New Trader TV This Week - James Grant, CFA, head of execution trading and portfolio management, at BANOR CAPITAL, discusses how trading desks are in store for a big week of earnings and with the UK budget. He also delves into structural issues impacting the UK and European equities markets and how his trading desk both navigates these challenges and finds opportunities.
In this episode:
📜 Prepping for a big week for earnings and the UK budget
📈 Unpacking large Vs small cap firms and valuations
🌍 Dissecting the structural issues across the UK and European markets
💧 Navigating Europe’s liquidity issues
🔅 What are the long-term solutions to the problems in Europe?
You can find the extended show by signing up for our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#equities#liquidity
Welcome to Twitter TV This week, your insight into our trading desk can prepare for the week ahead. I'm Joe Gallagher. Today I'm joined by James Grant at Banner Capital to discuss the main topics and events leading this week. James, welcome to the show. Hi Joe, it's great to be here. So what will be informing your trading and investment decisions this week? This week, it's going to be a busy one in terms of news flow for us. We're midway through the earnings season right now. We've had about 2/5 of that in the US this week. We have the larger names in the market coming out with earnings, Apple, Google, Microsoft, et cetera. So that's going to be a big bellwether for earnings this season and the direction of travel. And also we want to hear about their CapEx spend obviously this year, the R&D side with regards to. The AI and data center spend has been hugely important for market direction, so getting some more colour from them will be extremely important, especially considering some of the weaker earnings we've seen in Europe. And then in the UK, we've got a budget coming up this week. We tend to be a bit more overweight the UK. We're probably more pragmatic on the UK government. We've seen Labour over the last few weeks and months of fleshing out policy via news. Some of that will probably likely see policy tempered down. And we're encouraged from a market perspective by a lot of the commentary regarding their probably more harmonious relationship with the OBRA, lot of the pressure we've seen in the UK since the election. Is simply an unknown when it comes to policy. So once that becomes a known known in the market, we think that should enable UK equities to find some support. Tell us a little bit about the markets that you trade in and what has the quality looked like so far this quarter? Banner capital here. We tend to trade in the UK and Italy. There are home markets where we sit as a company and interestingly they tend to be the two markets which are the cheapest on a relative valuation basis compared to the rest of the developed world. In the UK, we've seen liquidity worsen for a number of years. This goes back Brexit, GFC, etcetera. And in Italy, there's a relatively low retail participation currently. We're really looking at where the valuation disconnect is compared to the S&P and compared to some of those MAG 7 names. There has been a legacy sort of correlation between the Italian mid caps * indexes and the NASDAQ. And over the last 12 months, this is completely decorrelated in terms of performance. I'm considering these are two relatively growth indexes, you would have expected there to be maybe underperformance, but still a strong correlation. Some of that is liquidity focused. the US is the deepest capital pool in the world at the moment and we have seen a deterioration of liquidity over time in Europe and the UK. And I think when you look at global portfolios, 70% of the MSI world today is the US These have just become a smaller focus in investors portfolios and that gives us plenty of opportunity. As an asset manager and as portfolio managers in general. And so how do you navigate the liquidity challenges in Europe? The liquidity challenges are giving us many opportunities as value investors to find assets which are trading below intrinsic value. But obviously entry and exit to those positions are extremely difficult. If we find interesting ideas in this mid space in particular, sometimes it can take us a significant amount of time to get those positions on and we don't want to sort of destroy our alpha when entering these positions and then exiting. We're missing the marginal buyer in the market at the moment. It's fine if we find interesting things, but unless that liquidity improves and allows other people to enter the market, we're not going to be able to fund those marginal buyers that would enable us to see those assets re rate. And I guess in terms of the portfolio, you sometimes need a momentum overlay. Value investing in general tends to be relatively stoic in the way that we buy and hold. And we just think just upping your turnover slightly and being a bit more opportunistic with your positioning can improve some of those returns going forward. Now this might be a very difficult question to answer, but what do you see the solution being to the problems in the UK and European markets and how do you see that playing out? There's many things we can do, whether it's structural reform, regulatory reform, improvements in investor perception, but something needs to be done. If you look at UK insurance and pension funds, they're at sort of multi decade lows in terms of exposure to UK equities. And as we move to defined contribution system we might need to increase that so that. People have funded pensions structurally. Some of the directives we've seen in the markets like method. If we could rollback some of those rules to allow small and mid sized companies to get better access to the market via research, this would help them to get out there to reduce their cost of capital. Any improvement in investor perception around these countries, around the political situations is going to be beneficial to UK equities and to Italian equities. But this has been a 20 year. Sort of deterioration in liquidity from the GFC to Brexit and we're just going to need a number of things to play out just to move the direction of travel. Thank you, James for your insight and of course you for watching this been Trader TV this week.
New Trader Trader TV This Week - James Grant, CFA, head of execution trading and portfolio management, at BANOR CAPITAL, discusses how trading desks are in store for a big week of earnings and with the UK budget. He also delves into structural issues impacting the UK and European equities markets and how his trading desk both navigates these challenges and finds opportunities.
In this episode:
📜 Prepping for a big week for earnings and the UK budget
📈 Unpacking large Vs small cap firms and valuations
🌍 Dissecting the structural issues across the UK and European markets
💧 Navigating Europe’s liquidity issues and finding opportunities
🔅 What are the long-term solutions to the problems in Europe?
You can find the extended show by signing up for our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#equities#liquidity
New Trader TV This Week - James Grant, CFA, head of execution trading and portfolio management, at BANOR CAPITAL, discusses how trading desks are in store for a big week of earnings and with the UK budget. He also delves into structural issues impacting the UK and European equities markets and how his trading desk both navigates these challenges and finds opportunities.
In this episode:
📜 Prepping for a big week for earnings and the UK budget
📈 Unpacking large Vs small cap firms and valuations
🌍 Dissecting the structural issues across the UK and European markets
💧 Navigating Europe’s liquidity issues and finding opportunities
🔅 What are the long-term solutions to the problems in Europe?
You can find the extended show by signing up for our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#equities#liquidity
New Trader TV This Week - Sarah Harrison, senior portfolio manager at @Allspring Global Investments, discusses how she’s seeing a pickup in high-yield issuance and new money deals, and looks at how markets are reacting. Additionally, she unpacks her investment forecast for fixed income and dissects warning signals in European default rates.
In this episode:
📜 A pick-up in issuance and new money deals – market reaction
📈 Important signals to react to pay attention to this week
⚠ Is the maturity wall still a cause for concern?
💰 Dissecting US Vs. European corporate refinancing
🚨 Warning signals from EU default rates & finding opportunities
💸 Extended show: Forecast for activity around earnings and buybacks
You can find the extended show by signing up to our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#fixedincome#newissues#issuance#marketliquidity#defaultrates
NEW Trader TV This Week: Lindsey Spink, head of global fixed income trading at American Century Investments, talks through the big trades institutional traders are placing in the market post-US election, current market conditions, and the risks - where they exist for buy-side trading desks. With very different levels of volatility in spread and macro products, 'tape bombs' or unexpected market events, look unlikely in the short term, but primary markets will see increasing pressure.
In this episode:
📉 Very different market conditions in the spread and macro products
⏰Why the election was a risk-clearing event
🚨 Pressure growing on primary as issuance falls
🗓 The key tech investments for traders today
Find the full show on tradertv.net directly.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#buyside#fixedincome#riskon
New Trader TV This Week - Paul Squires, head of trading for EMEA and APAC at Invesco Ltd., discusses events that could influence trading activity this week and his take on liquidity conditions across European equities.
🌍 The “dearth” of European IPOs yet with some positive signs emerging
📈 Reasons behind the growing concentration of trading activity at the close
💧 The impact of this concentrated event on intraday liquidity
🕰 His take on the debate around shortening trading hours in Europe
In the extended show, only available to our audience that signs up to Trader TV’s mailing list, Squires also covers more on the trading hours debate and whether he thinks we’ll ever see the institutional space move to 24/7 trading.
If you didn’t sign up for Trader TV’s newsletters and wish to access the full interview, reach out to [email protected].
Check it out!
The show also includes rates data from MTS Markets.
#trading#capitalmarkets#equities#liquidity#theclose#IPOs
New Trader TV This Week - Hopes of ‘turning point’ in European equities and navigating rising concentration at the close
Paul Squires, head of trading for EMEA and APAC at Invesco EMEA, discusses the main events that could influence trading activity this week and provides his take on the liquidity conditions across European #equities.
In this episode, he looks at:
🌍 The “dearth” of European #IPOs yet with some positive signs emerging
📈 Reasons behind the growing concentration of #trading activity at the close
💧 Thecimpact of this concentrated event on intraday #liquidity
🕰 His take on the debate around shortening trading hours in Europe
In the extended show, only available to our audience that signs up to Trader TV’s mailing list, Squires also covers more on the trading hours debate and whether he thinks we’ll ever see the institutional space move to 24/7 trading.
If you didn’t sign up for Trader TV’s newsletters and wish to access the full interview, reach out to [email protected]. Check it out!
The show also includes rates data from MTS Markets.
#trading#capitalmarkets#equities#liquidity#theclose#IPOs
New Trader TV This Week - Sarah Harrison, senior portfolio manager at Allspring Global Investments, discusses how she’s seeing a pickup in high-yield issuance and new money deals, and looks at how markets are reacting. Additionally, she unpacks her investment forecast for fixed income and dissects warning signals in European default rates.
In this episode:
📜 A pick-up in issuance and new money deals – market reaction
📈 Important signals to react to pay attention to this week
⚠ Is the maturity wall still a cause for concern?
💰 Dissecting US Vs. European corporate refinancing
🚨 Warning signals from EU default rates & finding opportunities
💸 Extended show: Forecast for activity around earnings and buybacks
You can find the extended show by signing up to our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#fixedincome#newissues#issuance#marketliquidity#defaultrates
New Trader TV This Week - Sarah Harrison, senior portfolio manager at Allspring Global Investments, discusses how she’s seeing a pickup in high-yield issuance and new money deals, and looks at how markets are reacting. Additionally, she unpacks her investment forecast for fixed income and dissects warning signals in European default rates.
In this episode:
📜 A pick-up in issuance and new money deals – market reaction
📈 Important signals to react to pay attention to this week
⚠ Is the maturity wall still a cause for concern?
💰 Dissecting US Vs. European corporate refinancing
🚨 Warning signals from EU default rates & finding opportunities
💸 Extended show: Forecast for activity around earnings and buybacks
You can find the extended show by signing up to our Trader TV mailing list and by visiting Tradertv.net.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#capitalmarkets#fixedincome#newissues#issuance#marketliquidity#defaultrates
#NEWTrader TV This Week: Lindsey Spink, head of global #fixedincome#trading at American Century Investments, talks through the big trades institutional #traders are placing in the market post-US election, current market conditions and the risks - where they exist for #buyside#trading desks. With very different levels of volatility in spread and macro products, 'tape bombs' or unexpected market events, look unlikely in the short term, but primary markets will see increasing pressure.
In this episode:
📉 Very different market conditions in spread and macro products
⏰ Why election was a risk clearing event
🚨 Pressure growing on primary as issuance falls
🗓 The key tech investments for traders today
Find the full show on tradertv.net directly.
This show is supported by Cabrera Capital Markets and MTS Markets.
#trading#buyside#fixedincome#riskon
New Trader TV This Week - Andrew Claeys, CFA, head of systematic #trading at Allspring Global Investments, says that the time is right to take advantage of interesting hedging and options opportunities for not only reducing market risk but also gaining attractive returns.
In this episode, he looks at:
👩💻 The market through the lens of a systematic strategy
📈 Navigating the summer slowdown and interest rate decisions
📊 Taking advantage of hedging and options opportunities
🤖 How far has fixed-income automation come?
🖥 In the extended show, available to our audience that signs up to Trader
TV’s mailing list and available on Tradertv.net, Claeys also discusses whether
he sees fixed income ever becoming fully automated and his thoughts on
zero-touch trading.
If you didn’t sign up for Trader TV’s newsletters and wish to have the full interview sent to your inbox each week reach out to
[email protected].
Check it out!
The show also includes rates data from MTS Markets and is supported by Cabrera Capital Markets.
#trading#capitalmarkets # #equities#fixedincome#liquidity
TV Presenter and Producer
1moLots of interesting insights this week on earnings, liquidity across Europe an find key pricing opportunities.