A cliché we often hear is that markets hate uncertainty. That tends to wind us up because markets are always uncertain as human beings canno

An observation we made last week is that the rapid and emotional tightening in broad financial conditions has started to impact the spot pri

It is an obvious point, however, the key components of equity return are; 1) earnings per share; and 2) the valuation multiple. Of course, t

China Property goes for extension squared - Argentina slides towards defaults - Russia does default

Times China discouraging onshore puts - Fosun bounces - Sri Lanka bondholder committee formed

There has been a notable shift in the prevailing bias over the past week from inflation/rate risk to recession fear. While aggregate earning

It is clearly an understatement to say that the broad selling in equities became extreme last week. From our perch, that sets the stage for

China Light & Power under pressure - Country Garden now a fallen angel - Fitch downgrades more B real estate cos

The rally in the US dollar and depreciation of the Japanese Yen has become episodic. Clearly it has not gone unnoticed and is now the focus