Wyn Thomas - Axys Investment Management

Weekly Market Update 10th February 2017

GREEK BAILOUT REVIEW BRINGS TROUBLE

This week we welcome back an old friend, the Greek debt crisis. The latest review of its bailout has stalled, with the Greeks wanting more debt relief and less reforms, the IMF wanting more debt relief and more reforms and the Germans wanting less debt relief and more reforms. The situation has become the international financing version of having one boat, some grain, a chicken and a fox. While that riddle has a single correct course of action, there are a range of options facing the Troika, and a small but significant number include Greece defaulting and exiting the Euro. Read More…..

Wyn Thomas - Axys Investment Management

Weekly Market Update 27th January 2017

TRUMP KEEPS FOCUS

This week, despite our best efforts, we are again obliged to talk about Donald Trump. Just days after moving in his gaudy gold furniture into the White House Trump has dispelled any ideas that he might become more moderate. The first country to be destabilised by a tweet has been Mexico, who look to be the first casualties in the upcoming trade war, as boarder taxes and walls seriously shake a country that relies on US trade for most of their economic growth. Read more…..

Wyn Thomas - Axys Investment Management

Weekly Market Update 20th January 2017

PRESIDENT XI JINPING STEALS THE SHOW

This week the World Economic Forum in Davos provided some refreshingly original news. While Trump and Brexit were still firmly on the agenda, one of the key events was the address by Chinese president Xi Jinping – the first by a Chinese leader at the summit. While a speech at the conference is a small fry in the grand scheme of things, the fact that he was championing the causes of free trade and climate change suggests China sees an opportunity to step up and assume the mantle of global leader. A wholly unexpected and monumental shift. Read More…..

Wyn Thomas - Axys Investment Management

Weekly Market Update 13th January 2017

TRUMP! TRUMP! TRUMP!

The headlines have been completely dominated by the president elect, with only a late flurry of snow providing any sort of distraction for the British media. In truly unprecedented fashion the entire world was shaken by a single press conference. Currency markets convulsed, entire sectors crashed and the global geo-political order was strained, all in the space of an hour. The unpredictability of the soon-to-be most powerful person in the world is something that will take a lot of getting used to. Read More……

Wyn Thomas - Axys Investment Management

Weekly Market Update 6th January 2017

MARKET STRENGTH CONTINUES

This week has mostly been dominated by predictions for the year ahead – which given the uncertain state of the world following a tumultuous 2016, seems like a particular folly. We have, however, had a glimpse of the way the year might pan out, with president elect Trump showing no signs of giving up his twitter account. A constant stream of consciousness from the world’s most powerful man has the potential to be extraordinarily disruptive, as Congress, Ford and Mexico all discovered this week. Read More….

Merry Christmas!

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The team at Axys Investment Management would like to wish you and your families a Merry Christmas and Happy New Year.

Our offices will close on Thursday 22nd December and reopen on Tuesday 3rd January 2017.

We look forward to working with you in the New Year.

Wyn & Kate

Wyn Thomas - Axys Investment Management

Weekly Market update 19th December 2016

FED KEEPS FOCUS
This week all attention has been on the US Federal Reserve, which decided to raise interest rates on Wednesday. The continued strengthening of the
US economy is at odds with most other developed markets, where low rates and quantitative easing are still the norm. The challenge for the US central
bank, and indeed all central banks, is that they are mostly running on empty. Everything that could be done, has been done, and yet economic growth
is still modest at best. This is ok assuming things stay as they are, but should there be another recession there will be little monetary policy can do to
react. For this reason, we should be envious of the US being able to take the first steps towards interest rate normalization. Read More….

Wyn Thomas - Axys Investment Management

Weekly Market Update 9th December 2016

POLITICAL UPSET REMAINS THE NORM

This week has been fairly routine, a couple of elections, a populist revolt and the toppling of a government, so far so ordinary. In Italy, the rejection of

constitutional reform has resulted in the resignation of prime minister Matteo Renzi – prompting calls for an early election in which the anti EU Five

Star party is expected to do well. While Italy shocked no one by reverting to its default state of political chaos, in Austria however there was something

of an upset when the far right candidate lost to a liberal pro-European. The selection of a left-leaning politician, or even half way decent human being,

is something of a novelty in 2016. Read More….

Wyn Thomas - Axys Investment Management

Weekly Market Update 18th November 2016

EQUITY MARKETS RISING COUNTERACTS BOND SELL OFF

A lot of attention has been given to the sell-off in government debt markets, although as ever the reality has failed to match up to the hype. UK 10 year Gilts are still below their pre-Brexit levels, having been 2% last November. Meanwhile, US 10 year Treasuries are at 2.3% at the time of writing, back to where they were in the same month. While this does mean investors have lost money in these instruments, for us the real story has been the far more reassuring fact that equity markets have been rising at the same time. Read More…..

Wyn Thomas - Axys Investment Management

Weekly Market Update 11th November 2016

DONALD TRUMP WINS THE US ELECTION

The moment that we never truly envisaged would arrive has done just that. Donald Trump’s ascension into the White House won’t actually take place

until mid-January, but the preparations are already underway following his barnstorming election victory on early Wednesday morning. It appears that

a new term has already been coined, and that is ‘Trumpflation’. Yields on US Treasuries have soared in the aftermath of the result, in anticipation of

an expansionary US fiscal policy that will drive growth. Funnily enough, the Brexit style sell-off never materialised across the pond, and the S&P 500 is

expected to end the week in the red. Are the markets being too premature however? Read More….