Home

Independent Strategy : Knowledge to make the Right Decisions

Latest Reports

10/01/17
China
Tweaking the renminbi glide path

China’s foreign exchange policy is evolving. The current offshore renminbi short squeeze and the exchange control measures introduced recently seek…

04/01/17
Europe
Moving on from Monte dei Paschi

The “precautionary recapitalisation” of Monte dei Paschi should remove the Italian banking sector’s problems from the front pages for the…

05/12/16
Europe
Italy – a ‘No’ vote of international consequence

The anger vote has claimed its next victim — Italian reform. The dominoes of Brexit, Trump and now Italy (but…

China: Tweaking the renminbi glide path

China’s foreign exchange policy is evolving. The current offshore renminbi short squeeze and the exchange control measures introduced recently seek to make the renminbi a two-way bet, aiming to slow capital outflows. The pace of decline of the renminbi this year (both onshore CNY & offshore CNH) will also be slowed and, for as long as the Trump reflation rally continues, happen principally against the US dollar.

SUBSCRIBE TO DOWNLOAD REPORTS
Europe: Moving on from Monte dei Paschi

The “precautionary recapitalisation” of Monte dei Paschi should remove the Italian banking sector’s problems from the front pages for the next few months. But the underlying problems will take time to resolve and are likely to require further capital. Political risks meanwhile remain acute. The government will find out if the electoral law it did manage to get through (the Italicum) is constitutionally valid. And ahead of that, the court will rule on whether Renzi’s flagship Jobs Act will be subject to its own referendum. We remain short BTPs.

SUBSCRIBE TO DOWNLOAD REPORTS
Europe: Italy – a ‘No’ vote of international consequence

The anger vote has claimed its next victim — Italian reform. The dominoes
of Brexit, Trump and now Italy (but not Austria) continue to fall.

SUBSCRIBE TO DOWNLOAD REPORTS

Browse All Reports

Independent means just that

Objective + Innovative + Opportunity

Our research is based on a thoroughly objective view of the world as it is, not as some might like it to be seen.

Our work is characterised by independence of thought and a determination to focus only on money making ideas, resulting in a totally fresh and original approach compared with the overwhelming volume of reports by integrated investment houses.

READ MORE

In the Media