I continue to see default risk as the most likely concern
of the financial markets over the coming quarters.
In its simplest form, Countercyclical Indexing is just a different form of rebalancing that tends to better align an investor's risk profile with the actual riskiness
of the financial markets over the course of the market cycle.
Similarly, while you know that plain - vanilla low - cost index investments are a proven way to reap the rewards
of the financial markets over the long haul, you could still find yourself intrigued by a pitch for a high - cost investment that purports to offer outsize gains with little downside risk.
Not exact matches
LONDON, April 30 - The 10 - year U.S. Treasury yield's rise above 3 percent last week for the first time in
over four years may be cause for concern across wide swathes
of financial markets, such as equities and emerging
markets.
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft
market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and
markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control
over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
In addition, specific industries may have control
over a needed resource through exclusivity arrangements, or IP ownership from previous patent filings — all
of which will mean higher
financial burden for new entrants to that
market.
After all, the
financial sector is one
of out three main
markets (energy and materials are the other two) and our banks have generally been good investments
over the years.
Over the past few sessions, we've seen fairly consistent rises across European government bond markets and that's spilled over to the U.S.» said Anthony Valeri, senior vice president of fixed income research at LPL Financ
Over the past few sessions, we've seen fairly consistent rises across European government bond
markets and that's spilled
over to the U.S.» said Anthony Valeri, senior vice president of fixed income research at LPL Financ
over to the U.S.» said Anthony Valeri, senior vice president
of fixed income research at LPL
Financial.
Despite a mixed Friday jobs report — the US economy added only 156,000 jobs against expectations
of 175,000 — the labor
market has come on strong
over the past few years after the
financial crisis.
After the U.K.'s Brexit Secretary David Davis effectively disavowed the deal struck
over the
financial settlement to be paid, the EU's chief negotiator Michel Barnier told a handful
of sympathetic newspapers that the U.K. could forget about a sweet deal on
market access for the city
of London's banks.
Over the last two months, everyone from IMF head Christine Lagarde and Bank
of England Governor Mark Carney have warned that a vote to leave would hit
financial markets, while President Barack Obama and others, supported by a stream
of studies from think - tanks banks and universities, have warned about the long - term damage to the U.K.'s economy.
A deal is by no means assured in light
of the company's uncertain
financial prospects and steep price tag — its
market value is more than $ 16 billion after talk
of a sale drove the stock up
over the past few days.
Emerging
markets also account for
over 50 %
of world GDP, and have been responsible for the lion's share
of global growth ever since the 2008
financial crisis, but capital has flooded out
of them as the Federal Reserve has tightened its monetary policy and the limits
of China's economic model have become apparent.
«The choice
of Williams... would in effect have chosen to prioritize monetary policy expertise
over first - hand experience
of financial markets and diversity considerations pushed by some,» wrote Krishna Guha, Fed watcher at ISI Evercore and a former NY Fed official.
The issue
of bond
market liquidity has been a consistent theme
over the past years or so with
financial executives such as JP Morgan CEO Jamie Dimon, Blackstone CEO Steve Schwarzman, and Oaktree Capital's Howard Marks weighing in on the issue and generally pointing the finger at a lack
of liquidity exasperating moves in
financial markets.
«At this point, I don't see this
market adjustment spilling
over into
financial conditions - but Ill be watching carefully,» Kaplan, a non-voting member
of the Fed's policy committee, told reporters in Frankfurt.
China's official pledges, made at the annual Boao Forum for Asia in southern Hainan province, echoed previous promises from Beijing to open the
financial sector but comes at a time
of heightened pressure on China from the United States
over trade and access to its massive
markets.
Ticking off a list
of changes to
financial markets over the past three years, Mr. Dimon said he feared someone would write a book soon about how government overreach had hurt the economic recovery.
During the first three quarters
of 1997, just
over $ 250 billion was invested in these deals alone, according to Securities Data, which tracks the
financial markets.
LONDON, April 30 (Reuters)- The 10 - year U.S. Treasury yield's rise above 3 percent last week for the first time in
over four years may be cause for concern across wide swathes
of financial markets, such as equities and emerging
markets.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018
financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount
of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability
of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings;
market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits
of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products
over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other
market conditions; fluctuations in the foreign exchange rate
of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
It is important to note that these problems spill
over to
markets beyond just those experiencing a flash crash because
financial assets,
financial markets, and their degrees
of stability are interconnected [6].
Right now with earnings growth very strong and the bond
market already reflecting a fair amount
of Fed tightening (pricing in 5 rate hikes
over the coming 2 years), my sense is that the stock
market is in OK shape to withstand some tightening
of financial conditions and not unravel in the process.
Over the weekend I listened to Russ Roberts» interview with Jason Zweig, who made an excellent observation
of how vast the
financial markets are and how little time investors spend thinking about this: I think if there's one overriding theme to the book, one
of the things I've tried to get across in The Devil's...
Some commentators have lamented the fact that the Australian
market has not developed more rapidly, with most business borrowers still connecting with savers
over the balance sheets
of financial institutions.
«
Over these last six years
of seeing the
market steadily go up, a lot
of us have forgotten that it's normal for
markets to also go down,» says Certified
Financial Planner Stacy Francis, CEO
of New York - based Francis
Financial.
One
of the many surprising aspects
of financial market performance
over the past year has been the weak performance
of the US dollar, which has fallen by close to 10 per cent on a trade weighted basis and by more than 10 per cent against the euro.
The standard advice from
financial advisors to 20 - somethings is to invest as much as they can in stocks — regardless
of periodic
market swings, however wild, like those seen
over the past few days — and watch long - term compounding do its magic for the next 40 - plus years.
When you look back on this moment in history, remember that many investors ruled out the possibility
of major losses
over the completion
of the current
market cycle because they presumed relationships that could not be established in the data, and assumed the absence
of any material economic or
financial shock in the coming years.
If the progress we have seen
over the last several years is sustained, the incidence
of financial crises in emerging
markets will be lower, and the dynamics significantly different.
If ever there was a disconnect between underlying reality and what is happening in
financial markets, it is the boom in Puerto Rican debt which has nearly doubled the value
of some
of its debt securities
over the last few months.
This is what I wrote about in the
Financial Times yesterday: the U.S. refusal to cooperate with other countries, above all its double standard insisting that other countries must turn their foreign - exchange surpluses over to the U.S. Treasury to promote U.S. financial markets at their expense — and the demand that any country running a trade surplus with America spend the money on U.S. arms — is so abhorrent that other countries are proceeding to create an alternative global financial system of settling trade and balance - of - payments transactions without the Unite
Financial Times yesterday: the U.S. refusal to cooperate with other countries, above all its double standard insisting that other countries must turn their foreign - exchange surpluses
over to the U.S. Treasury to promote U.S.
financial markets at their expense — and the demand that any country running a trade surplus with America spend the money on U.S. arms — is so abhorrent that other countries are proceeding to create an alternative global financial system of settling trade and balance - of - payments transactions without the Unite
financial markets at their expense — and the demand that any country running a trade surplus with America spend the money on U.S. arms — is so abhorrent that other countries are proceeding to create an alternative global
financial system of settling trade and balance - of - payments transactions without the Unite
financial system
of settling trade and balance -
of - payments transactions without the United States.
Yet while institutional
market users hail bitcoin as a new force that is capable
of changing the administrative side
of financial markets, average investors are still scratching their heads
over its importance.To be sure, some
The young investors who are looking to enter the
market would likely be cheered by investors, who have long argued that millennials should get
over what some have described as an aversion to equities — a byproduct
of their coming
of age and starting their careers during the worst
of the
financial crisis — and take advantage
of a long - term, buy - and - hold strategy that allows them to benefit from compound interest.
Stability
of the monetary policy framework — and
of policy settings themselves — seems to have been a source
of confidence for
financial markets in Australia, helping them avoid the extreme
market instability that characterised many countries
over the past couple
of years.
«
Over half
of all Americans are now invested in the securities
markets, and that means
financial knowledge is more important than ever if we are to help consumers understand the variety and complexity
of their investment options.
Some
of our actual and potential competitors have advantages
over us, such as longer operating histories, significantly greater
financial, technical,
marketing or other resources, stronger brand and business user recognition, larger intellectual property portfolios and broader global distribution and presence.
Consider these risks before investing: The value
of securities in the fund's portfolio may fall or fail to rise
over extended periods
of time for a variety
of reasons, including general
financial market conditions, changing
market perceptions, changes in government intervention in the
financial markets, and factors related to a specific issuer, industry, or sector and, in the case
of bonds, perceptions about the risk
of default and expectations about changes in monetary policy or interest rates.
The flow
of cheap money didn't stop in the U.S.
Financial experts say it ended up chasing higher returns all
over the world, especially in emerging
markets, where investors supplied the capital for projects in places such as China and Brazil and contributed to the excesses in property
markets including London; Sydney, Australia; and Vancouver, Canada.
As we have said in past commentaries, the historic levels
of quantitative easing following the global
financial crisis — that is the expansion
of the Fed's balance sheet from around $ 900 billion to nearly $ 4.5 trillion today — was one
of the most dominant
market - shaping forces
over the last decade.
All
over the world, legislators,
financial experts, and academics are bewildered by the spectacular growth
of Bitcoin and the cryptocurrency
market.
So if there is something in the
financial markets to be optimistic about, it's the prospect
of opportunities that will evolve
over the completion
of the current
market cycle.
Equities are essentially 50 - year duration investments at current valuations, and even if investors are passive and don't hold any view about future
market returns at all, one
of the basic principles
of financial planning is to align the duration
of ones assets with the expected horizon
over which the funds are expected to be spent.
Mark Hulbert
of the Hulbert
Financial Digest reports that the top risk - adjusted
market timers
over any time frame are uniformly bearish here.
Over the last 18 months, the deterioration in the global
financial markets and continually challenging condition
of the macroeconomic environment has negatively impacted consumer spending and we believe has adversely affected the sales
of our Tesla Roadster.
Debate
over the high - profile litigation has roiled the Securities Industry and
Financial Markets Association, one
of several trade groups that sought to overturn the regulation in federal court in Dallas earlier this month.
Bio: Stephen Pitts is a marketer with
over 15 years digital
marketing experience and is an Associate Partner in charge
of SEO at Rosetta where he oversees a team
of SEO professionals serving clients across industries like retail,
financial services, travel / hospitality and technology.
Alantra is a global investment banking and asset management firm focusing on the mid-market with offices across Europe, the US, Asia and Latin America Its Investment Banking division employs
over 260 professionals, providing independent advice on M&A, debt advisory,
financial restructuring, credit portfolio and capital
markets transactions The Asset Management division comprises a team
of 78 professionals with $ 3.7 bn in Private Equity, Active Funds, Debt and Real Estate
Looking especially at emerging
markets I would judge that under - confidence and excessive risk aversion are a greater threat
over the next several years than some kind
of financial euphoria.
These risks and uncertainties include food safety and food - borne illness concerns; litigation; unfavorable publicity; federal, state and local regulation
of our business including health care reform, labor and insurance costs; technology failures; failure to execute a business continuity plan following a disaster; health concerns including virus outbreaks; the intensely competitive nature
of the restaurant industry; factors impacting our ability to drive sales growth; the impact
of indebtedness we incurred in the RARE acquisition; our plans to expand our newer brands like Bahama Breeze and Seasons 52; our ability to successfully integrate Eddie V's restaurant operations; a lack
of suitable new restaurant locations; higher - than - anticipated costs to open, close or remodel restaurants; increased advertising and
marketing costs; a failure to develop and recruit effective leaders; the price and availability
of key food products and utilities; shortages or interruptions in the delivery
of food and other products; volatility in the
market value
of derivatives; general macroeconomic factors, including unemployment and interest rates; disruptions in the
financial markets; risk
of doing business with franchisees and vendors in foreign
markets; failure to protect our service marks or other intellectual property; a possible impairment in the carrying value
of our goodwill or other intangible assets; a failure
of our internal controls
over financial reporting or changes in accounting standards; and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.