How did the industry react to QE?

first_imgThe ECB has sent a strong signal, but it was inevitable at that point, particularly given the anticipation of the equity and bond markets. It is the logical conclusion of the ‘whatever it takes’ rhetoric Draghi initiated almost three years ago.Martin Steward, investment editor, IPEIt’s early days, but if this more optimistic take on things sticks over the next days and weeks, we could be seeing the beginnings of what could be a powerful bull market in European risk assets – but perhaps not the long-overdue and much-needed correction in safe-haven rates.Mark Burgess, CIO at Threadneedle InvestmentsThere has been some discussion about the lack of ‘mutualisation’ or risk sharing of the government bond purchases, but we feel the important issue is the commitment from the ECB to expand its balance sheet.Risk sharing was always likely to be a stumbling block, particularly given strong German opposition to the idea, but it should not reduce the effectiveness of the policy in terms of addressing short-term growth and deflation concerns. Importantly, German policymakers have not questioned the legality of the ECB’s decision to implement sovereign QE, although it is clear many Germans do not like it.Andrew Sheets, Phanikiran L Naraparaju and Serena W Tang of Morgan Stanley ResearchWe view the size as a positive surprise versus market expectations. More risk-sharing would have been better in our view, but at least there was some. The decision to allow buying out to 30-year maturities came as a surprise to markets. Combined with a larger-than-expected buying programme, we’d expect 30-year Spain to outperform.Jon Jonsson, senior portfolio manager at Neuberger BermanOverall, the announcement takes a constructive step in repairing the credibility of the ECB. We anticipate that the impact should generally be positive for risky assets within fixed income, prompting a tightening of spreads in peripheral sovereign markets, as well as European corporate credit. Equities, in turn, are likely to rally on a better economic outlook.Dennis van Ek, actuary at Mercer in the NetherlandsThe causes of the currently low rates – low inflation, as well as the ECB’s policy of suppressing rates – are still present. The purchasing programme will amplify this effect.Filippo Battistini, head of institutional and fund buyers at Allianz Global Investors in ItalyThe traditional carry strategies will no longer be sufficient. There is a potential for more flexible asset management strategies to gain ground, ones that include new alternative asset classes in the fixed income space and are complemented by hedging with derivative instruments.Maria Paola Toschi, global market strategist at JP Morgan in ItalyThe QE decision could initiate a very favourable period for the European economy, including firms and investors. The bond-buying programme should continue to put pressure on peripheral spreads, thus creating positive conditions in terms of debt obligations.We are convinced the ECB announcement and its implications for a weakening euro, coupled with a stable rates environment, could lead to potentially significant change in Europe. This makes us confident Europe will be one of the most promising investment themes of this year. A day after European Central Bank president Mario Draghi unveiled details of a €60bn-a-month asset purchase programme, a European quantitative easing (QE), IPE rounds up reactions from across the Continent to find out if the intervention will be able to pull the single currency out of its disinflationary spiralJohn Vail, chief global strategist at Nikko Asset ManagementFortunately, the ECB positively surprised the market in most every way. It is a historic day for central banking in Europe and, therefore, for the world, too, even if one thinks the economic effects will be marginal. In a sense, the ECB is now the most aggressive central bank in the G-3, as it has both negative policy rates and sovereign QE, but there are some factors to consider going forward.Andrea Beltratti, chairman at Eurizon Capitallast_img read more

Roberto Mancini: Miralem Pjanic is one of the best players in Serie A

first_imgThe current coach of Inter Milan, Roberto Mancini, praised the B&H representative and member of Rome Miralem Pjanic, and inscribed him in the best players in the Italian Serie A. Mancini defended  this great midfielder, as well as some other players from Italy.“Pjanic, Pogba, Higuain, Callejon and Florenz are versatile players, just like Tevez. It’s amazing that they are being offended the fans, as well as a scene in which one of the fans of Juventus in the company of his son threatens the coach with his fists.They may be angry because of the defeat and they might whistle, but why to insult other people? Sunday is the day when some people use football to express displeasure over their life problems. This is not good and should be punished, “said Mancini.Juventus had two defeats in the last five rounds, and although it is the first on the board, some of the  fans were not friendly at all towards their favorite players.Fans of Roma are still dissatisfied, because of two draws, two wins and a defeat  recorded in the last five rounds. Roma’s bad scores last for a long time.(Source: klix.ba)last_img read more

LeBron James shrugs off retirement talk: ‘Me and Tom Brady are one and the same’

first_imgLeBron James insists he has no plans to call time on his NBA career, comparing himself to Patriots great Tom Brady.Prior to the Lakers’ game on Friday night at the Staples Center, the 34-year-old was asked if retirement had crossed his mind. James dismissed the suggestion, likening himself to Brady, who is still going strong at the age of 42 and holds the record for the most Super Bowl wins with six. I’m playing until I can’t dunk anymore! @KingJames https://t.co/K03xVJvMgZ— Tom Brady (@TomBrady) November 16, 2019James responded in kind: “Well I’m playing until I can’t throw TD [touchdown] passes anymore!”Well I’m playing until I can’t throw TD passes anymore! @TomBrady https://t.co/40dqJwmmmA— LeBron James (@KingJames) November 16, 2019James was the star of the show for the Lakers on Friday, scoring 29 points and dishing out 11 assists in a 99-97 victory over the Kings. He brought the crowd to its feet in the second quarter with a Dunk of the Year candidate on Kings ​forward Nemanja Bjelica.LEBRON JAMES. WOW. pic.twitter.com/m3ihdXQG3G— Legion Hoops (@LegionHoops) November 16, 2019Looking pretty good for Year 17. Witness 👑 pic.twitter.com/eIiwa9rjxx— Los Angeles Lakers (@Lakers) November 16, 2019 “I’m not at the end of my story,” James said to reporters. “No, not really, not the way I feel right now. Me and Tom Brady are one and the same. We’re gonna play until we can’t walk no more.”LeBron says of considering retirement: “Me and Tom Brady are one and the same. We’re gonna play until we can’t walk no more.”He says he wants to play until he physically can’t, or until he mentally is checking out. But says LeBron: “I’m not at the end of my story.” pic.twitter.com/i00feTicrL— Kyle Goon (@kylegoon) November 15, 2019MORE: LeBron reacts to Carmelo Anthony’s returnFollowing James’ comments, Brady responded from his official Twitter account, tagging the Lakers star.last_img read more

Major clerical changes announced in Raphoe Diocese

first_imgBishop Alan McGuckian SJ has announced eleven new appointments in the diocese of Raphoe.The diocese makes up the greater part of Co. Donegal and has a Catholic population of 83,050, 33 parishes and 71 churches.There are 56 diocesan priests in active ministry in the diocese and 19 others who are currently working in other dioceses, retired, on study or on sick leave. Notable moves for 2017 include Fr Eamon McLaughlin of Conwal and Leck joining the Congregation for the Clergy in Rome, while Monsignor Kevin Gillespie will be returning from the Vatican City to the Cathedral Parish.The full list of appointments are as follows:Fr Gerard Cunningham, CC, Fintown and Administrator Glenties to be PP Glenties (Iniskeel).Fr Donnchadh Ó Baoill, CC, Cnoc Fola, to be CC, FintownCanon Michael Herrity, PP, Annagry to be PE (Pastor Emeritus), AP, Cnoc FolaFr Nigel Ó Gallchóir, CC, Dungloe to be PP, AnnagryMgr Kevin Gillespie, Congregation for the Clergy, Rome, to be CC, Conwal and Leck (Cathedral Parish)Fr Eamon McLaughlin, CC, Conwal and Leck (Cathedral Parish) to the Congregation for the Clergy in Rome.Fr Adrian Gavigan, CC, Milford and Kerrykeel to be CC, Parish of Templecrone (Dungloe) with residence in Leitirmacaward.Fr Rory Brady, resident in Conwal and Leck to be CC, Milford & Kerrykeel.Fr John Joe Duffy, CC, Stranorlar to be CC, Creeslough.Fr Lukasz Przewislik, SChr, Polish Chaplaincy, Archdiocese of Dublin to be CC, Stranorlar and Chaplain to the Polish Community in the Diocese of Raphoe.Fr Morty O’Shea, solt, CC, Leitirmacaward and Doochary to be CC, Ardaghey (Inver).Bishop of Raphoe Alan McGuckian. (North West Newspix)His Holiness Pope Francis appointed Father Alan McGuckian SJ as Bishop of Raphoe on 9 June 2017.  Living and working in the diocese, from religious congregations, there are 10 priests, 2 Brothers and 30 Sisters.  The Bishop of Raphoe is patron of 100 primary schools, and there are 20 voluntary secondary schools and State schools in the diocese.   Major clerical changes announced in Raphoe Diocese was last modified: September 6th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Father Alan McGuckian SJraphoe dioceselast_img read more