Notes from the Trading Desk – Franklin Templeton

Franklin Templeton’s Notes from the Trading Desk offers a weekly overview of what our professional traders and analysts are watching in the markets. As part of Templeton Global Equity Group, the European equity desk is manned by a team of professionals based in Edinburgh, Scotland, whose job it is to monitor the markets around the world. Their views are theirs alone and are not intended to be construed as investment advice.

The Digest

The global equity market felt a little rudderless last week as investors digested a glut of US corporate earnings and Fedspeak. In Europe, the hotter-than-expected March UK inflation print was a talking point, as was some mixed Purchasing Managers Index (PMI) data. Overall, indices saw muted moves, but there was a rotation into more defensive sectors, suggesting a more cautious mood amongst some investors. On the week, the MSCI World traded down 0.1%, The Stoxx Europe 600 Index was up 0.4%, while the S&P 500 Index was down 0.1% and the MSCI Asia Pacific Index was down 1.3%.

Week in review

Europe

Trading volumes and newsflow picked up in European markets after a very quiet couple of weeks, as US earnings news impacted the market and European earnings started coming through as well. The STOXX Europe 600 Index has had a sharp recovery since the SVB/Credit Suisse situation in mid-March, trading up 6% over the past month. Feedback indicates that this move was something of a “pain trade” higher considering how negative investor sentiment was back in March. It is worth noting the Index is back at levels last seen in January 2022. In addition, Friday’s close was the highest recorded since 12 December 2007 for the EURO STOXX 50, a benchmark of Europe’s largest 50 companies.

The French CAC Index has also been reaching record highs and was up 0.8% last week. Luxury heavyweights have performed well on the China reopening story.

In terms of sector performance, travel and leisure names outperformed last week, with some positive earnings in the space. A decline in crude oil boosted airliner stocks. There was a defensive bias too, with staples and utilities stocks both higher. This is actually a theme we have seen play out throughout the year.

European auto stocks had a torrid week, declining amid some weaker-than-expected earnings and talk of slowing demand in the second half of the year.

Looking at central bank chatter, European Central Bank (ECB) Chief Economist Philip Lane seemed to indicate policymakers are keeping options open. “As of now, two weeks away, I think the baseline is that we should increase interest rates in May but what we do in terms of scale, I’m not going to set a default number.” The market expects a 50 basis-point (bps) rate hike from the ECB at its next meeting.

Looking at macro data, the March UK Consumer Price Index (CPI) data was the main talking point. The year-over-year CPI came in at 10.1% vs. 10.4% prior. This higher-than-expected inflation print now sees the market pricing in a 25-bps rate increase in May and a terminal rate of 4.9% (the current rate is 4.25%).

Bloomberg gave us another example of the everyday impact of inflationary pressures for those who like a full cooked English breakfast. The Bloomberg “Breakfast Index,” which tracks the staples that make up a cooked breakfast, jumped to record highs, up 23% in the last year.

That all said, it is worth noting the market expects inflation to fall sharply in the second half of the year as low energy prices feed into the data.

United States

US equities remained rangebound last week, with the S&P 500 Index essentially unchanged, down 0.1%. During April, the S&P 500 Index has traded in a tight range between 4100 and 4150, the smallest monthly trading range for some time.

In terms of market themes, US corporate earnings dominated last week. Overall, earnings season has seen companies perform well. As we stand now, 88 companies in the S&P 500 have reported first-quarter 2023 earnings. About 75% of companies have beat expectations for earnings per share, and about 63% have beaten sales expectations. However, some market observers highlight that expectations were very low ahead of earnings season, with consensus expectations lower than historical averages.

In the commodity space, the price of West Texas Intermediate crude oil declined about 6% last week, the first weekly drop following four consecutive weeks of gains on excitement over the surprise OPEC production cut faded and recession fears resurfaced. Energy stocks thus declined in tandem.

In terms of sector performance, defensives also outperformed in the United States, with staples stocks and utilities rising. Communication services was the worst performing sector.

There were a large number of Federal Reserve (Fed) speakers last week, with the overall tone sticking with the hawkish narrative. The market currently expects a 25-bps hike at the next Fed policy meeting.

Something to keep on the radar: There is increasing chatter around the United States hitting its debt ceiling in the coming months. The US government is closing in on its US$31.4 trillion debt limit, and an extension requires Congress approval. We have seen these standoffs before, but with an election ahead in 2024 and the Republicans controlling the Senate, the political stakes are high.

Asia Pacific

Last week was difficult in Asia, with most major markets in the red and only Japan in the green.

Hong Kong’s equity market started last week strong, but faded over the rest of the week to end down 1.78%, despite some better-than-expected data out from China.

Mainland Chinese equities traded off over the second half of the week even though China’s first quarter gross domestic product (GDP) came in at a higher-than-expected 4.5%.

US-China tensions remain a focus, as reports suggest US President Joe Biden is looking to sign an order within weeks to ban US investment in Chinese chip/AI/computing companies. As a result, artificial intelligence, semiconductor and telecommunications stocks were weaker on Friday, weighed down by concerns of further sanctions on key parts of the supply chain.

COVID-19 concerns were in focus on Friday after media reported new positive cases for the XBB variant. Anti-COVID drug stocks rallied.

Japan’s market was the outperformer on the week, closing the week up 0.25% as earnings season also started in Asia.

Ahead of this week’s Bank of Japan (BoJ) meeting, focus was on last week’s inflation data. Core CPI remained above the BoJ’s 2% target in March, coming in at 3.2%, adding pressure on the bank under its new Governor Kazuo Ueda to take steps to normalize monetary policy. However, ahead of his first monetary policy meeting on 27/28 of April, BoJ Governor Ueda reiterated the BoJ’s commitment to its easing stance until price stability is achieved. The BoJ is widely expected to make no changes to its yield curve control policy in April, with investors largely focused on the quarterly outlook report due after the monetary policy meeting, which includes inflation forecasts that could be revised upwards.

Japanese PMI data also came out last week and was largely in line with the prior readings. The services sector benefitted from the post-COVID-19 reopening.

The week ahead

Corporate earnings will continue to dominate this week, with tech heavyweights a focus in the United States. Microsoft, Alphabet, Meta and Amazon, all report this week. A large number of European and Asian companies also report earnings this week. In terms of macro data, a number of GDP and CPI data points will be in focus. Thursday’s BoJ meeting will be new governor Ueda’s first at the helm.

There are several upcoming market holidays, with all of Europe excluding Denmark closed on Monday 1 May.

Monday 24 April

  • Germany IFO Expectations
  • US Dallas Fed manufacturing survey

Tuesday 25 April

  • Spain PPI
  • US FHFA home prices
  • US New home sales
  • US earnings: Alphabet and Microsoft

Wednesday 26 April

  • Germany GfK Consumer Confidence
  • France Consumer Confidence
  • US Durable goods
  • Australia CPI
  • US earnings: Meta

Thursday 27 April

  • Eurozone Consumer Confidence
  • US GDP & Jobless claims
  • China Industrial Production
  • Us earnings: Caterpillar, Amazon

Friday 28 April

  • France GDP
  • France CPI & Consumer Spending
  • Spain CPI & GDP
  • Germany GDP
  • Italy GDP
  • Eurozone GDP
  • Germany CPI
  • US Personal income & Core Personal Consumption Expenditures prices
  • Japan Industrial Production and Tokyo CPI
  • BoJ Meeting

 


Franklin Templeton Key risks & Disclaimers:

What Are the Risks?

All investments involve risks, including the possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested.  Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in an investment portfolio adjust to a rise in interest rates, the value of the portfolio may decline. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in developing markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity.

Any companies and/or case studies referenced herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio.

Past performance is not an indicator or guarantee of future performance. There is no assurance that any estimate, forecast or projection will be realised.

This article reflects the analysis and opinions of Franklin Templeton’s European Trading Desk as of 24th April 2023, and may vary from the analysis and opinions of other investment teams, platforms, portfolio managers or strategies at Franklin Templeton. Because market and economic conditions are often subject to rapid change, the analysis and opinions provided may change without notice. An assessment of a particular country, market, region, security, investment or strategy is not intended as an investment recommendation, nor does it constitute investment advice. Statements of fact are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy. This article does not provide a complete analysis of every material fact regarding any country, region, market, industry or security. Nothing in this document may be relied upon as investment advice or an investment recommendation. The companies named herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton. Data from third-party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered by FT affiliates and/or their distributors as local laws and regulations permit. Please consult your own professional adviser for further information on availability of products and services in your jurisdiction.

Issued by Franklin Templeton Investment Management Limited (FTIML) Registered office: Cannon Place, 78 Cannon Street, London EC4N 6HL. FTIML is authorised and regulated by the Financial Conduct Authority.

 

MeDirect Disclaimers:

This information has been accurately reproduced, as received from Franklin Templeton Investment Management Limited (FTIML). No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.

The financial instruments discussed in the document may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Information Document (KID), which may be obtained from MeDirect Bank (Malta) plc.

BlackRock Commentary: Emerging market assets have the edge – for now

Wei Li – Global Chief Investment Strategist, together with Alex Brazier – Deputy Head, Ben Powell – Chief Investments Strategist for APAC, and Axel Christensen – Chief Investment Strategist for LatAm & Iberia all forming part of the BlackRock Investment Institute, share their insights on global economy, markets and geopolitics. Their views are theirs alone and are not intended to be construed as investment advice.

Key Points

Emerging market appeal: We are leaning into our preference for emerging market (EM) assets due to China’s restart, ending EM interest rate hiking cycles and a weaker U.S. dollar.

Market backdrop: Global stocks were flat on the week. PMI data showed economic activity holding up in the U.S. and Europe. Sticky UK inflation pointed to more rate hikes.

Week ahead: This week’s GDP data in the U.S. and euro area will help gauge the economic damage from rate rises. We see hikes hitting growth later this year.

Our new playbook calls for quickly shifting portfolios based on how much damage is priced in. We went overweight EM stocks and our long-held preference for EM debt in March on a six- to 12-month tactical horizon as they price in more rate hike damage than developed markets (DM). We took advantage of near-term events favoring EM assets: China’s economic restart, pausing EM interest rate hikes and a weaker U.S. dollar as the Federal Reserve nears the end of its rate hike campaign.

It may seem an unusual time to favor EM after major central banks’ rapid interest rate hikes. Yet we’ve seen a clear resilience in EM economic activity (yellow line in chart) even as rising rates have slowed DM activity. Total returns for EM debt have jumped above returns for DM credit since mid-2022 ( dark orange line) as a result. A key difference: EM central banks kicked off rate hikes as much as a year before DM peers. Some already stopped hiking, while DM central banks have more to do and likely won’t cut rates soon given stubborn inflation. Brazil’s central bank has held its policy rate at 13.75% since September. Central banks for India, South Korea and other nations have paused policy rates more recently. Rate cuts would help ramp up EM economic growth sooner than in developed economies. The International Monetary Fund still sees EM GDP growth about three times higher than for advanced economies this year and next, its April forecasts show.

We don’t think EM central banks will need to keep up with DM central banks’ rate hikes to avoid currency depreciation. EM currencies have, in fact, gained against the U.S. dollar as the Fed nears the end of its hiking cycle. Plus, EM debt is now more concentrated in local currencies than the dollar, JP Morgan index data show. We think that makes any future weakening in EM currencies easier to handle. This means EM central banks have paused and can begin cutting rates sooner than DM counterparts. We see DM central banks keeping rates higher for longer to fight sticky inflation, making rate cuts this year unlikely. This will all help EM economies keep outpacing developed economies this year, in our view. We turned overweight EM local-currency debt again in March, after having a relative preference for most of last year. While fund flows show investors have favored EM stocks since 2022, flows into EM local debt remain more muted and have the potential to increase.

EM stocks’ near-term appeal

Even with investors leaning into EM shares, they’ve underperformed DM stocks for over a decade. We don’t think EM shares are reflecting the likely growth outperformance of emerging economies this year. We went overweight EM stocks in February to get short-term exposure to China’s restart. The restart helped China’s Q1 GDP beat market expectations last week, in line with our view of growth around 6% for the year. It’s also helped EM economic activity outpace DM economies since the year started. We expect policy in China to stay supportive given very low inflation, and that benefits EM stocks: Chinese companies make up a large share of major EM equity indexes. The pickup in Chinese demand and tourism should especially boost Asian firms’ earnings and shares. Renewed demand for commodities is another positive helping emerging economies such as in Latin America.

Longer term, China’s powerful restart doesn’t change structural trends like aging populations and tensions with the U.S that will drag on long-term growth. We think the geopolitical risk of holding Chinese assets has risen. We see investors demanding more compensation to reflect that and risks from regulatory and government intervention.

Our bottom line

We like EM stocks and bonds over DM in the short run. We also prefer higher-rated countries within EM debt such as Mexico, similar to our overall quality preference – especially within DM equities and credit. Higher-rated countries have falling inflation, more balanced external accounts, adequate currency reserves and lower debt-to-GDP levels. Yet EM assets wouldn’t be immune to a risk asset selloff and U.S. dollar surge from more Fed hikes. Our relative views flip on a horizon of five years and over. We see geopolitical risks weighing on EM risk-adjusted returns, so we prefer DM equities in the long run. We also think DM economies will benefit more from the transition to a lower-carbon world than EM on that horizon.

Market backdrop

U.S. stocks paused as European stocks hit a 14-month high last week. U.S Treasury yields largely steadied after a recent rise on expectations for the Fed to hike rates in May. The March UK inflation data showed how sticky inflation is proving across major economies. Sticky inflation and the April PMI data showing economic activity holding up in the U.S and Europe suggest major central banks have more work to do to fight inflation. We don’t see them coming to the rescue with rate cuts this year.

GDP data in the U.S. and euro area this week will help gauge the economic damage from rate rises. We see hikes hitting growth later this year and no rate cuts in 2023 from major central banks. We expect the Fed to stop hikes when the damage is clear but think the European Central Bank will keep going to get inflation to target regardless of the damage that entails.

Week Ahead

April 25:U.S. consumer confidence

April 27: U.S. Q1 GDP

April 28: U.S. PCE and Employee Cost Index; euro area GDP; Bank of Japan policy decision


BlackRock’s Key risks & Disclaimers:

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of 23rd April, 2023 and may change. The information and opinions are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.

Issued by BlackRock Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL.


MeDirect Disclaimers:

This information has been accurately reproduced, as received from  BlackRock Investment Management (UK) Limited. No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.

The financial instruments discussed in the document may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Information Document (KID), which may be obtained from MeDirect Bank (Malta) plc.

medirectalk explores potential of high yield bonds in 2023

A recent medirectalk saw senior representatives from specialist fund management firm Liontrust address investors in Malta on the potential of high yield bonds. Organised regularly by MeDirect Bank, medirectalks provide a free and unique opportunity for investors to hear directly from some of Europe’s most experienced fund managers on a broad range of investment strategies and asset classes.

Liontrust’s Co-Heads of Global Fixed Income, Phil Milburn and Donald Phillips, together with Sharmin Rahman, Investment Manager within Liontrust’s Global Fixed Income team, were the guest speakers at the latest event which took place at the Hyatt Regency Hotel in St Julian’s.

Starting with an overview of the macroeconomic context, Milburn explained Liontrust’s views on the outlook for inflation and interest rates and how these will continue to impact the broader global economy throughout the current year.

This presentation was followed by a more detailed look at Liontrust’s own GF High Yield Bond Fund with Phillips presenting an analysis of the Fund’s performance as well as Liontrust’s current thoughts and positioning for the fund given what is currently happening within the investment sphere. Philips also discussed the outlook for the rest of 2023, highlighting why Liontrust believes there is considerable positive potential in quality high yield bonds. Rahman provided details on the holdings within the Fund and the rigorous selection process adopted by Lionstrust when choosing which bonds to invest it.  The presentations were followed by a question-and-answer session and a drinks reception during which attendees continued to discuss their investment options with representatives from both Liontrust and MeDirect.

James Beddall, Head of International Sales at Liontrust, who moderated the Q&A session, said, “2023 has, without doubt, already provided its fair share of challenges as investors continue to grapple with how the higher inflation and interest rates which we are currently experiencing will continue to impact the real economy.  Our overall outlook now is for interest rates to peak at a lower level than previously anticipated and for a mild recession in the latter part of this year. In this context, there are real opportunities to make money from the quality end of the high yield bond market over the long term, but investors need to be careful in choosing where to invest in as the risks of default by weaker companies increase.”

Liontrust was launched in 1995 and is headquartered in London with offices in Luxembourg and Edinburgh. The company was listed on the London Stock Exchange in 1999 and entered the FTSE 250 in 2020. At the end of 2022, the company had a total of €36.8 billion in assets under management, of which €441 million were managed by the Global Fixed Income Team.

Ingrid Micallef, Head – Products & Marketing at MeDirect Malta, said, “Our third medirectalk of 2023, which was also our first in person event of the year, tackled a very specific topic, that of high yield bonds. At the same time, the event gave investors the opportunity to hear first-hand from the global experts at Liontrust on how they see the global economy evolving this year. This combination of detailed information about particular investments, coupled with broader economic insight from a wide variety of sources is what makes the medirectalk series so popular. In an uncertain world, MeDirect will continue to provide high quality information and insight to empower investors to make the best financial decisions for them.”

A recording of this medirectalk, as well as of prior events are available on https://medirect.com.mt/invest/medirectalk.

The speakers themselves, personally or on behalf of the institutions they are representing, are not responsible for the opinions they express during the discussions.

The information given during these talks is for general information purposes only and is neither intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information given during the talks is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness. The financial instruments discussed may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in the product discussed, you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Information Document (KID), which may be obtained from MeDirect Bank (Malta) plc.

MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370).


 

medirectalk janalizza l-potenzjal tal-high yield bonds fl-2023

medirectalk hi serje ta’ seminars bla ħlas ogranizzati minn MeDirect li jipprovdu opportunità unika għall-investituri biex jisimgħu direttament minn fund managers b’esperjenza vasta fl-Ewropa dwar firxa wiesgħa ta’ strateġiji u tipi differenti ta’ investiment. Fid-dsatax il-edizzjoni ta medirectalk, MeDirect, flimkien ma’ rappreżentanti minn Liontrust indirizzaw il-potenzjal tal-high yield bonds.

Il-Ko-Kapijiet tat-tim ta’ Global Fixed Income ta’ Liontrust, Phil Milburn u Donald Phillips, flimkien ma’ Sharmin Rahman, Investment Manager fi ħdan l-istess tim, kienu l-kelliema mistiedna ta’ dan is-seminar. Milburn beda d-diskussjoni b’ħarsa ġenerali lejn il-kuntest makroekonomiku. Huwa spjega l-fehmiet ta’ Liontrust dwar il-prospetti ta’ l-inflazzjoni u r-rati tal-imgħax u kif dawn se jkomplu jimpattaw l-ekonomija globali matul is-sena kurrenti.

Din il-preżentazzjoni kompliet b’ħarsa aktar dettaljata lejn il-GF High Yield Bond Fund ta’ Liontrust b’Phillips jippreżenta analiżi tal-prestazzjoni tal-fund u ddiskuta l-prospetti għall-bqija ta’ l-2023. Huwa enfasizza għaliex t-tim ta’ Liontrust jemmen li hemm potenzjal konsiderevoli fis-suq tal-high yield bonds. Rahman ipprovdiet aktar dettalji dwar l-investmenti fi ħdan il-fund u l-proċess rigoruż adottat minn Lionstrust meta jkunu qed jghażlu f’liema bonds se jinvestu.

Il-preżentazzjonijiet kienu segwiti minn sessjoni ta’ mistoqsijiet u tweġibiet u riċeviment li matulu dawk li attendew komplew jiddiskutu personalment ma’ rappreżentanti kemm minn Liontrust kif ukoll minn MeDirect.

James Beddall, Head – International Sales ta’ Liontrust, li mmodera s-sessjoni ta’ mistoqsijiet u tweġibiet, qal, “L-2023, mingħajr dubju, diġà pprovdiet sfidi hekk kif l-investituri qed ikomplu jiffaċċjaw inflazzjoni u rati tal-imgħax ogħla mis-snin li għaddew. Din is-sitwazzjoni se tkompli tħalli mpatt fuq l-ekonomija reali. L-aspettattivi ġenerali tagħna huma li ż-żidiet fir-rati tal-imgħax se jieqfu f’livelli anqas milli kien antiċipat u li jaf jkollna riċessjoni ħafifa lejn l-aħħar parti ta’ din is-sena. F’dan il-kuntest, hemm opportunitajiet biex l-investituri jagħmlu profitt fuq medda twila ta’ żmien mis-suq tal-high yield bonds. Jeħtieġ, iżda, li l-investituri j joqogħdu attenti meta jagħżlu fejn jinvestu hekk kif f’dan l-ambjent ekonomiku jiżdiedu r-riskji ta’ falliment minn kumpaniji aktar dgħajfa.”

Liontrust tnediet fl-1995 u għandha l-kwartjieri ġenerali f’Londra, b’uffiċċji fil-Lussemburgu u l-Iskozja. Il-kumpanija kienet elenkata fil-Borża ta’ Londra fl-1999 u daħlet fil-FTSE 250 fl-2020. Fi tmiem l-2022, il-kumpanija kellha total ta’ €36.8 biljun f’assi taħt ġestjoni, li minnhom €441 miljun kienu ġestiti mit-tim tal-Global Fixed Income.

Ingrid Micallef, Head – Products & Marketing ta’ MeDirect Malta, qalet, “It-tielet medirectalk tagħna ta’ l-2023 indirizza suġġett speċifiku ħafna, dak tal-high yield bonds. Is-seminar pprovda wkoll l-opportunità lill-investituri li jisimgħu mill-esperti globali ta’ Liontrust dwar kif jaraw l-evolviment tal-ekonomija globali matul din is-sena. Din il-kombinazzjoni ta’ informazzjoni dettaljata dwar investimenti partikolari, flimkien ma’ għarfien ekonomiku ieħor jagħmel is-serje medirectalk tant popolari. F’dinja inċerta, MeDirect se jkompli jipprovdi nformazzjoni u għarfien ta’ kwalità għolja biex jagħti s-setgħa lill-investituri biex jieħdu l-aħjar deċiżjonijiet finanzjarji għalihom.”

Tista tara r-recording ta’ dan il-medirectalk billi zzur il-paġna https://medirect.com.mt/invest/medirectalk.

Il-kelliema nfushom, personalment jew f’isem l-istituzzjonijiet li qed jirrappreżentaw, mhumiex responsabbli għall-opinjonijiet li jesprimu waqt id-diskussjonijiet.

L-informazzjoni mogħtija waqt dawn it-taħditiet hija għal skopijiet ta’ tagħrif ġenerali biss u mhix maħsuba ghal skopijiet legali jew pariri professjonali oħra u lanqas ma tikkommetti lil MeDirect Bank (Malta) plc għall-ebda obbligu.  L-informazzjoni mgħoddija waqt it-taħditiet mhijiex maħsuba biex tkun suġġeriment, rakkomandazzjoni jew solleċitazzjoni biex dak li jkun jixtri, iżżomm jew ibigħ xi titoli u l-eżattezza jew il-kompletezza tagħha mhix garantita.  L-istrumenti finanzjarji diskussi jistgħu ma jkunux jgħoddu għall-investituri kollha u l-investituri għandhom jieħdu d-deċiżjonijiet  tagħhom fuq il-bażi ta’ informazzjoni u pariri li jkunu kisbu huma stess dwar kemm ikun xieraq għalihom  li jinvestu fi strumenti finanzjarji jew li jimplimentaw  l-istrateġiji diskussi f’dan il-webinar.

Jekk tinvesti fil-prodott li gie diskuss, tista’ titlef ftit jew il-flus kollha li tinvesti. Il-valur ta’ l-investiment tiegħek jista’ jinżel kif ukoll jitla. Tista’ tiġi ċċarġjat kummissjoni jew tariffa fil-ħin tax-xiri inizjali għal investiment. Kwalunkwe dħul li tikseb minn dan l-investiment jista’ jinżel kif ukoll jitla. Dan il-prodott jista’ jiġi affettwat minn bidliet fil-movimenti tar-rata tal-kambju tal-munita u b’hekk jaffettwaw ir-ritorn tal-investiment tiegħek. Iċ-ċifri tal-prestazzjoni kkwotati jirreferu għall-prestazzjoni tal-passat u m’humiex garanzija jew gwida affidabbli għall-prestazzjoni futura. Kwalunkwe deċiżjoni ta’ investiment f’fond għandha dejjem tkun ibbażata fuq id-dettalji li jinstabu fil-Prospett u fil-Key Information Document (KID), li jistgħu jinkisbu mingħand MeDirect Bank (Malta) plc.

MeDirect Bank (Malta) plc, huwa liċenzjat biex joffri servizzi bankarji skont it-termini tal-Att dwar Il-kummerċ Bankarju (Kap. 371) u servizzi ta’ investiment skont it-termini tal-Att dwar is-Servizzi ta’ Investiment (Kap. 370).

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