Tagesarchiv

The European high-yield market posted a strong gain over the quarter, with all months being positive. High-yield borrowers benefited from the improvement in macroeconomic conditions: consumption was a positive contributor to eurozone growth in the final quarter of 2013, and, most recently, the confidence index in Italy reached a three-year peak. Central banks remained supportive, with Yellen taking over the role of FED president and all ECB board members unanimously confirming their accommodative stance. The upshot was a reassessment of …

March data indicate that the decline in Norwegian growth is just a soft patch. House prices, which are a primary concern for Norway, rose in March and the house price growth is positive on year-on-year basis. This is in line with our view that it will be difficult to see a large correction in house prices with low unemployment (3.5% in January), low mortgage rates and high wage growth. Core inflation is steady at 2.6% y/y in March. The Norwegian …

The month of March started with imminent spread widening on the back of the conflict between Ukraine and Russia over the peninsula Crimea. The conflict caused fear in capital markets which in turn led to a selloff in risky assets. However, sentiment quickly turned as inflows into credit pushed spreads tighter. At the middle of March the Crimean population voted for independence from Ukraine and subsequent annexation in Russia. This calmed down capital markets and led to further spread tightening. …

Barrick Gold meldete den Rücktritt der Vorstandsmitglieder Donald Carty und Robert Franklin. Weil auch der 86jährige Gründer und Vorstandsvorsitzende Peter Munk sowie zwei weitere Vorstandsmitglieder angekündigt haben, bei der Hauptversammlung 2014 nicht mehr zur Wiederwahl zu stehen, wird der Goldminenkonzern bald eine komplett neue Führung haben. Mit dem Verkauf der Mine Plutonic in West-Australien für 25 Millionen Australische Dollar wird die Konzentration auf die profitabelsten Minen fortgesetzt. Der Verkauf der Mine Northern Star Resources in Nordaustralien wird für Februar erwartet. …

The last six months were a period characterized by a large increase in the volatility of bond prices. In the first period, between the beginning of April 2013 and the first week of May 2013, prices of Polish bonds grew. At the beginning of May, yields across the curve reached this year’s lows: two-year (2Y)bonds reached 2.48%, 5Y reached 2.55% and 10Y 3.05%. In the second period, between the second week of May and the third week of June this …

The Canadian economy continued to grow at a modest rate during the financial year, underpinned by ongoing strong domestic demand and a robust property market. There was, however, no sign of inflationary pressure. In these circumstances, the central bank held its key rate steady at 1%. This caused the two-year rate to move sideways around the 1.1% mark, while the 10-year rate rose from 1.7% to 2.55% in the course of the financial year, partly due to a possible change …

Unser Engagement im UBS Bond Brazil sehen wir vor dem langfristigen Erholungspotenzial des Brasilianischen Real und erwarten auch für die Wirtschaft Sondereffekte durch die WM 2014 und die olympischen Spiele 2016. Durch diese Großereignisse fokussiert sich die Aufmerksamkeit der Anleger für einen gewissen Zeitraum stark auf Brasilien, so dass die Aktienmärkte sowie die Währung davon profitieren sollten. Ob sich dies auch positiv auf die Realwirtschaft auswirkt, bleibt abzuwarten. Kommentar des FondsManagements Im Berichtsjahr vom 1. Juni 2012 bis zum 31. …

The last six months can be broadly divided into three periods. In the first, between October 2012 and the end of December 2012, prices of Polish bonds were rising. Yields on benchmark securities decreased as follows: two-year maturities – from 4.05% to 3.12%, five-year – from 4.19% to 3.22%, ten-year – from 4.68% to 3. 73%. In the second period between December 2012 and the beginning of March 2013, domestic debt had an impact on prices. Yields increased to 3.56% …

The Canadian economy continued to grow steadily in the first half of the financial year, underpinned by strong domestic demand. The strength of the Canadian dollar, however, continued to weigh on exports. As a result, the central bank held its key rate at 1%. Bond yields there fore tended to mark time. The sub-fund was nevertheless able to benefit from the positive spread between government paper and semi-government bonds and Eurobonds. Having appreciated substantially against the euro in previous financial …