Copyright Investec 2013
June retail sales figures are likely to show a moderation in growth to around the 3.0% y/y mark from 6.2% y/y in May. The configuration of Easter and public holidays in March and April potentially suppressed sales in those months and led to the strong rebound in sales in May.
- Following the rise in global equities since the dark days of November, further progress is widely agreed to depend upon a triumvirate of developments – the “soft landing” in China, the “soft take off” in America and a “muddle through” in Europe.
- The price of risky (economically sensitive) assets has risen sharply across the globe since the European Central Bank (the ECB) turned on its hose of liquidity to douse the flames of Europe’s sovereign debt fires in December. That much at least is indisputable.
- China has become increasingly significant since the global financial crisis of 2007/2008, having now established itself as the world’s second largest economy and by far the biggest contributor to global economic growth – China alone accounted for 35% of total world GDP growth in 2011.
- The credit crunch has accelerated the shift in global economic power to emerging market (EM) countries, led by the so called BRIC (Brazil, Russia, India & China) nations.
- Investec thought leadership on retail bonds and infrastructure financing by Iain Dixon.
- Treasury Markets Market Brief A comprehensive daily market commentary on the FX landscape authored by the Investec Dealing team. Read the latest commentary (Will open up the Investec
- Almost a year ago to the day U.S. Treasury secretary Timothy Geithner used the IMF talks to say Europes’s “lacklustre policy response left the region prone to a catastrophic risk.”
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