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Macro Drivers of Global Asset Performance

London Financial Studies
En Singapore (Singapur)

US$ 3.250 - (3.054 )
IVA exento

Información importante

  • Short course
  • Singapore (Singapur)
  • Duración:
    2 Days
  • Cuándo:
    A elegir
Descripción

The programme is designed to provide an overview of the macroeconomic drivers of financial asset performance from orthodox and heterodox viewpoints. It sets out the theoretical determinants of pricing in each of the main asset classes – equities, bonds, credit, commodities and foreign exchange – and examines empirical behaviour through the business cycle.

This provides an introduction to the main economic themes that move markets – growth, inflation, the balance of payments, monetary and fiscal policies.

The course is structured under the overarching theme of formulating global strategic and tactical asset allocations within dynamic macro economic environments.

Información importante
¿Qué objetivos tiene esta formación?

¿Esta formación es para mí?

The course is focused on global portfolio strategy but will benefit anyone involved in financial markets keen to gain a better understanding of the macro drivers of asset performance, particularly those who are executing cross-market trading strategies:

- Fund Managers
- Private Client and Wealth Advisors
- Chief Investment Officers
- Global Macro Hedge Funds
- Risk Managers
- Market Traders
- Market Analysts and Strategists

Requisitos: Some prior knowledge and practical experience of using major global financial instruments and their derivatives is necessary in order to maximise the benefit from attending the course. Some prior knowledge of economics would be useful, but advanced skills are not necessary, as relevant required concepts will be explained in the classroom.

Instalaciones y fechas

Dónde se imparte y en qué fechas

Inicio Ubicación
A elegir
Singapore
The Finexis Building, Singapore, Singapur
Ver mapa

¿Qué aprendes en este curso?

Risk
Foreign Exchange
Commodities
Returns
Global
Financial
IT risk
Equity
Financial Training
Fiscal Policies
Macroeconomic
Macro Drivers
Asset Performance
Balance of payments
Monetary
Global strategic
Market Traders

Temario

Day One

Introduction and Overview
  • Monetary economy versus real economy
  • Market conditions and asset returns
  • Evolution of macro economic paradigms within modern capitalism
  • Volatilities and correlations
  • Risk adjusted returns
  • Downside risks
  • Relative returns and the business cycle
  • Current markets conditions and forecasts
  • GDP and output gaps
  • Sectorial balances analyses
Monetary Policy, Fiscal Policy and Risk Premiums
  • Targets and instruments of monetary policy
  • Central banks, commercial banks and money
  • Operation of rules versus discretion the Taylor Rule
  • Asset prices and alternative interpretations of the ‘transmission mechanism’
  • Market based measures of policy expectations
  • Zero bound(s) on short rates Quantitative Easing and other unconventional techniques
  • Fiscal policy and the supply of government bonds
  • Budget deficits and sustainability of debt: are some public finance directions unsustainable?
  • Is the Euro a sustainable arrangement?
  • Explanations for currency shocks
  • Economic conditions and corporate bond spreads
  • Spreads: probabilities of defaults and expected losses given default
  • Structural models – the Merton approach
  • Empirical drivers of corporate bond spreads
Macro Drivers of Equity Markets
  • Economic conditions and equity performance
  • Equity valuation approaches dividend discount model / P/E ratio
  • Assessing future profits and growth
  • Earnings yields versus Treasury yields
  • Equity Risk Premium Puzzle and the price of risk
  • Generalised Asset Pricing Frameworks
  • Equities versus bonds through the cycle
  • Value versus growth investing / Small cap versus large cap investing
  • International and emerging markets performance
  • Modelling economies: analytical general equilibrium versus stock flow consistent models
  • Conditional state dependent expected equity returns in Markov type models
Day Two

Macro Drivers of Equity Markets (continued)
Macro Drivers of Commodity Markets
  • Economic conditions and commodity markets
  • Spot and forward commodity prices: impacts of contango and backwardation
  • “Duelling” global demand and supply
  • Commodities and inflation/deflation impacts
  • Real commodity returns and the business cycle
  • Diversification correlation with other asset classes
Macro Drivers of Foreign Exchange Markets
  • Which economic indicators move foreign exchange markets?
  • Savings and investment in an open economy
  • Balance of payments accounts / Sustainability of current account imbalances
  • Absolute and Relative Purchasing Power Parity (PPP)
  • Definition of the real exchange rate
  • Covered and Uncovered Interest Parity ‘carry trades’
  • Does the global economy and China still need to rebalance?
Macro Implications for Global Tactical Asset Allocations and Execution Strategies
  • Top down approach to Tactical Asset Allocation
  • Identifying the stage of business and interest rate cycle
  • Asset class performance in business cycle phases
  • TAA and alpha generation
  • Characteristics of financial crises
  • Managing downside risk
  • Tactical solutions