Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.</li>
<li>We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? </li>
<li>Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. </li>
</ul>


Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.
We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? 
Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. 


The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Crypto

<ul>
<li>JPEX may be the biggest financial fraud in Hong Kong's history, impacting government's ambition to become a global centre for virtual assets</li>
<li>SFC appeared to have no direct jurisdiction and powerless in the protection of investors in the JPEX case</li>
<li>Web 3.0 and Virtual Assets are rapidly evolving, regulators may need to take a more dynamic approach in regulating such activities</li>
</ul>


JPEX may be the biggest financial fraud in Hong Kong's history, impacting government's ambition to become a global centre for virtual assets
SFC appeared to have no direct jurisdiction and powerless in the protection of investors in the JPEX case
Web 3.0 and Virtual Assets are rapidly evolving, regulators may need to take a more dynamic approach in regulating such activities


The JPEX Debacle Placed Hong Kong’s Ambition to Become a Global Virtual Assets Centre in Doubt

<ul>
<li>The awkward and conflicting statement of the ECB accompanying the tenth and likely final rate increase.</li>
<li>Chinese credit growth remains tepid at best, signaling downside risks for equities and the Euro.</li>
<li>Three ugly UK recession charts this week will put additional pressure on the British Pound. And our Fear &amp; Frenzy is agonizingly close to Frenzy territory, triggering a sell signal.</li>
</ul>


The awkward and conflicting statement of the ECB accompanying the tenth and likely final rate increase.
Chinese credit growth remains tepid at best, signaling downside risks for equities and the Euro.
Three ugly UK recession charts this week will put additional pressure on the British Pound. And our Fear &amp; Frenzy is agonizingly close to Frenzy territory, triggering a sell signal.


The Weekly Market Monitor – The ECB’s Unreasonable Hike While the UK Falls into Recession

<ul>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. </li>
</ul>


This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. 


The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

<ul>
<li>August and September are the weakest for Equities relative to Treasuries. Staying out of equities during those months would have significantly improved the risk-return profile of a multi-asset portfolio.</li>
<li>September high yield returns are mediocre at best, underpinning that the equity component of the asset class is the return-determining factor most of the time.</li>
<li>September is the only month in which Bitcoin realized a negative return on average. Finally, Gold returns have been solid in September.</li>
</ul>


August and September are the weakest for Equities relative to Treasuries. Staying out of equities during those months would have significantly improved the risk-return profile of a multi-asset portfolio.
September high yield returns are mediocre at best, underpinning that the equity component of the asset class is the return-determining factor most of the time.
September is the only month in which Bitcoin realized a negative return on average. Finally, Gold returns have been solid in September.


Seasonality: September Is a Bad Month for ALL Risky Asset Classes

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

Inflation is collapsing and even turned negative in the Netherlands. Yet, bond yields continue to spike, providing ample downside risk for equities.

Jeroen Blokland

The JPEX Debacle Placed Hong Kong’s Ambition to Become a Global Virtual Assets Centre in Doubt

The JPEX debacle threatens Hong Kong’s push to become a global virtual assets centre. Things are moving fast in the Web 3.0 and virtual assets...

Fern Wang

The Weekly Market Monitor – The ECB’s Unreasonable Hike While the UK Falls into Recession

Markets got a dovish ECB hike but wrapped in a highly conflicting message, and one that will likely qualify as a policy mistake in hindsight.

Jeroen Blokland

The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

Wage growth vs. excess savings. Will the US labor market start to weaken and cause a recession? Grayscale vs. the SEC and what it means for Bitcoin.

Jeroen Blokland

Seasonality: September Is a Bad Month for ALL Risky Asset Classes

September returns for Equities, High Yield, Corporate Bonds, and Bitcoin tend to be weak, while Treasury and Gold returns are solid.

Jeroen Blokland

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