Asia: Coping With Trump, China, and the Fed

2 November 2017 Despite the flare up of dangerous geopolitical risks, Asian assets have performed exceptionally well in 2017.  Indeed, after years of underperformance, the 28% gain in Asian equity markets is twice that of the S&P500.  Likewise, shrugging off initial concerns after last year’s US election, most of the region’s currencies have appreciated handsomely [...]

Do Markets Believe Central Banks?

22 October 2017 Investors appear convinced that stimulative G-7 monetary policies lie behind the markets’ record-setting performance.  To be sure, that was the case between 2009 and 2015.  During the past three years, however, I believe the impact of monetary policy has been quite neutral, the key driver of markets more recently has shifted from [...]