 S&P MidCap 400 Value 0.98 Morningstar US Small Core MSCI US Small Cap 1750 0.99 Russell 2000 0.99 S&P Smallcap 600 0.98 Morningstar US Small Growth MSCI US Small Cap Growth 0.99 Russell 2000 Growth 0.99 S&P Small Cap 600 Growth 0.96 Morningstar US Small Value MSCI US Small Cap Value 0.99 Russell 2000 Value 0.98 S&P Small Cap 600 Value 0.98 ©2020 Morningstar, Inc.
    [Show full text]
  • Investment Daily
    22 January 2021 Investment Daily S&P 500 reached record S&P 500 touches fresh record high high led by tech; In the US, the S&P 500 closed little changed having touched a fresh record high on Thursday, as investors weighed the Biden administration’s strategy to better tackle the Covid-19 pandemic and as the earnings Treasuries fell on economic season continues. Hopes that more fiscal spending would revive economic growth and corporate earnings, and better than expected housing and jobless claims data supported sentiment. The tech-heavy Nasdaq rose data and tracked losses in 0.5%. European bonds US Treasuries fell (yields rose) led by longer-term bonds, on the back of some upbeat economic data and tracking losses in European bonds. 10-year and 30-year yields climbed 3bp and 4bp to close at 1.11% and 1.87%, respectively. European stocks edged lower on Thursday as the ECB kept rates on hold whilst highlighting the near term European stocks were little risks to the economic outlook. Overall, the Euro Stoxx 50 closed 0.2% down as French and German benchmark indices were 0.7% and 0.1% lower. Meanwhile in the UK, the FTSE 100 fell 0.4%. changed; government Most European government bonds fell (yields rose) as the ECB left monetary policy measures unchanged bonds fell as the ECB kept amid a weakening economic outlook as virus developments worsen. In Germany, 10-year yields were 3bp higher to -0.50% as French equivalent yields also rose 3bp. Peripheral bonds underperformed, with 10-year policy on hold Italian yields up 7bp to 0.69%.
    [Show full text]
  • MSCI COLCAP Index Methodology and Transition Consultation
    MSCI COLCAP Index Methodology and Transition Consultation This consultation may or may not lead to the implementation of any or all of the proposed changes in the highlighted or any other MSCI indexes. Consultation feedback will remain confidential. MSCI may publicly disclose feedback if specifically requested by specific market participants. In that case, the relevant feedback would be published together with the final result of the consultation. December 2020 © 2020 MSCI Inc. All rights reserved. Information Classification: GENERAL Please refer to the disclaimer at the end of this document. Background ▪ As announced on November 11, 2020, MSCI and Bolsa de Valores de Colombia (bvc) have entered into a strategic alliance to launch the MSCI COLCAP Index in May 2021. ▪ In line with this, MSCI and bvc have launched a public consultation on: - MSCI COLCAP Index Methodology - Transition Timeline and Details ▪ Additional information, including implementation details, will be communicated subsequently. MSCI and bvc welcome feedback until January 29, 2021. Results will be announced on or before February 16, 2021. 2 Information Classification: GENERAL Outline 1 2 3 4 Index On-going Expected Impact Transition Construction Maintenance Simulated Index Timeline and Details Methodology Methodology Changes Construction Rules, Corporate Events and Maintenance Treatment at Index Reviews 3 Information Classification: GENERAL Index Construction Methodology CONSTRUCTION RULES, AND MAINTENANCE AT INDEX REVIEWS Information Classification: GENERAL Management of the MSCI COLCAP Index The MSCI COLCAP Index will fully adopt the management framework of the MSCI Indexes Index Decisions Information Management Methodology Reviews Index content decisions MSCI maintains strict MSCI regularly reviews will be made consistently measures to safeguard price- index methodologies, in accordance with the sensitive information.
    [Show full text]