In this month’s update Ritu Vohora, Investment Director, looks at the implications for US tax reform on equities. How much is priced in already and will the new fiscal stimulus provide a boost to US… Watch the video
For the first few years after the 2008 financial crisis, I often only had one slide with me at presentations and this was it:
The chart shows the trend line since 1849 of the US stockmarket (the unbroken diagonal line above) increasing by 6.2% per annum (after inflation).… Read the article
Don’t let the initial market enthusiasm to Trump’s victory in the US Presidential election detract from the longer-term themes investors in the healthcare sector need to consider and the limited visibility we have over how the Republicans will approach US healthcare policy.
The reaction in healthcare to the outcome of… Read the article
With Republican candidate Donald Trump winning the race to the White House, populist sentiment and anti-establishment feelings are making their presence felt at the ballot box.
Investment Director, Ritu Vohora provides an update on the market’s reaction to the US election… Watch the video
As the presidential race enters the final lap, rhetoric around political drug pricing remains high and the pharmaceutical and biotech sectors are lagging the broader market year-to-date. However, in my opinion, US political drug pricing fears are overstated and investors should be more concerned about commercial drug price and market… Read the article
In the US, the clock is ticking down to November’s presidential election . . . the shock Brexit result in the UK demonstrated how voters can catch the markets unaware.
In the latest of our regular video series on the equities markets, Investment Director, Ritu Vohora provides an update… Watch the video
You wouldn’t necessarily know it, but late last month (June 2016) the Federal Reserve released the results of one of the major stress tests performed on the US banking system.
Apart from a few banking sector specialists, little attention seems to have been paid to the results of the 2016… Read the article
Superficially, the healthcare sector in Europe looks attractively valued relative to consumer staples, but on a cashflow basis the relative valuation argument disappears. This may reflect more aggressive earnings adjustments in European healthcare.
In the US though, the valuation gap between healthcare and consumer staples does look more real and… Read the article
Share prices in the US retail sector have declined by around 7% on average since the beginning of May compared with an advance of 1.4% for the S&P 500 (see following table). Some commentators have suggested this is an indication of weakness in the underlying health of the US consumer,… Read the article
When the oil price began its steep descent in autumn 2014 it was heralded as the equivalent of a tax cut for the US consumer. Estimates suggested that cheaper gasoline would add an extra US$1,500 to household budgets per year and that the extra funds would fuel spending in shops,… Read the article
I was recently in San Francisco attending the biggest US healthcare investor conference and there’s little doubt that the level of innovation in the pharma and biotech industries remains very high. Many new therapies are coming to market with more genuinely novel drugs in 2015 than at any time in… Read the article
Obamacare is revolutionising healthcare in the United States – the single most important market for healthcare companies in the world. This has profound implications for the outlook for these companies and as a consequence how to identify the best investment opportunities in the sector.
Half of total global healthcare spending… Read the article
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Welcome to the M&G Multi Asset Team’s Allocation blog, previously known as the Episode blog. We have changed the name of our blog to resonate better with our readers in Europe, however, the content and purpose of the blog has not changed. The Allocation blog continues to aim to provide unique market perspectives from our dedicated team of experienced asset allocators.OK